Event crowdfunding is a new way to collect funds for any event online and for a large group of people. Event crowdfunding is different from traditional crowdfunding. In traditional crowdfunding, an offline campaign or seminar is used to organize, which used to take a lot of time.
Event crowdfunding on the other hand is a time saver. It only takes two or three months to raise money for any event. Event crowdfunding focuses on events like festivals, concerts, competitions, etc.
Event crowdfunding is becoming popular day by day, especially crowdfunding for charity events.
Crowdfunding is a lot easier and riskless in raising money. For that people are getting diverted into crowdfunding. Normally it takes time to generate a business idea and then bring the idea into reality. It becomes difficult to get funds from any individuals or banks. Crowdfunding made the task trouble-free.
Challenges of Event Crowdfunding
Crowdfunding isn’t much easy as it sounds. When you run a crowdfunding campaign for the first time you need to face many challenges which you may have not heard of or experienced.
Here I have figured out some points which will help you to overcome any challenges while running a successful event crowdfunding campaign.
Trust build
One of the most challenging tasks in crowdfunding is building trust.
Crowdfunding was noticed among mass within some years. Most people are still not aware of crowdfunding. That’s why building trust among people is very challenging.
No need to worry about it. There’s a solution to overcome this challenge. For that, you need to know well about your project or the cause of your crowdfunding campaign. So that when people will ask you about your campaign you must have proper knowledge about your project.
When you can deliver them enough knowledge they will obviously trust your campaign.
Having potential donators
One of the most common problems in crowdfunding campaigns is the lack of potential donators. If you don’t have any potential donators who will be excited about your campaign then this is going to be difficult for you to run a campaign.
The first thing you need to do is promote your campaign ideas through social sharing. When your campaign will live potential donators will show interest.
Keep your presence both social media and offline. Before you look for donators introduce yourself physically.
Choose the right crowdfunding platform
Because of rising of crowdfunding campaigns many crowdfunding platform is available now. But choosing the right one is difficult. Not all crowdfunding platforms are the same.
From the outside, it will look like all are best. But actually not. Before choosing a platform do research. Because all platforms aren’t suitable for any crowdfunding platform. You can choose the crowdfunding platform Fundorex.
Key things to consider before choosing a crowdfunding platform:
- Costs for the campaign
- Number of visitors
- Their policy
- Their running campaigns
Protect your ideas
This is going to be the toughest challenge when you run a crowdfunding campaign. There are a lot of competitors in front of you. You will not know when your idea will be stolen.
It’s necessary when your ideas will live you need to protect them. Otherwise, someone else will steal your campaign ideas and will use them while running their campaign.
If you find out someone using your ideas you can copyright claim against them. Also you can find some open source crowdfunding platform.
Fulfillment
People invest in any ideas or projects in exchange for something. In the same way, people who will invest in your ideas, commonly going to want something in return.
Before any commitment figure out the success rate. Without knowing your success rate it’s risky to give hope to investors.
Be honest with your investors so that in the future you can have them back.
Tips to Run a Successful Event Crowdfunding Campaign
Day by day crowdfunding is becoming a popular way of fundraising. It’s important to know how you will run a successful event crowdfunding campaign.
By following some tips you can successfully run a crowdfunding campaign and get crowdfunding event ideas.
Proper planning
Do proper planning before running a campaign. Without planning it’s not easy to run a crowdfunding campaign. It’s difficult to reach your targeted audience. That’s why planning is important. How you will reach your investors, how to motivate them, etc. Analysis of market trends is important.
Promote your campaign
Without any promotion, no one is not gonna know about your campaign. In the digital era, it’s not a big deal to promote any campaign. Through social media, ads, and online conferences you can promote your campaign. This is how you can also increase brand awareness.
Create a video of your campaign
A successful crowdfunding campaign attracts both mind and mind. Videos should be short, realistic, and convincing. In the video, the purpose of your campaign should be clear.
By making videos opportunities for investment increase.
Be effective and honest
Be effective and honest with your investors. Communicate with them regularly and provide valid information. Your honesty will bring success.
Gather social documentation
While running a campaign gather social documentation. This includes feedback on your campaign people. Tell your friends, and family for feedback. This will help you to build a beautiful event.
This will create a buzz that will encourage other donators to donate.
Pros and Cons of Event Crowdfunding
A crowdfunding event has both pros and cons. You need to know both.
Pros:
- Crowdfunding is a low-risk way to raise money.
- Crowdfunding creates a circle. Through a campaign, you can connect with different types of people. Which creates a circle. You can create a strong bond with them.
- By promoting your brand crowdfunding increases brand awareness.
- Through the funding process turn your investors into your loyal ones.
Cons:
- It’s often difficult to run a campaign alone. Most of us do this without knowing. That campaign doesn’t go the way we expected.
- If you can’t raise enough funds there’s a chance of failure of your campaign.
- When choosing a crowdfunding platform consider the fees of the platform. If you choose any platform which is out of your budget this is gonna be risky for you.
Final touch
An event crowdfunding campaign is a great way to raise money for any kind of event, non-profit organizations.
