10 Crowdfunding Tips for 2020

Ready to rock your next campaign? Make sure to incorporate these 10 tips and make your crowdfunding a success.

Need a little extra funding to help finish that project? Crowdfunding is still a popular means of getting support from fans, friends, and family. To make sure that your campaign is the best it can be, here are 10 tips you want to have in place.

1 Crowdfunding Video

Having a video for people to understand your story is the best thing you can do to make your campaign a success. Explain why you are crowdfunding, briefly describe the struggles you’ve faced thus far, and go into detail about how this campaign benefits not only you, but also your supporters.

Pro Tip! Have a few lines about what each level of support will bring. For example, “For every $250 donated, you help us to mix a new track!” or “Even $20 will help go towards gear rental!”

The great thing about videos are that you don’t need fancy equipment to make one. Keeping it simple and to the point will help your crowdfunding a ton. You can even make a video on your phone!

2 Levels of Crowdfunding Support

Since most crowdfunding musicians do is reward based, you want to make sure that you have the right levels of support available. Start with a $5 contribution and work up in increments to $1,000. The most common amount of money pledged is between $10 and $150, so make sure to provide several tiers between those numbers. Statistically, there are not a lot of contributions made over $1,000 so I don’t recommend you go above that level.

3 Early Bird Extras

Having specials for the first 24 or 48 hours of your campaign can help bring in extra support in those critical first hours of your campaign. Provide limited editions of rewards that people can earn only when they donate in the first day.

4 Only Promise What You Can Deliver

When deciding on what to offer for rewards, no matter what the pledge tier, make sure that they are rewards that you can follow through on. Don’t promise that Batman will visit their kid if you don’t even know Batman. (Yes, this was a real reward that I saw offered on a crowdfunding campaign!)

5 Get Social

Make sure to update your social media daily, and several times a day across all the social media platforms that you are on. Aim for 2x day updates on places like Facebook and Twitter where feeds move quickly. A good rule of thumb is to post early in the morning, as people drink their morning coffee before work, and again after work but before dinner. Most people are on social media during these times.

Remember not to spam people asking for money. Instead, use a little bit of FOMO and share the pledges that are being made and offer people their chance to join in.

6 Crowdfunding Rewards

Most people expect a digital download of a track or the album. You would be surprised at how many people love stickers. T-shirts, signed merchandise, shoutouts on social media, producer listings on the album, and private live streamed concerts are all examples of rewards that musicians can use.

Have something specific to your fan base? Make sure to incorporate your branding into the rewards!

7 Surprise Bonus!

At the halfway point in your campaign, have a surprise to keep people’s interest in your campaign! Most run for 30 to 45 days which is a long time, and people will become tired of seeing your posts. Hold in reserve a surprise bonus of some sort to capture that attention back to you and your campaign.

8 Upsell

Consider offering an upsell to people who have already contributed to the campaign. Reach out to them via email and ask since they have already contributed $20 in the early days, ask if they want to pledge $10 more to receive a bonus/unique perk just for them.

9 Manage the Social Algorithms

Don’t worry about posting the same content on your different social media platforms. Thanks to algorithms, only about 20% of your followers will see your post on any given day. Reuse content across platforms to help make your job of promotion a little easier.

10 Check Your Links

Finally, please please PLEASE make sure that you check your links when posting on social media and sending out emails. There have been too many times that the band didn’t check their links and sent me to the wrong site. No one can pledge money when you don’t send them to the right place!

Leave a Reply

%d bloggers like this: