Crowdfunding is an excellent way to raise funds for a project and harness support from your community. Here are some things to consider before you begin a campaign.
Keep in mind:
1. You need an established Social Media Presence to run a successful campaign.
2. Arts campaigns can be more difficult than other types of campaigns because they tend to be rooted in a specific region so the reach is not as wide.
3. There are several Platforms that can be used for different types of arts projects, but using a more popular site might have more benefit.
4. Give yourself 2 months of Prep before the launch
Before you begin:
- What is your Project?
- What Platform will you use?
- How Much You Need/ What is the cost of your Campaign?
Build your team: Don’t do it alone!
Have a Social Media Plan.
- More shares/movement online means more reach.
Update your campaign regularly.
- Supporter like to be in the loop.
What is the timeline: 60 days might be too long.
- You don’t want to lose interest/support/buzz.
Make a pitch video.
- Videos are easy to make and increase your campaign’s success 30-40%
- SHORT/SIMPLE/FUNNY/CATCHY (no more than 5 mins)
- Who are you?
- Why do you need money?
- Why now, your story?
- Get friends to donate during your soft launch so you look desirable when you launch publicly
- In the first 2-3 days you should hope to get 20-30% of your ask.
Consider if your ask is $5000, do you think you could get 500 people to give you $10?
**An average donation is between $20-25
- ‘All or nothing’. You only receive the money if you succeed at reaching your total goal.
- This creates an urgency for donors, and safety to donors in that they won’t be charged if your project is unsuccessful.
- ‘All or nothing’ and ‘Flexible’.
- Arts-centric platform
- created to enable fans to support and engage with artists directly
- supporters can pledge monthly or project based
- Do not run more than one campaign a year (or one every two years)
- You risk exhausting your network and supporters.
- Beware of Spam
- Consider the time of year