Crowdfunding: Take 2

Posted: Tue, 27 August 2013 by Cara

by Cara Pleym

One of the great things about crowdfunding is that you can come back more than once, regardless of whether you were successful or not the first time. We know that some people feel as though they can’t crowdfund again, either because they received funding and feel greedy asking for more, or because they were unsuccessful the first time, and aren’t sure that crowdfunding is for them.

Well, we think that you can crowdfund as many times as you like, as long as you have a genuine need and a clear impact each time. We’ve shared some of our top tips for returning crowdfunders, which should help anyone who’s thinking about another campaign.

Don’t be afraid

Whether or not you succeeded the first time, you’ll now have a much better understanding of how crowdfunding works and what types of promotion work best for you. You’ll probably have also developed your social media skills, networking and pitching abilities, plus improved your time and project management. All of this will make your second crowdfund that much easier! For those of you who were unsuccessful the first time, don’t give up – Bloom crowdfunder Hannah Stansfield failed in her first campaign, but she’s learned from the experience and has since successfully crowdfunded three times.

Return of the crowdfunder

Don’t make the mistake of ignoring your previous crowdfund and pretending it didn't happen, the crowd will find out! Make it clear that you have crowdfunded before, and explain how you have progressed since. So if you did receive your funding, talk about what you did with the money and how your project has developed as a result. If you didn’t hit target, talk about the lessons that you learned and how you are going to make this crowdfund better. Although we can’t give a specific timeframe, it’s best to take at least a few weeks to allow progress and learning from experience to occur.

Start with your Bloom crowd

Regardless of the result, you should have built at least a small group of people who are interested and/or made a promise to your first campaign. Ask them why they did/didn’t like your project, and how you could make your rewards even better. Those who engaged with you initially will want to know more about where you are now, especially if you were successful and they know that their promise helped you get there! Don’t shy away from asking for help from your initial crowd, as they’re actually more likely to engage and support you again.

Demonstrate the impact

With a second crowdfunding campaign, it’s important to make the project distinct from the first one and clearly explain the impact of the project. How is this goal different? Refer to your original goal, and either discuss how this goal progresses from or how it is separate from your first crowdfund. As with any campaign, remember to provide a cost breakdown and emphasise that your target is the essential minimum spend.

Hopefully we’ve convinced you that you can crowdfund again, and our tips should help you if you do decide on another campaign. If you have any questions about this blog post, or about crowdfunding in general, please email eva@bloomvc.com or #askbloom on Twitter.

(Image courtesy of www.ageesteem.com)