Should I run multiple crowdfunding campaigns at the same time?

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The short answer is that running several crowdfunding campaigns at the same time is not an effective strategy. It might sound tempting to increase your chances by crowdfunding across multiple platforms – but you won’t actually raise more money that way. Here’s what we’ve learned from our crowdfunding experience at Woomentum.Fund:

1. The “crowd” is really your network

Over 80% of contributions to your crowdfunding campaign will come from your first circle – in other words, people you already know. The reality is that crowdfunding platforms won’t drive contributors to your crowdfunding campaign. Don’t believe them if they claim to do so. Only very rarely does a campaign attract large numbers of people beyond their first circle.

Focus on growing your first circle, and reaching out to people who know and love your product. When it comes down to it, crowdfunding is all about selling.

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2. Multiple campaigns create confusion

If you’re running several crowdfunding campaigns in tandem, which campaign will you ask people to contribute to? If you only direct them to one campaign, the others will fail. Likewise, directing people to multiple campaigns will only cause confusion – and perhaps even discourage them from contributing at all. Either way, you’re less likely to reach your goal on any one platform, which means there’s a risk of potentially losing valuable funds.

3. Focus makes perfect

Crowdfunding is already tough, so don’t make it more complex than it needs to be. Your best chance for success is to develop your network via a large direct email list (MailChimp) and social media following (Facebook, Twitter, Instagram). Focus on growing your first circle, and reaching out to people who know and love your product. When it comes down to it, crowdfunding is all about selling. You need to sell, sell, sell – and then sell some more. There are no magic tricks: just lots of hard work. Pouring all your energy into one crowdfunding campaign is the key to success.

 

Are you an aspiring entrepreneur looking for advice on how to get started? Have any questions? Join our community of entrepreneurs and experts at Woomentum and check out our Q&A platform here