Now’s the time to officially kick off the crowdfunding campaign.
During that time, it’s essential to continue driving attention to your crowdfunding effort, to engage your audience and to keep your communication channels open and transparent throughout.
There are a few steps that can help you do achieve:
Organize a kickoff event that can help generate some buzz - whether offline or online. Leverage the mailing list that you’ve built ahead of the campaign: send personal emails, direct message reminders, and newsletters to update your supporters and other potential backers. Continue to work on your media and PR reach: publish interviews and articles to continue building a buzz.
Some other ideas to engage your audience include: Answering emails & FAQs, planning a live Q&A session, starting a referral contest, socializing on your established channels
Once the campaign is over, communicate your success and thank your community and supporters. Now’s also the time to grow. Leverage your success: Update your campaign page as well as your channels. Redirect to your online shop and website to start selling. You can turn your crowdfunding into an ecommerce Crowd-business by continuing to run a pre-order campaign from the website.
Next comes the time to deliver on your promises.
Start production and, as much as possible, stay within the timeline that you previously set when thinking about the production side of things. Keep thinking of your cash flow: avoid the “valley of death” – that tipping point when the startup's cash flow dip to dangerously low levels, threatening the company's immediate viability. The production period might lead you to face a cash flow crunch, given all the costs you will now be incurring to deliver on the final product. Think about operations, continue fundraising, and find creative ways to maintain your cash flow.
When it comes to raising funding, avoid engaging investors when you are in the midst of a facing cash flow crunch. Fundraising from investors should come either pre or during the campaign, when you are at a high point with strong demonstration of traction, to make sure you are not in a position of disadvantage when you approach investors.
Overall, always maintain a clear channel of communication with your backers: keep them up to date at all times. Share updates with your community on a rolling basis. Send out backer-surveys to collect insights.
Be transparent about any delays or hiccups you might face along the way. When all is done, you can finally reward supporters as promised! Make sure to get them to share their excitement over social media and among their network.
Nothing like word of mouth for good organic growth!