Nov 28, 2018
In this episode, we are going to go over “The 7 P’s for Crowdfunding Success.” These 7 P’s are Product, Platform, Presentation, Promotion, Price, Probability, and People. Find out why these 7 P’s are critical to having a successful campaign launch.
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⭐ During this episode, we detail these takeaways:
1. Your most vital factor in your crowdfunding campaign’s success (or failure) is always your product or service, so strive to offer a worthy one.
2. Even a worthy product/service won’t sell if it’s too costly, it’s better for pricing to err on the high side (and correct downward) than on the low side (and correct upward), and it’s helpful to show people that they need to pledge NOW in order to avoid paying more.
3. Although your product/service is vital, YOU serve as a supporting factor, as backers need to feel that you are sufficiently likable, passionate, competent, et cetera, that they can trust you to fulfill your promises to them.
4. Some projects are ill-suited for rewards-based crowdfunding, while the rest will raise funds more easily on Kickstarter than on Indiegogo.
5. Effective presentation can multiply success, and your media (video and page) is more important than your marketing.
6. Promotion involves reaching out to the best audiences while effectively persuading them to come view your presentation, and crowdfunding marketing techniques may include advertisements, cross-promotions, affiliate marketing, and/or public relations.
7. Potential backers are likelier to pledge when they feel confident that your campaign will succeed, which is why success breeds success in crowdfunding.
✍️ Click here for this episode’s complete show notes!
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