People willing to pledge over $500 to a crowdfunding campaign don’t grow on trees. It takes hard work for the average campaign to line up a handful of individuals, who, with $500+ pledge amounts, typically represent around 40% of the total funds raised.
You can read more about these campaign ‘Benefactors’ in this post. An important reminder is that Benefactors are typically not strangers who show up at launch with surprise big bucks, but rather are known individuals or organizations courted during the months leading up to the campaign.
Sometimes our clients come up empty when they reach out to affluent fans, clients, community, friends, and family, apply for grants and seek other pools funding for their kind of project. What then?
- Brainstorm Benefactor candidates again to expand the list. Sometimes going back to the drawing board after actually having prospective Benefactor conversations leads to new names. Was there anyone left off who should get an invitation to be a producer of the project?
- Issue a second invitation to every prospective Benefactor that didn’t issue a hard “no” in the first round. Talking about money is hard. Many of our clients give up after one email or voicemail that went unanswered, assuming that no reply yet must mean a ‘no’. While it’s important not to become a pest, or harangue people who did clearly say ‘no thank you’, it is worth finding a new way to reach out to prospective Benefactors at least one more time. Sometimes, they’re just thinking it over or busy, or simply didn’t get the first invitation.
- Reduce the target funding amount – and draft prospective Benefactor Stretch Goal communiques for when the campaign surpasses the 100% funded mark. If suggestions #1 and #2 above are not yielding results, it may be that prospective Benefactors just do not want to stick their necks out for the project before it is funded. In this case, consider approaching them again after the campaign is funded. This removes their “reputation risk” of looking foolish for backing a campaign that doesn’t fund. To maximize time, it is best to set an initial target that can confidently be over 100% funded within the first 24-48 public hours of the campaign. This allows a full month for ongoing Benefactor conversations about Stretch Goals – what the additional funds raised will go towards.
- Dedicate additional time to one-on-one conversations with smaller prospective backers. The nice thing about Benefactors with deep pockets is that only a handful of conversations can lead to the campaign being funded – it’s efficient. However, time is money, so an alternative to having a few select conversations with big money is to have a lot of conversations with smaller money, the median ($25) and average ($70) prospective backer. The math is tough – it takes 10-30 smaller backers to make up for one Benefactor – but we have seen campaigns fund with no Benefactors at all through sustained communications with smaller backers.
- Ramp up the VIP Soft Launch prep to encourage attendees to back the project in the $75-$150 (rather than $25-$70) range. With some good event planning and compelling perks and rewards, it’s possible to ramp up the success of your VIP Soft Launch party by bumping your early backers up to the next tier. Be sure to feature these premium rewards specifically, both as part of the party invitation, and during the event itself.
While the path to crowdfunding success often includes a handful of Benefactors who pledge $500+ to the campaign, it doesn’t have to. If you are having a hard time recruiting them, don’t give up! Change some tactics and keep up the good work.
For a diagnostic of your crowdfunding idea, please fill out our Artist Questionnaire – you’ll receive a personalized report (a $125 value, free!) within two weeks.