Dana asks, “How do you market a crowdfunding project?”
Crowdfunding sites are nothing more, when you think about it, than landing pages. They’re landing pages which someone else manages, so a good chunk of the design and creative is taken care of for you, which leaves two other key areas for you to manage. Watch the video for more details.
Stackadapt was the platform mentioned in the video for ad targeting. (affiliate link)
Can’t see anything? Watch it on YouTube here.
Listen to the audio here:
- Got a question for You Ask, I’ll Answer? Submit it here!
- Subscribe to my weekly newsletter for more useful marketing tips.
- Find older episodes of You Ask, I Answer on my YouTube channel.
- Need help with your company’s data and analytics? Let me know!
- Join my free Slack group for marketers interested in analytics!
What follows is an AI-generated transcript. The transcript may contain errors and is not a substitute for watching the video.
In today’s episode, Dana asks, How do you market a crowdfunding project crowdfunding sites, when you think about that really are nothing more than a landing page, right? They are single purpose landing page where you drive traffic for the purpose of trying to gain a conversion. And on those landing pages,
a lot of the design is taken care of. So if you’re on GoFundMe, or whatever, the palette and the design and the overall aesthetic is taken care of. So that part is pretty easy, because you don’t have to do a whole lot. So what do you need to do then in order to make a landing page. successful
landing pages are direct marketing and as a result, they follow Bob stones 1968 direct marketing framework, which is lyst offer creative, right so the creative is taken care of for the most part, we’ll talk a little bit more about that.
But it really is the list and the offered translating that 1968 framework to today who is the audience who is the audience the page that would very much be interested in what it is that you have for sale. Now some crowdfunding campaigns are a product or service. Some are just charitable donation. But no matter what it is, you need to have a very clear definition of who it is that you are trying to attract funding from. If you’re not clear on that, spend some time with tools like Facebook Audience Insights or with Google Analytics data, or with any of the major benchmarking services out there that can give you a sense of who’s in an audience that you care about from a topic perspective. So if you are running a crowdfunding page for like a new consumer, electronic well, who else likes consumer electronics, what are their characteristics what are the what are the demographics the psycho graphics the the different things that
You would use to understand who those people are. So that’s the really, really important aspect. And you need to figure out how you’re going to reach those people. Generally speaking, if you don’t already have a list, like an email list, you’re going to have to pay to drive traffic. There is very little to no
easy way to get people to a crowdfunding site without paying for that reach. Because there’s so many of them. There’s so many of them that there’s so much competition for eyeballs that unless you have that built in audience, that’s going to be very, very difficult to attract attention. So plan to pay us again, use these different audience tools that are out there to try and figure out where that audience lives. Yeah, can you reach them through Google AdWords? Can you reach them through YouTube advertising? Can you reach them through Facebook and Instagram can reach them through LinkedIn where does that audience live? So let’s say you’re doing a crowdfunding
certain type of medical condition or medical research well, who would be interested in that condition of the para their patient communities are their support communities, all these different aspects you’d want to identify to figure out that list. Without that list, your crowdfunding site will not grow. The second thing in stones framework is the offer.
Generally speaking, you have to have something to give in exchange for the money you’re asking for. What is it now a lot of crowdfunding sites particularly things like Kickstarter and stuff and things have tiers of rewards for supporters one of those rewards going to be in are they commensurate with what you’re asking people to give
musicians a lot will have things like no stickers, or albums or signed albums or house parties or any of these things that as your level of support goes up.
What you get in return goes up and it doesn’t necessarily have to be
like a large physical world products a lot of the times it’s it is either reputational words or his badge value. So
if you donate $1,000 to musicians, next album, they will come to your house and do a house party, you know, a living room concert, which if you really like that musician, and you want to see them succeed, that would be quite a treat to post them in your backyard or something like that.
So think about from your own crowdfunding perspective, what is it the people get? Now if you’re doing product products, you obviously offer, you know, early bird pricing on products or exclusives or unique accessories that somebody else can’t get anywhere else. So you have fancy consumer electronic, maybe it comes with some add ons, if it’s a service of some kind, you would have tiers of service that are very accessible if it’s a charitable donation. What do people get in return? You know, this is a
Need to the Human Rights Campaign which is a a charity supports equal rights for people of all orientations and you know after certain donation level you get like a hat this hat did not cost what was worth it has probably if I had to guess is probably you know made for pennies on the dollars but it’s still a thing that you get that is tangible physical world demonstration that this is a cause that you support so
in a for charitable things think about what can you offer that gives supporters a chance to show their support to your cause in any meaningful way.
So that’s list that’s often finally is is the creative and you do need to invest some time and money in the pieces of the creative that go with it. So whatever your crowdfunding platform is it’s going to take you’re going to have the basic the graphics the layout stuff taken care of for you what you will need are things like a persuasive well shot video that will be
Explain what it is that somebody’s going to get. And almost every platform either requires a strongly suggest some kind of intro video. So you will also need to have an almost white paper esque explanation of what’s going to happen in the process. So when you give money to this cause, what happens to that money if it’s product, this is a timeline of benchmarks that we’re going to meet, getting this this product built, if its services, you know, these are the development milestones that we’re going to have on the way to a final release, if it’s charitable, here, the milestones that you know how the money is going to be using and where we’re going to be investing your money to create the social change that you want, whatever the case is, so sort of a white paper that justifies in more detail why you should be donating so having that that creative those those extra flourishes, those things that help convince somebody This is really worth your time your money.
Your investment are essential if you want your crowdfunding platform to succeed.
And then once you’ve got it all built, then this time to market it. So again, figure out where does that audience live and start running ads and run ads using a platform that allows you to do a lot of testing and that allows you ideally, to buy into different audiences. So one of the platforms I used as a display platform called stack adapt, because allows you to do
very good granular targeting of people by interest as opposed to demographic I want to be able to target people who are interested in analytics for example, because that’s that’s what I do is when company trusted insights does
I want to be able to target people who are interested in data who are interested in machine learning are interested in a I don’t care whether they’re male or female or above or below the age of 40. I care that they have an interest in the thing and be able to target and that platform Facebook fantastic platform for the Instagram part you match that Facebook fabulous platform for that so
Look, look around, run some testing start small start with, you know, small investments 50, 100, $200
at a time to see which platform gets you the most traction. And then once you figured out where you’re getting results, where you’re getting conversions from, then you ramp up your spend on that platform until you hit your funding milestone. So lots of lots goes into this. It is a full marketing campaign. And as such, there’s all the things that come with it like strategy and metrics and analytics and stuff. But those are some good starting points for building out a crowdfunding campaign. Good question. If you have additional comments or questions, please leave them in the comments below and subscribe to the YouTube channel and the newsletter and I’ll talk to you soon
want help solving your company’s data analytics and digital marketing problems. This is trust insights.ai today and let us know how we can help you
You might also enjoy:
- How to Set Your Public Speaking Fee
- How To Set Your Consulting Billing Rates and Fees
- Best Practices for Public Speaking Pages
Want to read more like this from Christopher Penn? Get updates here:
Get your copy of AI For Marketers