Lessons Learned from Failed Crowdfunding Campaigns

In order to do great things, you must look toward those who came before you. Unfortunately, there were those who created crowdfunding campaigns before you that did not find success. Don’t be afraid to research those failed campaigns, as well as the successful ones. You can gain a glimpse at how you could potentially avoid such failure.

There is no guarantee that you won’t fail if you do not take the time and preparation necessary to make a good crowdfunding campaign. Even with the most amazing new invention, you could fail if you are not dedicated enough to your campaign. Don’t risk failure, and pay attention to the mistakes of those who came before you.

 Not taking your pre-campaign seriously

Many inventors seeking funds tend to be under the impression that the majority of the work needed for a crowdfunding campaign, should be done during the launch of the campaign. This is not true, in fact, most of the work done should be completed prior to the campaign start date, but where does one begin? Those who do not seek the answer to this question end up failing to find funds through crowdfunding.

At least 6 months prior to your attempt at seeking small donations from a large audience, you will want to focus on the planning of various aspects of your campaign. This includes developing a video, establishing a social media presence, creating rewards, and getting your invention ready to prove to backers that your idea is worthy of their money. Do research online and even watch videos that will map out the best ways to work on your crowdfunding campaign.

 Developing a low-quality video

The very first thing a potential backer sees when viewing your campaign site, is your video. A low-quality video, or even no video at all, turns people away from your campaign immediately. Think of your video as your best chance at an attention grabber. All of your efforts to draw individuals into your campaign could become pointless if once they make it to your site, there is nothing to keep them there.

Fortunately, a good campaign video could help your chances at holding the interest of those who have already made it to your page. Your video should be informative, but maintain elements such as quality images and sound, in order to keep backers watching your video for more than 10 seconds. An invention with a great campaign video is the Coolest Cooler, which was able to receive funds of $13,285,226. Their video briefly told the story of how the product came alive, explained what the cooler had to offer, and why it was worth a backer’s money to give donations.

 Failing to utilize social media

For any business or new product, establishing a presence on social media could be beneficial. The same rings true for your crowdfunding campaign. Those who do not make an effort to utilize the power of social media, might not reach their desired funds if things such as Facebook or Twitter are not used properly. This does not mean that simply creating a page for your campaign will lead to success, but it is a good place to begin.

Start by creating a presence on a social media platform such as Facebook. You can ask family and friends to like your page as well as share your page’s content. Facebook also lets you pay money to “boost” your posts to those who have similar interests to what your invention has to offer. Once your campaign has begun, these posts can even lead those interested directly to your campaign site. Create a calendar to plan out when you will be posting things such as pre-campaign updates and other materials designed to grab the attention of potential backers. This includes, but is not limited to, blog posts and general product promotions.

 Neglecting your campaign

Once you have put all of your effort into your pre-campaign, you must not give up when it comes time for your campaign to launch. You can’t expect to raise funds if you do not do more than simply keeping an eye on your campaign every so often. It may seem tiring and time consuming to continue posting to social media and monitoring your campaign, but no one ever said crowdfunding was easy, but they did say it was worth it.

During your campaign, be sure to keep track of how well it is performing. If it seems to be falling behind, try posting content such as your campaign video to social media or asking friends and family to help spread the word. Don’t give up just because you did not gain the funds you wanted within the first 24 hours. Instead, decide what more you could be doing to interest your backers.

Crowdfunding can be difficult, and even stressful at times. Luckily, with research and education, you can learn how to create a platform that could become successful with hard work and dedication before, during, and after your campaign.