Crowdfunding Best Practices

Leverage On Social Media To Achieve Your Crowdfunding Goals


by Jules

On 2017 M05 17

by Jules

Crowdfunding is the process of raising funds from a group of people through the internet. Therefore, for all the obvious reasons building strong support on social media is your intrinsic pathway to a successful crowdfunding campaign.

Consider your kin and kith as your seed audience and leverage on social media to widen your reach through your initial patronage. One tweet broadcasting about your crowdfunding campaign can be re-tweeted multiple times. Single Facebook post that discusses the unique provision of your product can be shared numerous times. That implies the content distributed through social media platforms is likely to produce a rippling effect for good. It has the power to pull your target communities into your sphere.

A well-designed social media strategy, when applied successfully, can bring your campaign the ultimate support and success. Follow us further on this article to outline a robust social media marketing plan for your crowdfunding campaign:

Study your current social media presence and create a strategy accordingly

Commence your social media endeavors right when you conceive the idea. Social media stints ought to be well designed, resourcefully propelled, and intelligently monitored for it to justify the purpose of it.

The idea should attract more and more audiences and instigate engagement, which can be converted into sales subsequently. Campaigners can begin with taking a macro view of their current position and exposure in the digital world and what they want to achieve within a specified timeline. Try to figure out what is your total reach through your existing connections, and the connections of your connections that can help you reach a wider audience.However, for growing faster, you will also need to design a paid social media marketing strategy that can initially help with a boost. You can choose to push sponsored ads towards a targeted group of people specifically in your niche, adjust the parameters accordingly during the time of the campaign, testing out what brings you the most.

It is strongly recommended to have separate social media pages for the campaign or project that you are promoting. Doing it from your personal account might look opinionated, and people would engage lesser. Please understand social media works well solely by merits. Therefore, it is crucial for you to push content that your audience is hypothetically interested in. Create a social media marketing strategy that is designed to invoke curiosity into your audiences and then quench it well. Doing contests and opinion polls is an excellent way to do it.

A tremendous amount of data is consumed in one internet minute through some of the most popular social media platforms like Facebook, Twitter, Instagram, LinkedIn, Youtube, Snapchat, and different discussion forums like Quora and Yahoo answers.

You can start with creating pages of your project on all the relevant platforms.It is best to keep similar profile pictures and description on different platforms, as it helps audiences in identifying your brand faster.

Monitor your campaign: Closely observe the right metrics and adjust your strategy step by step

The finest part of social media is that its performance can be very well monitored and measured for you to modify and redesign a more efficient acquisition strategy.

  • Start reaching your target audience – Once you have your pages ready, you must begin to push your content and invite your existing connections to like, comment, and share your posts so that it can reach a wider audience. You can also set up an ad budget and indulge in paid marketing for achieving faster results in your favor.
  • Create>Test>Analyse>Adjust: You must carefully analyse the data coming from these social media platforms like how many engagements from which age group, and interest groups, which location, etc., including devices (PC, smartphone, tab) used for the engagement done. When I say engagement it should include click-through rates, bounce rates, social shares and conversion rate. Accordingly, you can draw great insights to adjust further your social media strategy regarding posts frequency, ads layout, target customer, and type of content.

Chances are that LinkedIn turns out to be a more effective platform than Twitter, depending on your target audience. Therefore, studying insights help you spot your strengths and weaknesses. Adespresso is a fantastic tool using which you can do google analytics integration with your Facebook page and draw powerful insights to streamline your social media ventures. This intuitive tool also hints at the widely accepted best practices and provides personalized suggestions.
Build a community

The ultimate task of all your social media tools is to build a huge audience and continue engaging with them constantly through shares, likes, comments or any other call to action. The end result should be to accomplish maximum possible conversions.

  • Hashtags – Hashtags are a great way to keep your content all over the web in sync. Many projects earned their identity through their hashtags. You can use conveniently #Projectname. Make sure to include it in all your social media posts and keep it consisted in one form to avoid confusion. Also, you can use search for popular hashtags on Twitter or Facebook that most of your target audience is interested in and push the posts using those hashtags to get more and more audiences on your page.
  • Be Consistent – This is essential. You must frequently post content discussing the benefits,usages and the problem your product is solving across all social media platforms. Everything on social media has a poor shelf life. Out of sight is out of mind. A social media page that doesn’t show enough action may go negative for your campaign.Therefore, make sure you post regularly and are vibrantly visible. There are apps like Hootsuite that you can use to schedule your social media posts and your updates will be published automatically.
  • Right content mix – The secret sauce of selling your product on social media is by first creating awareness about your presence and then creating a need for your product. The content should be informative and educating, and it should be presented aesthetically. You can start with giving interesting industry-related information, discussing the implications of your project, telling stories of hurdles you faced during the making of your product and consequent troubleshooting, launching surveys and contests. In the end, you can ask the people to be the first users of your product and give you their valuable feedback on it.
  • Call to Action – Social media quests should never end without a candid call to action. Ask people to share your post, like it and comment on it. Or else, you can also ask people to go to a certain link for more information, buying a product or filling a questionnaire. A powerful call to action can compel the audiences to engage with you.

Social media activities in the pre, during, and post crowdfunding stage

As your focus shifts to the next level, with the progress in your project so should be the case with your social media strategy.
The idea of pre-launch social media strategy should be to build a bigger audience, create awareness, and impart education. However, once you official launch your campaign, your social media posts should concentrate on seeking support and encouraging your audience to be the first users of this fantastic product.

You can discuss the different milestone achieved, how many people have already backed your project and how awesome is your backer community. Once you are successfully funded and are in a post-crowdfunding stage, keep your audiences informed about your progress including new features, awards or industry news. It is pivotal to stay connected with your audiences throughout the life cycle of your project and even after that. You can use your existing social media podium to announce your next project too.

Can social media help you surpass your crowdfunding goal? Indeed, social media is capable of bringing you an incredible overnight success. However, to ensure that it is not short-lived you will need to put in efforts. Practically, the story of your startup will begin to post the success of your crowdfunding campaign. You should be consistent on social media right from the moment you experienced that eureka moment till you are finally receiving the feedback from your early users, and even after that working on strict branding guidelines that are consistent across all channels. Nonetheless, the ultimate rule here would be to create, test, analyse, adjust, and repeat it to earn a reputation for your brand in the most effective way.