How to Crowdfund: Step 3 – Identify Your Crowd

Step 3 - Identify Your Crowd

Following on into week 4 of our 7 week series on how to build your crowdfunding project, you’ve got your team working on their various tasks, you’ve done the majority of your research, you’re putting together your story, and now this week we are going to talk about Step 3 – Indentifying Your Crowd.

So to recap on How it Works:

  1. Create your project on Crowdfunder
  2. Share your idea with the crowd, they pledge cash for rewards
  3. Your idea gets funded!

In our previous blogs we discussed:

Indentifying Your Crowd

Because you are pitching to your ‘crowd’, it is important to identify who your crowd is and how you are going to execute your project to them and turn them into backers.  Just as important, is how are they going to find you, and why would they want to interact with you?

Finding your target audience

  • First Tier – friends and family, they can help create the first buzz around your project. If you are unable to get your friends excited about your project pre-launch, then that is a pretty good indicator that you will struggle to engage a wider community of backers.
  • Second Tier – friends of friends
  • Third Tier – the general public and any media coverage

Create a spreadsheet & build a profile for each distinct type of person you plan to target, as well as what your product offers them and where you can find them. This will influence how you position yourself and your product when you present it to your ‘target audience’. Include the following information:

  • What are they motivated by & what matters to them?
  • What are their needs?
  • What or who are they influenced by?
  • What does my product offer them?
  • Where do they spend their time online?
  • Do they read blogs, & which ones?
  • What social media, websites and online communities do they visit?
  • Do they subscribe to email lists, & which ones?
  • What search terms do they use?
  • Do they use Infographics? Videos? Podcasts?

Now create another spreadsheet of who you’re pitching to and what motivates them, and include several potential pitch angles.

How they can find & interact with you.

  • Establish a social media presence – be sure they can find you via the major ones like Facebook, Twitter, Pinterest and Google+
  • Start blogging – Blogs are a great way to provide useful, relevant content that appeals to your target audience. Write blogs that appeal to their motivations, problems and needs.
  • Organise an event – Have a BBQ, party or opening gathering.
  • Products – Promote limited edition products that will get people talking (a great example of this: Mini for Heroes – Corgi Replica. People were still talking and asking for this product long after the project finished.)
  • Provide experiences – People often like to be the first to do something, so they discuss it with their friends. (another great example: 2 hour surf including 1 hour coaching. You can ride The Wave before it is open to the public)

Examples of Who Used Their Crowd

NEXT WEEK … Step 4 – Creating Great Rewards

How to Crowdfund: Step 4 - Creating Great Rewards
How to Crowdfund: Step 2 - Your Story