Crowdfunding
DOs DON’Ts
P
eople mistakenly think that crowdfunding is simply a case of uploading a project and sharing a link. But there’s a bit more to it than that! Indeed, running a crowdfunding
campaign takes a similar amount of time and effort to applying for grants – with the advantage that you have more control over the outcome. Unlike a grant application, which, once submitted, is in the lap of the Gods, crowdfunding gives you the chance to modify your plan in response to feedback and
DO pick the right project! It might sound obvious, but not everything
lends itself to crowdfunding – ask yourself, ‘would I support this project?’. If the answer is ‘no’, then think again. Crowdfunding works on the basis of lots of people giving small amounts, therefore your aim is to encourage donors to not only engage with your project, but also to feel moved to share the link with friends and family. In the same vein as the John Lewis Christmas advert, or funny cat videos, your messaging either needs to tug on heartstrings, make your audience chuckle, or get them excited about the opportunities your project offers.
campaign then it’s even more critical that you choose something your community will want to see happen. Consider the amount of funding this project requires – a successful launch project will enable you to follow up with subsequent campaigns in the future, so keep it modest.
DON’T be too ambitious 24 SPRING 2018 FundEd when setting a target
Unsurprisingly, setting a larger funding target will reduce your chances of success. But neither should you set a low target and expect to raise lots more – most successful projects raise no more than 10% over their target. Set a funding target that allows
When campaigns fail to meet their targets, people cry ‘crowdfunding doesn’t work!’. But it all comes down to good planning and execution…
campaign then a project costing £10,000 or less is recommended. The most common bid amount is around £20, which might help you anticipate the amount you can raise based on the support you feel you can expect from your community. Use previous fundraising appeals as a guide.
DO build a support base before your project goes ‘live’
There are two main groups to consider – your inner circle and the wider donor base. Gather around ten stakeholders to form your core team – once your project is ready to go live, ask these people for feedback in case anything needs honing. Before you launch, ask this core team to each send a personal those people to share it with their networks, make a donation, or both! Your wider support base can be exercise. Segment these people – parents, businesses, community groups, education colleagues, local press, etc. – so that your messages can be targeted using appropriate language and the most relevant communication channels.
SUBSCRIBER EXCLUSIVE!
FundEd subscribers can log into the website at
funded.org.uk to access a wealth of crowdfunding guidance, including The Crowdfunding Handbook, Promotions Guide, Scheduling a Crowdfunding Campaign, as well as a mind-mapping template. Not a subscriber? Sign up for just £90 (+VAT) at
funded.org.uk/sign-up.
DON’Tbe too negative
Everyone knows that schools are short of money, but writing a long diatribe about the state of the nation is likely to switch people off. Your key message should be about the impact your project will have – what problem do you need to address and how will your project achieve this? If pupils’ lives will be transformed by this new resource, prosper. Be positive! And when crafting a compelling story, remember to ask yourself whether people will want to share this with others.
IMAGES: MICROVONE ; CREATIVE-TOUCH; ERICSCA/
ISTOCK.CO.UK
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