The importance of social media in promoting crowdfunding campaigns
Audiences have moved to new online tools, new digital places. Social media is the new access point for discovery, referrals and trust building–all of which are essential for building your donor list or gaining support for your projects. Social media and crowdfunding are a natural combination. Social media helps you tell a personalized story and extend your reach beyond your known network.
But maybe you’re wondering, does social media really work? Do you really need great storytelling for successful crowdfunding?
The answer to both questions is an unequivocal “yes”. You need to combine social media with your crowdfunding efforts in order to make the biggest impact.
The role of social media in the success of crowdfunding campaigns in India
Social media is one of the most important tactics for connecting supporters to an institution/organization. This goes for all engagement projects, and crowdfunding is no different. Social media gives you the ability to engage your supporters where they are–online. It also gives you the opportunity to create new connections. (You’d be surprised who you may be missing if you don’t have a social media strategy!)
In order for your success to grow, you must be looking beyond your current community. Social media lets your current supporters and your new supporters to easily share your crowdfunding efforts–expanding your community with every click, like and share. It’s important to understand that the crowd you are looking for is not necessarily looking for you. Social media helps you to find them.
According to The Globe and Mail, Gen Y (1977 – 1994), commonly known as millennials, are the next important demographic for philanthropy (Bouw, 2016). Compared to Baby Boomers, they prefer online donations over traditional fundraising efforts. Gen X (1965 – 1976) are just as important; they are just as tech-savvy as millennials; and they are just as interested as online donations (Coleman, 2016).
The benefits of using social media for crowdfunding in India
Raising funds successfully is crucial for a crowdfunding campaign. To make a campaign successful, it is important to publicize and promote it on a large scale over social media. So, this study investigates social media as a tool to promote, publicize and fetch funds for crowdfunding campaigns. Creator’s activities and connectivity with various social media platforms is examined to learn their impact on success. A model, based on tweet messages and other social media connectivity, is designed to predict the success outcome of a campaign. Proposed model works with 76.7% accuracy. This study confirms that social interaction and connectivity have a positive impact on the success of a campaign.
Social media is a relatively new concept, a brand new product of the 21st century. During its short lifespan, social media has prominently influenced the communication of many companies among a vast array of industries, and the crowdfunding industry is not an exception. To fully realize the potential of your crowdfunding campaign, you should definitely implement social media marketing to your crowdfunding strategy. In this article, you will discover how to utilize social media to turn your crowdfunding campaign into a success story.
The considerations for using social media for crowdfunding in India
First of all, when using social media for crowdfunding, you need to choose which platforms you are going to use. When making this decision you will need to take a couple things into consideration; which platform is most of your potential donors more active on, in terms of discussion, general advertisement etc? What social media platforms do you have the most following on (pay attention to those that you may have more activity with potential donors on)?
Facebook – with 1.32 billion daily active users, Facebook definitely a must when it comes to crowdfunding. It gives you the opportunity not only to create a page and build a community around your brand, but also to target your ads towards very specific niches. By doing this, you won’t be wasting money and resources to spread your message in front of users who have no interest in what you are offering or people who have no idea what crowdfunding is. Instead, if you use Facebook properly, you will be able to share your crowdfunding campaign with the people who are most likely to back your idea;
Twitter is another platform that has proved to be effective for promotion of crowdfunding campaigns. Although your messages there should be as brief as possible, it’s still a great platform to spread the word and build a following by researching and strategically using popular and relevant hashtags;
LinkedIn is a great way to reach investors for equity crowdfunding campaigns. Keeping your page up-to-date with all business-related news and updates will help you build a strong presence in front of business-oriented people and industry professionals;
Instagram could also be highly beneficial for your crowdfunding campaign, but it doesn’t work well for all types of businesses. The industries that tend to perform well on the platform are related to food, DIY, design, fashion. This should not discourage you to integrate Instagram into your marketing strategy, just don’t rely too heavily on it. If you decide to promote your campaign on this platform, don’t forget to add relevant hashtags to your posts so people outside of your network will also be able to find you.
Reddit – with more than 82 billion page views per year, Reddit is an online powerhouse. The platform is an excellent place to engage with niche communities, but you should keep in mind that the website has strong policies against people who only use it for self-promotion.
If your crowdfunding social media marketing includes many platforms, you should definitely consider using tools like Buffer and Hootsuite. With these smart social media management tools, you will be able to synchronize several social media accounts and manage all your posts from one place. Just consider how much time those tools will save you!
When you create posts for your crowdfunding campaign, ensure you write engaging posts regularly and that most of the posts have called to actions that would lead to your crowdfunding campaign page on the crowdfunding platform you chose.
With social media, you’re able to use analytics to track and measure how your posts do. Always check to see how much engagement each post attracted, as it will help you see what kind of posts the followers are most interested in. Once you’ve found out which kind of post attracts the most amount of engagement, you can use it as a guideline in order to create your next social media post.
Tips for using social media effectively for crowdfunding in India
Ready to get out there and start gathering backers with a few Facebook posts? Not so fast. Before you even think about creating your first post, you’ll need to understand each social media platforms’ strengths and limitations. Only then will you be able to really make use of it to achieve crowdfunding success.
Here are a few things to think about:
1. Pick the right platform(s):
You’ll need to create social media accounts for your crowdfunding campaign, but you should pick platforms that are right for your campaign. Don’t forget to make sure that your branding is the same across your campaign and all your social accounts.
2. Get mobile-friendly:
Since most social media users access their accounts on smartphones, your crowdfunding pages should be mobile-friendly and support text-to-donate functions. You could even hire influencers to spread the word about this!
3. Pick a good hashtag:
This will encourage people to join the conversation and pull all posts relating to your campaign into one easy-to-find space. Don’t forget to ask supporters and donors to use it to spread the word!
4. Use a mix of content:
Keep your audience engaged with a range of posts. You’ll want informative posts, stories from your supporters, campaign updates, and behind-the-scenes looks, for example. Keep in mind that only about 20% should be sales-orientated and ask people to donate to your campaign.
5. Track your results:
Monitor how each post is performing so that you can get an understanding of what posts people like (or don’t like) and how they’re engaging with your content. This will help you figure out what your audience likes and allow you to create better posts and drive more engagement.
6. Cozy up to journalists:
Many journalists use Twitter to find leads for stories, so getting your campaign in front of their eyes could result in some great organic stories which put your campaign in front of a much wider audience.
7. Build a community:
Use social media to interact with your supporters and potential backers. Reply to comments or ask questions to drive engagement.
8. Learn to schedule:
Automation is great, especially when it means you can schedule all your social media content ahead of time. Try platforms like HootSuite and Buffer for easy scheduling and analytical functions. Just remember to time your posts based on when your target audience is most active online.
9. Add a human element:
People love a good story, so showing off your founder and giving a backstory to your brand brings a human element that will encourage people to get interested in your campaign.
10. Start early
Aim to launch your social channels a few months before your campaign. This will give you time to build some buzz and get people excited. Then, when your campaign’s ready to launch, people will be ready to donate straight away.
Examples of successful use of social media for crowdfunding in India
Crowdfunding now has a transaction value of $8.5 billion. If you want a slice of that pie, your social media game needs to be on point. Need some inspiration? We’ve rounded up five examples of crowdfunding campaigns that have used social media to successfully raise funds.
Shower Strike: This campaign for clean water used the simple #ShowerStrike hashtag to engage followers.
Keystone-Monon Community Garden: To raise funds for a community garden, this campaign used Facebook posts to express their gratitude to followers – and kept those donations rolling in.
KNO Clothing: This American t-shirt manufacturer showcases its products with fun, interesting photographs on Instagram.
Project Aware: While crowdfunding to protect the oceans, this campaign used emotive images, timely, targeted posts, and a fun hashtag.
World Bicycle Relief: This crowdfunding campaign put rugged bikes in the hands of people who need them and to do it, they shared stories of their supporters engaging with the results.
FAQ’s
Q1. How do I determine the best social media platforms for my crowdfunding campaign?
Make sure your campaign has a strong Twitter, Facebook and Instagram account. These accounts should be regularly updated with images and videos of the project in progress, as well as photos and videos of backers receiving their rewards.
Creating a social media account is the first step in using social media to promote your crowdfunding campaign. There are many platforms available, and each has its own unique features and advantages. Some popular platforms include Facebook, Twitter, and Google+.
Each platform has its own guidelines for creating and managing a campaign page, so it is important to familiarize yourself with the basics before jumping into any campaigning.
A good place to start is by reading the official guidelines for each platform. Once you have a basic understanding of how each platform works, you can start promoting your campaign by using the tools available on each site.
Q2. What types of content should I share on social media for my crowdfunding campaign?
When it comes to crowdfunding, you need to take advantage of every social media platform that you can. This is because each one has its own unique strengths and weaknesses.
First and foremost, you need to create a Facebook page for your campaign. This is where you will be mostly advertising your campaign and where people will find the most up-to-date information about it.
Next, use Twitter to promote your campaign throughout the day. Use specific hashtags (#Crowdfunding) and mention relevant accounts (like journalists or other crowdfunding campaigns). You can also share short videos highlighting why people should support your campaign.
Finally, Instagram is a great platform for beautiful images and inspiring stories about your project. Use hashtags (#Crowdfunding) as well as keywords related to your project (like design or ecology). You can also post images of people who have pledged money to your campaign, in order to show that there is broad support for it!
Q3. How can I build relationships with social media influencers and partners for my crowdfunding campaign?
Influencers have a lot going on and are approached by other brands regularly. To build a successful relationship with an influencer you need to be clear about expectations from the start. Always ask what type of relationship they are looking for, after all, it’s a two-way street. Leave the conversation open-ended, and don’t be surprised if you need to meet in the middle and compromise.
Once you’ve hammered out the general collaboration you can talk campaign details. Simply Founder, Sarah Boyd gives great advice on what to include when discussing campaign expectations:
- Mention the number of content pieces you expect over what period of time
- Outline how you plan to use their content and verify which channels
- Be clear on what call-to-actions you want the influencer to use in their campaigns
- Explain the approval process if you have one in place
- Define captions or campaign tagging
- Set up an FTC disclosure
Building a relationship with a social media influencer isn’t always easy. To manage your influencer marketing initiatives effectively you need to communicate expectations, goals, as well as progress. In turn, you will not only create authentic content, but you will also be able to reach new audiences and acquire new customers.
Q4. How do I protect my privacy and security on social media while running a crowdfunding campaign?
Here’re some tips to help you protect your privacy on social media:
1. Read and Understand the Privacy Terms
Every website on the internet has privacy terms, including social media sites.
Before signing into any social media and registering an account, it is important that you read and understand their privacy terms.
Pay particular attention to the privacy terms of the information you are registering and agreeing to share when you sign up for an account with a social media platform.
For instance, what content can be shared with the third party, can you delete your content on the website permanently.
2. Site Features
Ensure you familiarize yourself with the social media site’s functionality before you broadcast or share any messages.
Understand who will see your messages and whether they’ll be only specified recipients or all users on the platform.
Above all, understand the privacy settings and privacy vulnerabilities on the social media site.
3. Adjust your Privacy Settings
For every social media platform you are using, always check the default privacy settings on their site.
Most default privacy settings on social media may permit the sharing of your information with other third-party online users.
Adjusting the default privacy settings may limit the amount of information that the social media site can share with other users outside of your knowledge.
4. Biographical Information
To register an account with many social media platforms, you’ll be required to provide your biographical information such as full name, year of birth, age, or address.
Keep these pieces of information to yourself to limit what other social media users know about you. Such information can provide cybercriminals with enough data to cause you harm.
You may consider customizing the privacy settings on your media to minimize personal information on the same platform.
5. Account Information
Consider carefully the kind of personal detail you provide on your social media profile.
Never provide sensitive information such as nearest schools, political affiliation, bank account information, former or current workplace, Social Security numbers, or general interests, among others.
Providing this information may appear harmless, but it can be used to scam you or serve you unnecessary ads.
6. Friends or Contacts
You don’t have any obligation to accept a “friend or follow” request of anyone on social media, particularly those you do not know.
Be careful when accepting friends or following friends or contacts with a keen consideration of why you are using the site.
Before accepting any follow or friend request, research about the person, and understand (from their timeline) who they are, what they do, and what kind of content they share.
7. Turn Off Your Location
While adjusting your privacy settings, never forget to turn off your gadget’s location sharing. This way, you’ll avoid giving reviews to places and businesses you frequently visit. Turning off your location prevents your Facebook, email, and Phone Lookup.
8. Be careful about posting photos online
Before you post any photos, think twice. Posting photos on social media has been identified as one of the risky social networking activities.
For instance, a simple, harmless picture of your child without a name may already be revealing too much information.
Advertising your whereabouts through pictures could make you, your loved ones, or your home a tempting target for cybercriminals.
9. Avoid Clickbait
No social media will take responsibility for third-party apps.
When prompted to ‘comment below to see magic’ or ‘check which celebrity you share a birthday with,’ avoid clicking these random baits.
They are third-party apps that try to capture and misuse your private information.
Security Tips for Privacy on Social Media
As with all web-based accounts, you need to counter the lack of privacy on social media by taking precautions to secure your privacy and account information. Here are a few security tips:
- Choose a “strong,” secure password.
- Use different passwords on all your different social media accounts.
- Change your passwords frequently.
- Avoid logging into public computers or using friends’ phones to log in to your social media accounts.
- Use caution with public wireless connections when accessing your social media accounts. If possible, use a VPN.
- Avoid using public or shared devices to access your social media accounts.
- Avoid clicking on social media links, even the ones sent to you by a friend.
- Secure your devices with password protection to protect your social media and other information in case they are stolen or lost.
Q5. How do I use social media advertising to promote my crowdfunding campaign?
Here are some tips you should consider as you look towards supplementing your SFA funding with crowd funding.
1. Keep it Simple!
When crowd funding, no matter what platform you decide to use, you will have to explain what SFA is in very easy terms. Remember, 99% of the people reading your appeal will not work in human services and may have no idea what SFA even is! As they say in law, explain it so a 3rd grader would understand!
2. Outcomes! Outcomes! Outcomes!
As with any type of funding, it is very important that you collect and then share your SFA outcomes in order to attract potential donors. The reality is, the web-based funding world is very competitive and people are hit with multiple requests for them to open their wallets each day. It is important that you are able to show exactly how SFA is working and helping people achieve stable hosing in your community.
3. Take it Personal!
Research shows that people are more likely to donate if they feel a personal connection or understanding with the people being helped. Using personal stories about how SFA has helped people in your community will go a long way. Also remember, pictures say 1000 words!
4. You Can’t Crowd Fund without Other Social Media Platforms, Have a Plan!
“If your SFA program is doing awesome but nobody is there to hear it…will it still get funded?” NO! At the very least you need to be on Twitter and/or Facebook to have a decent shot at crowdfunding. This means if you are not on these platforms now – start there first and then reconsider crowd funding at a later time. This planning should be part of your official (or unofficial) social media plan.
5. Pick the right platform!
Even the most energized and savvy social media expert can’t be on all platforms. Prior to choosing what you want to use you need to consider your demographics. Where is your audience?
6. Find the Crowd!
No matter how great you program is, people are not scanning the internet looking for programs to fund! Crowdfunding gives you a platform to showcase and obtain funding but they generally do not help you find the funders, that’s your job! Use your social media platforms (see above) and gather connections/friends/followers who will fund or share your appeal.
7. Be Specific!
People like to know exactly how their money is going to affect their community. Let people know! For example, “Every $1,000 collected during this campaign will help one eligible person with accessing benefits so they can get off the streets!”
8. Time Limited!
Kind of like how you don’t believe the furniture store always having the “closing blowout sale” is really going out of business – if you’re always in emergency funding appeal mode, potential funders won’t believe you either! Keep your goals concrete and time limited!
9. Remember Your Crowd!
Once you’ve met your crowdfunding goal show respect to those who supported you by funding or sharing your appeal. Again, sharing how their efforts helped specific people with accessing benefits and stable housing will show your donors respect and also make them more likely to fund you in the future!
Conclusion
1. Use social media to build awareness. Share your campaign page on Facebook, Twitter, and other social media sites. Use hashtags and other relevant keywords to help people find your campaign quickly.
2. Use social media to drive pledges and donations. Post updates about how much money is raised and how close the campaign is to reaching its goal. Include photos of donors receiving rewards or thanking supporters for their contributions.
3. Use social media to keep backers informed about project progress. Keep backers updated on when they can expect rewards, changes to the project timeline, or additional information about the project.
4. Use social media to engage with backers and answer questions.
Launch a free crowdfunding campaign and let’s see how we can help you.
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