The majority of all crowdfunding campaigns fail to reach their monetary goals. Ouch!
Crowdfunding campaigns that hit their goals start with a comprehensive plan. While there are plenty of success stories in nonprofit crowdfunding, there are also many failures.
What are the most common reasons for why a campaign is unable to meet its goal?
Lack of Preparation
With any fundraising campaign, a proper amount of time needs to be allocated prior to launch for planning. A one-size-fits-all approach does not work for nonprofit crowdfunding so coming up with a plan with specific details on the campaign structure, goals, promotion, etc. is necessary for success.
Find and create a list of your target donors and supporters
If a crowdfunding campaign lacks engagement or enthusiasm from friends, family, and colleagues, it’s safe to say that external supporters will also feel the same.
Engaging with a personal network and building a community will ensure that there are campaign ambassadors ready to not only spread the word, but also be the first to donate.
Sit down with friends and family before launch to hear their thoughts and ideas on the campaign.
Before launch, you’ll need at least 30% of donations already accounted for…friends and family will be a major factor!
Lack of Press Relationships
Obviously, no one does a better job of getting the news out like journalists and reporters. Not cultivating relationships with members of the press can limit your promotion to only your personal network.
Finding press partners is tricky and time consuming but can get a campaign the reach it needs to meet or exceed goals.
Build relationships with bloggers/journalists through social media.
Video is the easiest and most engaging form of storytelling, so not having one can ward off potential supporters and donors. Research has proven time over time that having a video in a campaign can exponentially increase the rate of its success. For instance, on CauseVox, most of the top 10 grossing campaigns all included a video.