What Good Idea is Good Enough?
We second-guess ourselves all the time. It’s part of being human. Is this a good idea? Will I regret it later? People frequently approach me with anxieties like these when it comes to crowdfunding. Their next, big question is always, Do you think my idea will be successful?
Of course, it’s normal to get anxious before launching a crowdfunding campaign, but the best possible way to alleviate that (and eventually find success) is preparation.
Start by asking yourself, Will others think my idea is good? Make a list of all the communities who will find it good. If you don’t have the immediate answer, you might think you need to get a celebrity or big name involved, or it’s all a lost cause all together. However, there seems to be a misconception that a celebrity endorsement will guarantee a successful crowdfunding campaign. Celebrities aren’t the only ones with successful projects nowadays. The special thing about crowdfunding is that it’s democratic and everyone can win big. Even the most niche of projects can excite and engage an audience. You just need to find that built-in audience, so if you can’t find it right away, keep searching and spread the word.
That said, once you find that audience, make sure they are financially supportive in addition to their interest. It is vital that the community you target is actually willing to put dollars towards your project. For example, one of your supporters might have a large social media following and wants to help promote your project. However, this does not guarantee that their following of people will go to the project and actually donate.
To compel people to fund your idea, there has to be a reason for them to donate during your crowdfunding campaign. First off, a great way to entice people is by offering a product that they actually want. Make your rewards exciting, desirable, and unique to your project. Make one of your rewards an actual collectible. Make it limited edition. You must also create a sense of urgency–Why should people buy the product now and not later? One tip is to make it less expensive through the campaign than when it will be out on the market. You want to create a sense of exclusivity so that the crowd invests in your good idea.
With crowdfunding, you need the crowd to not only think your idea is good, but also want to fund it.