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Sociofinancing: Increase your chances of success

Increase your chances of success

You spent a lot of time preparing a project and want to use the crowdfunding to achieve it? The success rate for crowdfunding campaigns averaged 50% in 2012, according to the Canada Media Fund . To put all the chances on his side, it is better to be ready before proposing a project. Here are five points to consider before launching your campaign and thus increase your chances of success.

1. The platform

Each platform has its type of project and its audience, so it must be chosen wisely. For this, go visit someand see the type of projects that are presented. When choosing the platform, you also need to decide whether you want “all or nothing” financing (you need to succeed in your campaign to get the money) or flexible (you have the money raised, no matter if you reach the platform). goal). Not all sites offer the choice. The Canada Media Fund offers a directory of several crowdfunding sites .

2. The presentation

Every aspect of the campaign is important , but the presentation of the project represents the first impressions and it must be impeccable. Give as much detail as possible about your project: where, when, what, how, how much, etc. People want to know, with good reason, exactly what you are going to do with the funds. Your project must look solid and feel free to share photos that give a taste. In the same vein, platforms strongly advise to publish a video, it is even sometimes mandatory. According to the Fundo platform  , the video “increases the chances of success by 75%”. It’s also a good opportunity to introduce yourself directly to people and explain why this project is important to you.

3. The rewards

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Do you have any interesting compensation for those who wish to finance your project? Some sites suggest at least three awards while others offer a minimum of six. Rewards must be attractive and directly related to your project. The Bean site  sums it up by specifying that contributors “must find an advantage in contributing to projects”. The site also offers exclusive, personalized and participative content. For example, if your project is a book, you could offer a signed copy, a limited edition or an entry for the launch.

4. The goal

Although the project costs were well calculated initially, there are other factors to consider when starting the campaign: counterparty costs, transportation costs, platform fees and the tax costs. All of these expenses must come in the amount you request. The Écloïd platform  offers  a spreadsheet to help establish it, but almost all sites offer help for this crucial decision. Also,  Ululewarns users to set too big a goal. “The difficulty of reaching your goal increases with the amount requested. It takes more work on the project and on its promotion, “he says on the site. Keep in mind that if you opt for “all or nothing”, you can only keep the money if the goal has been achieved. It is strongly recommended to ask for the minimum.

5. The promotion

All crowdfunding sites agree that promotion is a major factor in the success of a campaign. The La Ruche platform is particularly prominent in its promotion tips, even suggesting contacting “bloggers, journalists, and other influential people on topics like yours.” According to this same platform, the promotion can be divided into three points that summarize what other sites suggest: publicize the project, use social media and websites, and animate the community. Regardless of the means used, it is advisable to publicize your project on a large scale and to keep in touch with your contributors during and after the campaign.

Finally, the best thing to do before starting a campaign is to visit the crowdfunding platforms that interest you. They offer sound recommendations specific to their operation and you can take inspiration from successful projects.

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