Nathalie Agnew is managing director of PR agencies Muckle Media and Taste Communications and has successfully helped brands to raise millions of pounds through crowdfunding. Here Natalie explains how you can revive your struggling Crowdfunding campaign as a start-up.
Use your network and contact existing supporters too
Key to reviving a struggling crowdfunding campaign is showing some momentum, to encourage others to get behind it too. Now is the timer if you haven’t already, to call on your nan, neighbours and suppliers to help. It doesn’t have to be financial, sometimes a retweet or a friendly introduction to a high net worth can lead to extra reach, and more pledges of support.
Those who have already pledged gave a vested interest in your campaign being successful, especially if you have to hit a minimum figure to draw down pledges. Contact everyone who has pledged so far and tell them your story, ask them to share the campaign with five friends or business contacts.
Ask the crowdfunding platform for help
No one knows the secrets to crowdfunding success better than the platforms such as Crowdcube and Seedrs. Ask your contact there to help get behind the campaign. They have special positions on the homepage, e-newsletters and other channels to push campaigns but if you don’t ask you might not get. They will also critically review your campaign to date and provide pointers for improvement and many even have how to guides available.
Do PR to tell your story
Local, national and trade media might tell your story if you can make it interesting enough to earn the space. Is your product a work first? Do you have an amazing story of how you got to developing your business? Get done great, creative pictures and pitch the story to media including a link to your campaign.
Invest what you can yourself and from current investors
This may sound counterintuitive, and you need to account for platform and transaction fees, but it’s a little known fact that the best performing crowdfunding campaigns are usually already overfunding as they go live. People want to back a winner and don’t like missing out, so a campaign with the percentage funded bar in excess of the target is naturally likely to get more pledges. You can also ask existing investors to pledge on the platform to boost the target.
Get creative with new tiered rewards
Many people watch a crowdfunding campaign and wait until near the end to pledge their support. Use the updates function to share developments during the campaign such as new customer wins or product success. If you’re able to add new tiered rewards to pledgers mid-campaign (check with the platform you’re using) this could be a good chance to get creative. What money can’t buy, or limited edition products or services could you deliver to entice watchers to pledge? It could be a tour of your factory with the founders is a very limited edition product line.
