Tuesday, July 2, 2013

Crowdfunding Without A Fan Base

Crowdfunding image
Crowdfunding for music projects has proved to be very successful, with just over 50% of campaigns being fully funded. In most of these cases, the key to success is all in how large of a fan base you have. Usually big fan base = successful campaign.

But what if you don't have a large fan base, or any at all if you're just starting out? Here are 5 tips that you can use that have been proven to work.

1. Make sure you contact every person you know. Most small crowdfunding efforts are successful because of friends that invest in you as a person instead of the project. Therefore, you have a better chance of success if you reach out to everyone who knows you.

2. Set a reasonable goal. The most successful campaigns of this type are usually in the $5,000 to $10,000 range.

3. Use flex goals. You might have a wealthy benefactor who's willing to contribute more to your campaign than $5k, so it's best to have multiple goals so you don't limit your fundraising possibilities. Just make sure that the lowest goal is easily obtainable.

4. Have a short campaign. A short campaign of 5 to 10 days usually works better than 30 days, since the there's usually a long lull in contributions in the middle two weeks of the longer campaign.

5. Have regular communications. Continue to communicate with your potential contributors during the campaign, even if it feels like too much.

Crowdfunding without the crowd is not only possible, but is likely to be successful if you follow these tips. Good luck!

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1 comment:

Tyler Thursby said...

Hi! Stumbled upon your site and wanted to drop you a line. Loved this post in particular. You're an awesome writer. I'm working on my own music festival blog that centers around travel and thought your blog would be great to reference for future posts.

Should also mention I started following you, drop me a link and follow back if you can! Cheers :)


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