You Created A Crowdfunding Campaign, Now What?
Crowdfunding is a popular phenomenon for businesses and nonprofits in the west. It is a low- risk way of raising money for various projects. Crowdfunding has helped many good projects come to fruition and it has been particularly helpful for early career entrepreneurs. Both of these make it of particular interest to the Indian public. However, India crowdfunding suffers because of the lack of knowledge and interest in crowdfunding.
Firstly, there is a taboo in Indian culture against asking people for money. Not only are people told to not seek help, asking for money is supposed to be a dishonorable thing. These cultural taboos make it far more difficult to raise money. However, attitudes are changing now and are expected to change in the next decade. This is the golden time for crowdfunding in India.
One of the biggest challenges to productive crowdfunding are the many misconceptions people have about how crowdfunding is supposed to work. This results in a lot of good business plans not getting attention online. A crowdfunding campaign does not automatically mean that people will give you money. You need to work on all your connections, build an audience for the campaign and make the campaign popular. All of this work requires time and energy.
If you have created a crowdfunding campaign and now do not know what to do with it, here are some ideas:
- Do you have a team to publicize your campaign? If you do not, you need to form your team. Remember your team will look after the publicity aspect so whoever you pick to be in your team needs to have good communications skills. They also need to have a good grasp over social media. Most importantly, these people need to be trustworthy. Choosing your friends and family and letting them into your team can be of great use.
- Do you have your campaign video? If you do not you need to create one. Fundraisers in India tend to go off the point and many miss the importance of the campaign video. If your campaign is a medical one, a few words from the patient might do the trick. If you are raising money for social issues, your video should summarize the text of the fundraiser as many people do not want to go through all that text.
- Your crowdfunding campaign requires publicity. Share your video on social media and mail it to people. Ask your team to share it too. Social media is one of the primary ways in which you can publicize a campaign. Therefore, ask your team to publicize things on social media too. However, social media is not the only way in which you can do this. You can do this offline, by inviting people to events etc. The biggest challenge in crowdfunding is the publicity. If you get this right, a lot of things go right.
- When you publicize your campaign, do keep the target audience in mind. For example, if you are working on an NGO campaign, your target audience consists of socially aware people. Therefore, do not use a crowdfunding tactic which might offend them. If you are working on a medical campaign, you can look at survivors of a certain disease etc. Your campaign strategy should vary according to your audience and your project.
Crowdfunding India has great many advantages. It is perfect for small businesses and is good for people who are just starting out their careers. When used properly, it can do a lot of good. This post is an attempt at making things easier for all those attempting crowdfunding for the first time.