You have managed to run a successful campaign, reaching your funding goal (maybe more) within a set timeframe. Your hard work, from the original idea, to the final prototype, to figuring everything else out in between (or so you think) has finally paid off. You have managed to convince a set number of backers to believe in your idea and most importantly, your passion. But, this is just the beginning! Once you have thanked your backers, it's time to make your dream a reality by producing the promised rewards.
If you thought raising enough funds was challenging, you're going to get a big wake up call when it's time to produce the goods. As we have seen, the more successful a campaign is (speaking about those that raise over a $100k), the higher the risk of running into unseen issues along the way. Manufacturing can become a nightmare to deal with, as it's mostly out of your hands. However, It's natural to run into problems, and if you communicate appropriately with your backers, they'll understand.
In the previous Communicating with Backers segment, we discussed the notion of setting expectations in regards to communicating delivery dates of your rewards. In this feature, we'll be focusing on another critical component of a campaign: Updates during the campaign.
Once a campaign takes off and the backing community joins in, it's important to keep your backers updated along the way. For new crowdfunding project owners that are unfamiliar with what updates are, each platform, such as Kickstarter and Indiegogo, provides the capability for you to communicate with your backers throughout the campaign. Updates provide the opportunity for you to share what has been and is taking place behind the scene. On a normal basis, most updates revolve around and/or include one or more of the following topics:
We have all heard the expression "Under promise and over deliver." For many Freshpreneurs (new entrepreneurs) that are approaching reward-based crowdfunding, this thought mentality can get a bit muddy if not careful. With the abundant of tasks at hand when planning a project, it is important to set realistic expectations, specifically when it comes to delivering the final product.
What we have seen too often, whether backing projects ourselves or reading frustrated backer comments, is that the majority of projects fail to deliver on time. The scope of reality is that unaccounted-for headaches can and will happen when running a project. The two most common examples are manufacturing and shipping issues, and the more successful a project becomes, the higher potential it has of missing its targeted delivery.
Communication, in all aspects of life, plays a major role in achieving [insert goal]. Regardless of how you communicate with others, such as a spouse/partner, family and friends, colleagues, customers, etc. it's obvious that how you communicate with them plays a factor of how well the conversation goes. Unfortunately, too often do we see communication, or lack there of, create unappealing end results for all parties involved.
As most crowdfunding project owners realize, hopefully sooner than later, is that communication with their backers is one of the most essential components of running a campaign. We, as project owners, do our due diligence while preparing, planning, and executing our project(s). For majority of us first timers (or as we like to call it, Freshpreneurs) running a campaign from pre-launch, to launch, followed by delivery, can be a very overwhelming, yet thrilling experience. However, some of us get so lost in all of the work, that we forget about the main reason we have achieved a successful campaign. Sure, the product/rewards that we're introducing are innovative and unique, but without backers, they're just ideas.