Friday, 19 Oct 2018

Momentum: The Crowdfunding Story of the Tortoise and the Hare

Crowdfunding is a process in which a lot of people contribute small amounts of money in order to raise a large amount of money for a specific cause. The money may be raised for medical, social, cultural or for-profit reasons. In order to raise money through crowdfunding, you need to start a fundraiser online. Crowdfunding in India is done through various platforms where one can start a fundraiser. Impact Guru is one of them.

There are certain things to keep in mind if you are starting a fundraiser:

  1. Choose a crowdfunding website that works in the same area as you and has experience.
  2. Write your fundraiser or crowdfunding pitch in a concise and lucid way.
  3. Use social media to the highest potential when you campaign for publicity.

Your fundraiser has two important aspects. One is the target amount and the other is the deadline. In other words, you set yourself a deadline within which you raise your funds. If you do not reach the target by your deadline, your campaign may be considered unsuccessful. Many people start out their campaigns well, with regular campaigning but eventually lose their momentum. This article looks at the reasons and ways to avoid this.

If you have been able to create enough publicity and interest around your campaign, it will likely result in quick contributions after you put up your fundraiser. The trick is to maintain this interest. Most campaigns vanish into oblivion towards the middle of the campaign and then again resurface when the deadline approaches. This is a result of a lot of publicity happening around one period of time. The trick is to spread the work over.

For this, you will need to build a team. Your team will have to maintain steady progress. The publicity has to be planned. Crowdfunding campaigns suffer from the tortoise and hare syndrome. Crowdfunding campaigns which raise money in the beginning of the campaign tend to lose their work ethic and professionalism, thereby leading to a lull. This lull can be countered by creating a system of publicity.

  1. Create a team and a definite pre-campaign. During this time, announce the arrival of your campaign. Make sure that you talk about your campaign goals, your projects and the need for it. Tag people on posts, and make sure that people share your posts.
  2. When the fundraiser goes online, make sure that it is shared enough number of times as posts and posters on every social media platform that you know. Write extensively about the need for the campaign on closed groups, pages etc.
  3. Once the campaign starts in full swing, you will have to keep the interest alive. If you are a medical crowdfunding campaigner, updating your public about any possible worsening of condition might help. For social and economic reasons, you will constantly have to brainstorm innovative ways of marketing. Unless you do this, you will lose out on precious time.
  4. Your campaign should work proportionately to your time left. Towards the end of the campaign, your campaign should have raised most of the money. The ending of the campaign is to thank people who have donated and the press upon the need for making the campaign a success.

 This is also the time you look for all the people you have missed out in the last few months so that you can talk to them and ask for contributions. The major thrust of your campaign should not come at the end.

Fundraising requires a lot of dedication. Despite the hard work, it is still a great low-risk and zero investment way to raise funds for any given reason.