The Number One Thing That Is Killing Your Crowdfunding Campaign

By Michael Roderick  -  On 30 Jun, 2014 -  0 comments

There is no doubt that crowdfunding has really helped a lot of people who are developing projects and need a boost to get them off of the ground. As with any venture that has media success stories, there are now tons of people hopping on the bandwagon.

I do not claim to be a crowdfunding expert.

If you are looking for one, talk to my friend Clay.

I do, however, spend a lot of time studying relationships, which are a factor in the success of any fundraising campaign, and I will tell you this:

You have to have money in the bank to take money out.

It is unwise to reach out to people who you haven’t talked to in years and ask for money. Many of these people may be going through their own financial issues and your asking them for more may in fact damage your relationship with them, subtly or not-so-subtly. If you plan to reach out to old friends you should always see how things are going before asking for anything. You never know what position they may be in.  You also don’t want to look like you only want to hear from them if they will give you money.

If you are planning to make a big ask of your tribe, you cannot make that ask without having added significant value to their lives first. Similar to the issue above, if you ignored all of your friends’ campaigns and never responded you are not very likely to get a response from them when you need funds for your project.

If you are low on cash:

  • A Tweet is free.
  • A FB Post is free (for now).
  • An email to your friends and followers is free.

There is a lot you can do BEFORE you launch your own venture.

So rather than writing an email or a post today letting us know that if each of the 1000 of us give YOU one dollar, you’ll reach YOUR goal, Ask US what OUR goals are then tell us what your goals are. You may be surprised at the support you get just from doing that.

You have to have money in the bank to take money out.

Start getting some money in the bank today.