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Why Is Building Community Important For Your Crowdfunding
Time: Apr 19,2024 Author: SFC Source: www.sendfromchina.com
Why is building community so crucial for your crowdfunding campaign? Well, it's simple: without a community, even the most innovative ideas might not see the light of day. In the world of crowdfunding, it's not just about having a great product or idea—it's about creating a movement around it.
This blog explores the reasons community building is indispensable in crowdfunding, how it can propel your project to success, and provides practical tips to effectively cultivate a community that supports and sustains your vision.
1. What Role Does Community Play in Crowdfunding
A strong, engaged community offers more than just funds. It provides validation, spreads awareness, and fosters a sustainable supporter base for the project. Community engagement turns passive backers into active campaign promoters and extends the campaign’s reach beyond the creator's immediate network.
These individuals are always on the hunt for innovative ideas and projects. They strive to be ahead of the curve, discovering the next big thing before it becomes mainstream. Together, they generate a significant impact—Indiegogo sees ten million visitors each month, while Kickstarter has amassed over $7.7 billion in pledges since its launch.
This dynamic is precisely why crowdfunding is becoming a favored strategy for entrepreneurs. By leveraging the power of a community, you create an engaged, passionate, and loyal customer base that supports your brand for years to come.
2. Why Is Building Community Important for Crowdfunding
The reasons why is building community important for crowdfunding go way more than the crowdfunding campaign.
Building Trust and Credibility
Trust forms the cornerstone of any successful crowdfunding campaign. Community building fosters a sense of belonging and trust, as backers feel more connected to the project’s progress. For instance, the creators of the Pebble Smartwatch used regular, transparent updates to build and maintain trust, ensuring backers felt valued and informed throughout the development process. This approach not only helped them meet their funding goals but also exceeded them by a substantial margin.
Enhancing Visibility Through Advocacy
Every community member is a potential advocate. Take the example of “Exploding Kittens,” a board game that became one of the most backed projects on Kickstarter. The game's success was largely due to its creators' ability to engage with a community of gamers who shared the campaign with enthusiasm across various social platforms, significantly increasing its visibility.
Providing Valuable Feedback
Feedback is a gift that communities provide. During the launch of the Oculus Rift, the community actively participated in beta testing, providing feedback that was crucial to refining the final product. This direct line to potential users helped Oculus not only perfect its offering but also build a product that met market expectations.
Increasing Motivation and Moral Support
Crowdfunding is not for the faint-hearted. Emotional support from a community can provide a huge boost. The team behind the independent film “Blue Like Jazz” almost gave up after struggling to meet their funding goal. However, support from the dedicated fanbase of the original book motivated me to push through in the campaign’s final days, ultimately securing the funding needed.
Creating Long-term Relationships
Building long-term relationships is key to transforming backers into lifelong supporters. The campaign for the video game “Star Citizen” is a prime example. By continuously engaging with their community and involving them in the game’s development process, they have turned many of their backers into permanent members of their development journey, helping to sustain funding and interest over many years.
3. How to Build a Strong Community for Crowdfunding
Building a strong community for a crowdfunding campaign involves strategic planning and continuous engagement. Here are some essential steps to help you create and nurture a thriving community around your campaign:
Identify Your Target Audience
Understand their interests: Determine what your potential backers are passionate about and how your project aligns with those interests.
Segment your audience: Identify different groups within your audience based on their interests and how they might engage with your campaign.
Create Compelling Content
Tell a compelling story: Share the story behind your project. Why are you passionate about it? How did it come to be? What challenges have you faced?
Use varied content types: Leverage videos, blogs, infographics, and live streams to engage your audience in different ways. Visual content like videos can be particularly effective in capturing attention and emotion.
Use varied content types: Leverage videos, blogs, infographics, and live streams to engage your audience in different ways. Visual content like videos can be particularly effective in capturing attention and emotion.
Leverage Social Media Effectively
Choose the right platforms: Focus on social media platforms where your target audience is most active. For instance, if your project is visually oriented, platforms like Instagram and Pinterest might be more effective.
Schedule regular updates: Keep your audience informed and engaged with regular updates about your campaign’s progress and milestones.
Schedule regular updates: Keep your audience informed and engaged with regular updates about your campaign’s progress and milestones.
Engage with Your Audience Actively
Respond to comments and messages: Show that you value your community's input by responding promptly to their communications.
Ask for input: Involve your community in decisions when possible. This could be about product features, campaign rewards, or even promotional ideas.
Ask for input: Involve your community in decisions when possible. This could be about product features, campaign rewards, or even promotional ideas.
Host Events
Online webinars or Q&A sessions: These can help clarify questions the community might have and provide deeper insights into the project.
Meetups or live events: If possible, organize live events to connect with your community personally. This builds deeper relationships and a sense of belonging.
Meetups or live events: If possible, organize live events to connect with your community personally. This builds deeper relationships and a sense of belonging.
Offer Exclusive Perks
Early access or discounts: Give your community members early access to your product or discounts as a reward for their early and crucial support.
Special recognition: Acknowledge top contributors publicly on your campaign page or through social media shout-outs.
Special recognition: Acknowledge top contributors publicly on your campaign page or through social media shout-outs.
4. FAQs
1. Why is the community more important than the number of backers?
Community isn’t just about numbers; it’s about engagement and long-term support, which is invaluable.2. How often should I update my backers?
Regular updates, at least once a week, are recommended to keep your community engaged and informed.3. What’s the best way to respond to negative feedback in my community?
Address it directly, transparently, and constructively. Use it as an opportunity to improve and show your commitment to your backers.4. Can I build a community without social media?
Yes, though challenging, you can utilize email newsletters, direct mail, and community events.5. How do I measure the ‘sentiment’ of my community?
Tools like sentiment analysis on social media posts and comments can help gauge the overall feeling towards your project within the community.
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