Why you need a funding strategy:
A funding strategy helps you identify possible backers and how to get through to them. Crowdfunding starts with your crowd, it’s these people that will comprise of your core funding. Here is the outline for constructing your own funding strategy, this is purely a template so customise it to your own situation. Crowdfunding is hard work, it requires persistence and perseverance. A funding strategy can help you stay focused and directed so you don’t end up wasting your time trying to reach the wrong people.
Here you list all of your potential backers from your third cousin Nelson to your oldest friend Justene. This helps you identify and prioritise who you need to target for your campaign. Here are some examples:
- Immediate Family
- Extended Family
- Communities – Shul, Church, soccer club, etc
Working out how much you will be able to raise helps prioritise how much time and effort needs to be expended on certain potential backers. It also reduces the risk of setting your tipping point too high.
- How much can be raised from immediate family?
- How much can be raised from extended family?
- How much can be raised from friends?
- How much can be raised from passionate fans?
- How much can be generated from an event?
- How much can be raised from your communities?
Channels to best reach these potential backers:
A call provides a direct communication with the potential backer, increasing the chance of them funding you. A phone call is personal and shows initiative on your behalf. It is also important when contacting someone that doesn’t have a strong online presence such as Great Aunt who hardly uses her computer.
This is a great way to reach out to a large amount of your potential backers. An email allows you to communicate why their support is needed. This is a quick way of spreading the word about your campaign and is more direct than posting on your social media feeds. Make sure to always include the link to your project page to ensure it’s easy for the recipient to support you.
This is an easy way to spread awareness around your campaign to your friends and followers. It’s a powerful tool in keeping everyone updated as well as reminding them of your campaign.
Here’s to a successfully funded campaign,
The Thundafund Team