Online crowdfunding sounds like a no-brainer. Once you have a terrific business idea, your target audience helps you fund the business to get it off the ground. Right? It’s only once entrepreneurs start promoting their idea that the true difficulty of crowdfunding becomes real.
When you consider that only 30 percent of crowdfunding campaigns achieve success, it suddenly becomes apparent that getting others to support your new business concept may not be as easy as the success stories promise it to be.
However, by studying crowdfunding victories that have made headlines over the years, you can give your project an edge that may potentially put you on the path to success for your own crowdfunding campaign.
Here, we take a look at the science of crowdfunding, as we examine similar qualities possessed by successful campaigns in recent years.
Precision targeted for your audience
You may believe that you have the most amazing business idea ever, but only thorough research and testing can determine how your audience will react to your concept. The simple fact is, no amount of promotion or marketing will generate interest in an idea that isn’t desirable.