Sep 3, 2020
There are a lot of things people do right when it comes to Crowdfunding. Conversely, there are a lot of things people do wrong. Luckily for you, Nalin has broken down some of the biggest mistakes people have made in the past so that you can go out and crush your crowdfunding campaign with more success in the future.
In this episode you will learn 4 of the most common reasons crowdfunding campaigns fail, as well as, learn how you can avoid them.
And, be sure to check out the blog post that inspired this episode - “10 Ways to Fail at Crowdfunding” to get more insight on what has the potential to hurt your campaign.
Main Takeaways
[1:27]: 1- Making Things Too Complicated
Many people make crowdfunding way too complicated when, in actuality, it’s quite simple. Let’s talk about just how simple it really is.
[2:34]: K.I.S.S. - Keep It Simple Stupid
Although very straightforward at the outset, a lot of entrepreneurs have trouble making sure this actually happens.
[3:02]: The 4-Step Sequence
Follow this 4 step sequence and you’ll be sure to set yourself up for success.
[7:14]: 2- Not Having A Defined Audience
Who wants your product? Who loves your product? Who will be willing to pay? We can’t stress enough how important it is to find your audience.
[8:48]: The Importance of a Niche
The issue of saying this is for “everyone.”
[11:45]: 3- Setting Unrealistic Funding Goals
Sure you want to make the big bucks but - (1) Do you really need them? And (2) Are you setting yourself up to actually make them?
[16:08]: 4- Having Unattractive Rewards
Backers want something valuable in return for spending their time and money to help you bring your project to life. Let’s talk about the impact a good reward can have and how to do it right.
[18:09]: Recap of 4 Reasons Your Campaign Could Fail
Recap of four reasons your crowdfunding campaign could fail.
Resources From This Episode