Did you know that as of 2017, crowdfunding has been estimated to have witnessed campaigners collectively raise over US $34 billion since 2012? This whopping figure is the result of determined promotional activity and great storytelling done to attract generous donors towards donating to causes like healthcare, nonprofit, environment, personal and community.
However, the crowdfunding India industry is still fairly young. Besides the urban youth, not much of India’s population has a distinct idea of how crowdfunding works and how effectively it works. As a result, common mistakes are made more often than not. Countless campaigners with brilliant ideas and noble causes end up losing out on their opportunity to raise awareness and collect funds for their projects due to simple errors.
And crowdfunding isn’t a difficult task! Platforms like Impact Guru have seen first-timers raising lakhs of rupees overnight towards medical and nonprofit causes. Eliminating a few assumptions and reading up on basic tips and tricks can help you do the same for your cause! Here are 5 common myths holding campaigners back from making a success of their fundraiser:
Myth #1: You can find your audience on a crowdfunding platform
While select crowdfunding India platforms like Impact Guru can run social media ads to encourage donors, a campaigner should rely first and foremost on their network of family and friends to help spread the word! They can do so by creating support fundraisers for you and promoting them individually on their social media. This isn’t to suggest that you shouldn’t do the same! Devise social media strategy for your networks as well. Depending on your audience, figure out what platforms will work well and how often you should be posting.
Myth #2: The work starts when the campaign launches
False! There’s much you can do even before you create your crowdfunding India campaign to ensure its success. Bring together a team of people, preferably family or friends that understand your cause. Your team will be working with you to find donors. Assign tasks to each member. If one can be in charge of making personal appeals, another can be in charge of updating your progress on social media while a still other can do follow-ups. Your fundraiser story, containing a detailed fund utilization plan must also be written before you launch your fundraiser. You can also begin putting together images and videos to upload onto your fundraiser.
Myth #3: If it’s a great idea, the campaign will do great
Unfortunately, the internet is a vast and magical place brimming with brilliant ideas, most of which never see the light of day. Great (and even average) ideas get noticed only when they’re backed by rock-hard social media strategy and promotional activity. The first step to achieving this is understanding what media you need to use to approach your audience, followed by figuring out how to make your appeal.
Myth #4: Crowdfunding is risky
Quite the opposite! Crowdfunding is actually the most risk-free solution for funding. Creating a fundraiser on most crowdfunding India platforms like Impact Guru is free of cost. A nominal fee is deducted only after you’ve raised the funds you need and have closed your campaign. You’re in charge here; you get to decide when you close your campaign and how much you want to raise. Moreover, you’ll never be asked to pay back the funds you raised; they were donated to you purely out of concern for your cause.