Experienced Warriors....what are your opinions on crowd funding sites? Would you recommend it?

7 replies
Hi

Until it was suggested, it had never occurred to me to set up a crowd funding campaign. I have thought about it over the past few days but would love to hear some other opinions from more experienced Warriors.

I recently bought an existing digital product which is delivered on a monthly basis.

It was quite a large investment for me, and I now need to raise the funds to develop the marketing and create a membership site as well as incorporate my ideas to take the product to another level.

Would you say that crowd funding could work for a product like this and if so, do you have any ideas on how to set up a good campaign?

I have looked at other campaigns for inspiration but have not found any products or services that are similar for a comparison.

For example, other people are offering gifts (physical gifts). I am really not sure how to proceed, if I should proceed at all.

I'd really appreciate your comments....and especially if this is something that you have first hand experience about. If not, just your thoughts on whether you think it is a good idea or not.

Thanks very much

Joe
#crowd #experienced #funding #opinions #recommend #sites #warriorswhat
  • Profile picture of the author JamesDean07
    Crowdfunding imo is an overly hyped technique. Sure, it can help people get going, but how many people actually star a campaign and get funds?

    People with money aren't sitting on these sites looking for the 'Next Big Thing' ! Mostly, they are going to invest in popular campaigns.. nobody wants to read about something no one has donated a cent to.

    To start a CF campaing, you need help of your friends and family. They need to give you the initial boost, coupled with a good idea, only then can you expect to get funds from people.

    You can have the best idea and execution in the world, but it'll go unnoticed in the CF area unless promoted correctly.
    {{ DiscussionBoard.errors[10129993].message }}
  • Profile picture of the author quadagon
    In my experience crowd funding works best (when you have no name value) with a nine month build up. It's hard work and the reason so many fail is that they go straight into the crowd funding phase.

    It's the equivalent of the morons that post a buy my shoot thread on here and expect results.

    I've involved in a dozen or successful funding campaigns and I put the success down to how much the client is willing to work and at what stage they crowd fund.
    Signature
    I've got 99 problems but a niche ain't one
    {{ DiscussionBoard.errors[10130006].message }}
  • Profile picture of the author eKing
    The concept of crowdfunding is very appealing but without a solid marketing strategy and effective product then it will fail. It is actually very hard to raise a lot of money through crowdfunding if you don't have a following already. I've seen many digital products launched through crowd-funding so you shouldn't worry too much about that. The part you should be focusing on is promotion.

    Even if you have a small email list, it can help immensely due to the rapport you should have with your list. If you don't have many followers or aren't an authority in your niche then you should definitely develop a strategy for promoting the campaign first.
    {{ DiscussionBoard.errors[10130030].message }}
  • Profile picture of the author writeaway
    Read up on the recent FTC news about crowdfunding.

    Be very careful.

    Under all circumstances, never view crowdfunding as an expressway to easy cash.

    The legal pitfalls are simply too numerous to ignore.
    {{ DiscussionBoard.errors[10130469].message }}
  • Profile picture of the author joseph7384
    Crowd funding is no different then launching a product and a successful campaign is determined by utilizing strategic pre-launch marketing.
    {{ DiscussionBoard.errors[10130590].message }}
  • Profile picture of the author Ryan2929
    What would be in it for potential donors, in this case, potential buyers? What are you offering them that is going to drive them to put up their money up front to finance the creation of this product?

    Crowd funding isn't just a money machine. The people who make donations to these campaigns get something in return. That might be helping create a movie they'd love to see or an art project they're interested in, financing a new gizmo or product they're dying to own, or even just helping out a person who they feel is in need and a good cause.

    In this case, you're proposing using it to finance the creation of a digital product, and one that is derivative of a pre-existing product at that. So the question is, what is going to drive someone to donate to this campaign?
    {{ DiscussionBoard.errors[10130608].message }}

Trending Topics