According to a study by Nielson, 92 percent of consumers believe recommendations from their friends and family over all forms of advertising. Word-of-mouth marketing is powerful, and lucky for those with limited budgets, it can also be free.
Everyone has experienced the pain of trying to reach lofty goals with limited resources. It’s hard to argue, though, against the premise that nonprofit marketers understand this challenge better than anyone else.
Having limited resources (both time and budget) is an everyday experience for anyone working in the nonprofit space. In fact, a 2014 study by the Case Foundation and Social Media for Nonprofits suggested that over 50% of nonprofits had one or less staffers overseeing their social media marketing efforts, while The Nonprofit Marketing Guide tells us that only 1/3 of nonprofits have a formal marketing strategy.
It’s data like this which shows us why every nonprofit marketer LOVES stumbling across an effective, free marketing tool, platform, or tactic.
Since I launched the crowdfunding marketing consulting arm of my business, I’ve been fortunate to be involved in a number of very successful crowdfunding campaigns (mostly on Indiegogo, a few on Kickstarter).
Due to the massive success of the crowdfunding industry, the perception is that it’s “easy”. Many individuals and businesses are jumping on the bandwagon, anticipating their idea on the back of a napkin will have brought in six-figures in funding by the end of next month.
Unfortunately, this leads to much frustration and many failures. In fact, almost 80% of Indiegogo campaigns fail.
There are a number of core elements required for a successful campaign, from marketing to manufacturing, and the mistakes I’ve seen made could be a book.
In this post, however, I wanted to offer an insight into a few key questions that ought to be asked right at the start. Questions that, if asked, can prevent a campaign being doomed before it even begins.