Reaching the Magic 20%

Posted: Mon, 22 July 2013 by Cara

Bloom intern Cara Pleym explains "The Magic 20%"

First of all, what do we mean by the magic 20%? Well, statistics show that if you launch with or hit 20% or more of your crowdfunding target in the first few days, you’re more than 90% more likely to be successfully funded. Pretty amazing, right?

Now this piece of information is pretty useless if you don’t know how to reach this magic number, so we’ve listed the key activities you need to be doing before and during launch in order to achieve this goal.

1. Invest time and effort in social networks

If you don’t at least have a Facebook page and a Twitter account, set one up and spend time building your following. Start by following interesting people, commenting on and sharing material, asking questions and most of all, doing all of this on a regular basis.

If you’re already on Facebook and Twitter, think about other platforms which could be useful – do you use Pinterest, Reddit, Kiltr or LinkedIn? Find related interests groups which you can target for your crowdfunding campaign.

While you’re building your networks, start building up excitement for your crowdfunding campaign by drip feeding details. Why not also ask for advice, for example, you could ask what rewards people would like and how much they would be willing to pay.

2. Get backers prior to launch

Reach out to your family and friends, and ask them to promise even a fiver each in the first day. Try and get as many people as people to put in small amounts, because lots of backers will reassure strangers coming to your project. Plus every pound will push you closer to that all important 20%!

3. Ask for the money

Tell people you need their help to hit 20% by the end of the day, and ask for promises. People are likely to do what you tell them to! Remember to highlight specific rewards, and keep an eye out for any issues or questions people might have. Interact with the Bloom community online, and look for project owners who ran similar themed projects. They could be a great source of information!

4. Monitor engagement

Did that tweet get 5 retweets, when another seemed to be ignored? Try to figure out whether a certain time of day is busier, or if a certain type of message works better. However, don’t simply repeat content or your audience will get bored!

If you’re putting in the effort and don’t seem to be getting anywhere, don’t get downhearted – get creative. Use humour in your messages, contact local media channels, write a blog, film a video diary, dress up and go round your local area handing out flyers! If you’re memorable, there’s a much better chance people will back you.

We hope you now have a better idea of how to hit 20% quickly, but also how much hard work a crowdfunding campaign is. There’s no point sticking a project up if you can’t commit to the promotion, so make sure you allocate enough time. Remember, the Bloom team is always on hand to help so #askbloom any questions on Twitter, or email: eva@bloomvc.com