WHY CROWDFUNDING UPDATES ARE IMPORTANT

 

crowdfunding updates

 

 

 

Kelly’s crowdfunding campaign was a success! From campaign prep to posting crowdfunding updates, she did everything right.

The money rolled in quickly and she hit her funding goal. It was really exciting, and she could book her flights and accommodation to get the best deals. But now she has dozens of people expecting her to not only complete that big goal she set herself, but also to deliver all those awesome rewards she promised when they backed her.

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According to CNN Money, over 80% of all crowdfunding campaigns on Kickstarter deliver their rewards late.

Things happen – you’ve now got both the project to complete AND rewards to sort out.

If you’re also studying, this can be quite time-consuming, and you might fail to make the goals you thought you could.

The key thing is to readily post crowdfunding updates to let your backers what’s going on.

Most of the time backers don’t hear from a project because the creator is busy doing what they said they would do. They go straight into the work and they put their backers on the backburner.

It might not be their intention, but it makes them look as dodgy as someone who’s just taken the money and run.

The result is, the next time you want to start another crowdfunding campaign (because it worked so well the first time), your audience won’t play ball again.

The trust is broken and you have to build a new crowd, from scratch, again. So now that your project is funded, and you’re ready to go with your big dream, what are you going to do about those backers who believed in you so much they forked out their hard earned cash?

 

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Kelly has been sending out crowdfunding updates throughout her campaign letting her backers know how far along she is, sending out links to the article she got published, and encouraging them to share.

Now she’s fully funded, she knows it’s important to keep people up to date with her progress. She decides to book out 2 hours every Sunday to write a diary of everything that’s been going on that week.

Over the course of her studies, Kelly lets her backers know what she’s learning, and the results of her research. A couple make introductions to other experts who she had hoped to interview, but didn’t know how to approach.

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WHAT MAKES A GOOD CROWDFUNDING UPDATE?

Be honest

Student-3-icon 48 by 48Things go wrong. Someone might get sick, circumstances change. The biggest secret to great backer updates is to be honest.

If there’s a delay to the planned schedule, just explain it, and tell your backers how you’re planning to work around it.

They’re already cheering for you. And they would rather see you succeed belatedly than have the whole thing fall over.

Do what you said you were going to do

dolly-icon 48 by 48If you promised ‘exclusive updates’, follow through. Your updates should go for as long as it takes to complete your project

though if you’d like to keep going after that, you can as well.

 

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Even after her project has funded, and her research trips are complete, Kelly still has some rewards to fulfill! As she dives into the hard work of writing her PhD, she scales back her updates to monthly to keep her backers up to date without taking up large unmanageable amounts of time.

Her supervisor helps her craft and finish her PhD and her project is complete when the digital version has been sent to all backers.

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HOW OFTEN SHOULD YOU SEND AN UPDATE?

TALKING people icon 48 by 48The frequency is entirely up to you, but make sure it’s at least once a month. Set the time aside and send an email. With every message you want to send

out, ask yourself if this is THE RIGHT moment in order to get the best response from your network: don’t forget that communications on the internet are

instantaneous. A message can very quickly be «swallowed up» by the mass of information published immediately afterwards…

 

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During her crowdfunding campaign, Kelly was sending out updates every 3-4 days. Once her campaign closed, Kelly sent out updates weekly as she was completing her initial research.

After that, she decided to send them monthly. The response from these updates was so positive that she decides to send out monthly “insiders” emails to her backers… forever.

She is able to leverage her initial crowd whenever she’d like for future fundraising efforts because they know she keeps her promises and stays in touch.

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Cristopher is using Studentbackr to fund his education. You too can signup and start a project. Sign up