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Beware: Five Common Crowdfunding Mistakes!
Category :- General

Author :- Michael Ibberson 
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Posted on January 28, 2015, 9:51 pm
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Let’s forego the lengthy introduction and get right into today’s post — there’s a lot of information to cover. During your next big campaign, watch-out for these five common crowdfunding mistakes:

Top Five Most Common Crowdfunding Mistakes:

 

#1 Expectations — For a moment, let’s revert to Tuesday’s blog topic, Tips on Setting Crowdfunding Goals. It’s common for multimillion dollar success stories to dazzle new crowdfunding enthusiasts, but it’s vital that project starters keep a level head. When a project exceeds a realistic goal, the chances of success drastically fall. Almost always, fulfilling a smaller goal is more advantageous than failing to reach one set too high. Know your project’s limitations and market value.

#2 Marketing — Do not think that just because you’ve designed a snazzy web-page, uploaded a video, and written inspirational content that the work is done. One of the most common crowdfunding mistakes is not paying enough attention to marketing. Using many different tactics, you must lead people to your project: show them who you are, why they should donate, and how to pledge. Aggressive marketing also helps you stay ahead of the competition (but more on this in a bit)!

#3 Donations — Large pledges are great, but never forget how essential smaller donations are as well. Setting a minimum or asking too much of your supporters could have a disastrous effect. Similarly, avoid over-pricing perks. Chances are, if you are selling t-shirts for $100, something’s wrong. Stay within a reasonable price range for your products while remembering to calculate the cost of production and distribution.

#4 Branding — Like a business, a crowdfunding project should have a brand. This helps new people identify and associate with the project who are outside of the crowdfunder’s immediate network. Branding operates on various levels, so put thought into web-design, logos, marketing, and content. Each piece of your campaign should complement the other. An eclectic mish-mash of images, videos, and articles is a very common, and often irrecoverable, common crowdfunding mistake.

#5 Competition — As mentioned in passing above, taking competition seriously is a key component of crowdfunding. Unless you have a remarkably unique idea on your hands, there are probably other crowdfunders looking to finance a product or service in a similar industry. Not accounting for existing competition could throw your expectations out of whack, causing you to miss your targets. This is why market research is so important before a launch. Understand past, current, and future projects in your specific field to determine where your project stands.

There you have it the top five most common crowdfunding mistakes to watch out for, let us know what your list is and be sure to check out an article we did for Eureeca which expands on this topic,

Source: http://www.crowdclan.com/beware-five-common-crowdfunding-mistakes/

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