Crowdfunding is one of the great tools to let entrepreneurs and creators bring their ideas straight to the market, thereby receiving awareness, funding and validation all at the same time.
Often, campaigners expect the crowd on the platform to support their campaign, hoping that the crowdfund goal would be met and then feel disappointed towards the platform when that does not happen and this should not be the case. Based on the past campaigns experience, we definitely know that for any campaign to succeed, time and effort is needed, just like any other tasks in life that we want to accomplish.
It is tough, especially for a new business owner or a first-time campaigner to know what is needed to make this work and we understand. So, we want to share with you the 8 steps on how the successful campaigns were run, bringing in the campaigns that were run right from our platform. Tips and tricks are included within these 7 steps for you to follow and kickstart the next successfully crowdfunded impact campaign in Singapore!
Step 1: Identify Objectives
Understanding what you want to achieve is an important step before running a campaign. This sets the goals of the campaign and decides on how you want your campaign to run. Common goals that we are frequently approached with are: gaining market awareness; validating products and services; or raising funds.
The list of goals does not stop there. It can be also out from the above mentioned but remember, to run a campaign on the platform, the campaign needs to have an impact element to it. If you ask, what are some of the impact elements? Impact elements can be things such as contributing back to the society, promoting the environment and many more. It is important to know that the campaign needs to have a clear goal that you want to achieve other than the impact element(s).
The United Nations Sustainable Development Goals (UNSDG) are a set of 17 integrated and interrelated goals to end poverty, protect the planet and ensure that humanity enjoys peace and prosperity by 2030. We use it as one of the guides to help potential campaigners to identify which area of impact they can/want to focus on. You can use this as well, just click on the link to know more.
Chinatown Tai Chong Kok Confectionery Hue Kee is a household brand in Singapore for over 3 decades and they produce traditional Cantonese pastries. Their objective was to grow their customer base and attract a younger crowd but then we asked ourselves, what impact element can this have? This is how our recent campaign, Mid-Autumn Delights 2021, was started. The impact element of it was to give mooncakes to the elderly who were staying alone, especially during the COVID-19 pandemic which was a tough period for everyone. For every box of mooncake sold, they donated 1 piece, which was accumulated and distributed at the end of the campaign. Everyone was happy because of it; objectives were met, smiles were created. Was it an impact? It definitely is.
Step 2: Story Telling
Humans are deeply curious beings, and more often than not it is about the minor tittle-tattle in our lives. A convincing story with the details is a must to keep them locked in and motivates them to take that extra mile to contribute, either through backing your campaign or as simple as just sharing your campaign with their peers, through social media or even becoming the talk of the town!
Getting supporters and backers is the key to raising funds and spreading awareness. To get them to interested and hyped, we recommend for you to have:
- Videos (On average, 2 min video),
- Colourful visuals such as infographics and pictures
- A short and sweet story that is straight to the point
Your story should consist of the following:
- The goals of the campaign
- Why are you starting the campaign
- What is your plan and schedule to make this campaign work
- What are your backers getting back in return for supporting your campaign
- How are the funds used
- Who are the people behind the campaign
To have a better understanding, you can head over to our campaigns page to see the videos and write ups from the successful campaigns.
Step 3: Rewarding your backers
Make your backers feel engaged and part of your campaign by offering something back in return. This can be done through the reward tiers within the campaign.
Here are some types of rewards you can be included:
- Physical rewards (e.g. offer discounted products)
- Digital (e.g. a subscription of your service)
- Experiences (e.g. organise workshops to let backers experience your product/ services)
- Hyper-personalisation (e.g. create a thank you letter with their name handwritten)
Remember to state the estimated delivery duration for the reward and indicate any shipping restrictions and upfront costs as well!
Step 4: Funds
Be transparent about how the raised funds are allocated to the campaign.
Backers would definitely want to know how their funds are put into good use.
Examples of possible expenses and costs:
Step 5: Duration
Duration is vital to the outreach of the campaign. We observe that campaigns that are too short will not be able to bring in a crowd in time and if the campaign stretches over a long period of time, it would drive down the confidence of backers in supporting your campaign. An ideal campaign is between 30 to 60 days. This gives sufficient time for you to prepare and execute your marketing strategies and to create a hype.
Step 6: List down your early adopters, pre-launch
Pre-launch is the final step before the start of your campaign. Identify your targets that will get your products/services out and provide you with honest feedback to help you improve or push your brand out into the market.
It could be a specific company, press, a community, family members, friends, etc.
List out your early adopters, meet them, email them, blast out on social media, etc and start promoting your campaign, inform them of the launch day, secure sales, drive them towards the platform so that they can support you. This creates the momentum at the start of the campaign for the mass public to gain trust of your campaign.
Collaboration between parties can also be made to increase the effectiveness of the outreach. The Impact Box campaign is an example where we collaborated with Singapore’s local sustainable and impact brands. The brands marketed the campaign through their individual mediums to publicise the campaign and to create awareness.
Step 7: Communication is key
Hitting milestones are great! Share any progress or blockers with your supporters and backers even when the campaign ends. Backers can be a push to your post-campaign sales when they are assured and have a pleasant experience.
During the Mid-Autumn Delights 2021 campaign, we received enquiries from the backers on how and where we were going to distribute the mooncakes. However, due to COVID, we were not able to gather volunteers to assist the distribution but we understand the importance of transparency so we took pictures during the volunteering events and posted on our social media to update the backers how many mooncakes were given out, to which community and who are the people involved.
Here are some ways that we did and you can apply to your campaign:
- Digital newsletter
- Creating and publishing posts on your social media platforms
- Post an update through Fundigo’s platform
These gave backers a form of assurance that you have delivered what was promised. This builds trust with your backers and forge a bond with them to support your subsequent campaigns.
We hope this post can be of useful to you and wishing you the success of your campaign!
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