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Idea Analysis: Your Crowdfunding Campaign Failed? Now What?

Idea Analysis: Your Crowdfunding Campaign Failed? Now What?

After a lot of hard work, your campaign did not make it. There just was not enough traction for it to reach your goal.

So what do we do now?

1. Give up, walk away?

2. Or go back to the drawing board to take another stab at it?

 Well if you chose option 2, you may want to read on.

What needs to be done is to restrategise and to get back on that horse.

Step 1: Get Feedback

Why Didn’t The Campaign Gain Traction And Reach Its Goal?

To understand this, we need to ask a few questions. Go back to your community (your backers on the platform, on your Facebook page, on your website) and ask them specific questions. Get as much feedback as you can.

Split your campaign into different sections:

  • Problem: Have you identified the problem properly?
  • Solution: Is the solution solving the problem? Is it affordable and accessible?
  • Marketing
    • Story – Is the story compelling enough?
    • Visuals – Are the visuals explaining the story properly? Are they getting your message across clearly?
    • Reach – Was the message spread far enough? Were people sharing the page or the message?
    • Rewards – Were the rewards appealing enough?
    • Timing – Was the timing sufficient to raise the funds?
    • Goal – Was the goal amount too much? Was the breakdown of contributions to little?

The good thing is that now you have a community of like-minded people (your backers) around you, who are interested in your cause. The key is to tap into their knowledge to revamp your product and your campaign.

Step 2: Restrategise

Use the critique you receive to restrategise your game plan. Work on the problem areas and get ready to try again.

The end goal is to have a successful campaign, so that you can make your product that will help solve a problem that people have. Keep that in mind for the next round.

Well that’s the end of our series on Crowdfunding, hope we were able to shed some light on the basics of running a great campaign.

We would also like to thank Elvin Hayden Liang from Print 2 Life for his contribution to the series.

 

Want to Read the Rest of the CrowdFunding Series?

Part 1: Idea Analysis: Building a Great Crowdfunding Campaign

Part 2:  Idea Analysis: Building a Great Crowdfunding Campaign – Part 2

Part 3: Idea Analysis: Building a Great Crowdfunding Campaign – Part 3: The Launch

Part 4: Building a Great Crowdfunding Campaign – Part 4: Post Launch

Part 5: Idea Analysis: Your Crowdfunding Campaign Failed? Now What?

About EntreCity

EntreCity
The idea behind EntreCity is to help entrepreneurs build successful businesses. We want to achieve this by helping people build an entrepreneurial mindset and to arm them with the technical tools to start and grow businesses. Whether or not you are ready to start a business, EntreCity aims to help everyone to think with an entrepreneurial mindset.

3 comments

  1. Another important factor is the crowdfunding community you’re presenting your product to. Kickstarter, while arguably the most populous (more eyes on your idea), is actively moving towards creative arts only projects. Indiegogo has flexible funding options, but is frequented more by fundraisers than actual products.

    A new option is Product Funder (https://www.productfunder.com), which focuses on crowdfunding consumer products, as well as providing resources to help you manufacture and complete your project after funding is complete. Worth a look.

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