Globalization has not only integrated the country’s economy with the rest of the world, but it has also reshaped the financial structure of the world. The biggest
example to justify the statement is Crowdfunding. Those who are unaware of the concept, crowdfunding is an alternative way to raise funds from a large number
of people (crowd) over the Internet. The concept has been gaining pace and is being highly accepted by people all around the world. But what makes the idea so
popular? More precisely, how does the crowd get to know about the project/campaign?
It is the social media that popularizes crowdfunding and crowdfunding campaigns the most. Social media and crowdfunding go together like bow and arrow, the arrow being social media have hit the target of many crowdfunding campaigns with its apt use while if not being used properly, it’s just a waste of resource.
With the rise of social media websites like Facebook, Twitter, LinkedIn, and many more, people are becoming more social, and it has become so much easier to get connected with people. Behind these profiles, accounts are the real people with their interests and likes and not wishing to get spammed. Before this virtual era, there were days when people meet each other and interact. Though the way of the encounter has changed, the communication rules are still the same. You cannot walk to a complete stranger asking them to support your crowdfunding campaign.
Here are some recurring mistakes which people often commit on social media while running a crowdfunding campaign:
Unable to develop staunch Social media connections before Launch
Social media might help you to build networks around the world but to convert those networks to strong connections solely depends on your efforts. You may get a thousand likes from your social media friends but to get a contribution from them, you need to forge a relationship with them.
Craving for money at firsthand
Asking for money just after getting in touch with folks you know over the internet is a big mistake that people do while running a crowdfunding campaign. It might be because of the pressure to reach the target amount. You need to put your serious efforts and time to get contribution over social media. Convey your idea calmly, try to fetch the feedback from people. Sharing your project link is the best way to allure people without even asking them to contribute.
Linking with wrong people over social media
It is not necessary that the people you are trying to approach are your genuine audience. You might not find the right set of people at one place related to your campaign. Therefore, it is necessary to identify the people related to your project’s genre/ category so that your idea and efforts does not go in vain.
Failure in utilizing your Social networks aptly
Crowdfunding is not only about raising money, but it is also about creating momentum and popularizing the idea to a possible extent. People might miss your posts or tweets, don’t let that happen. Keep posting! Don’t just ask for contributions rather ask people to become the part of innovation. Try reaching out to maximum possible people by utilizing the power of social media.