Crowdfunding for Fashion
By the Guy who Works at the Crowdfunding Platform
A GOOD STORY
Nowadays, a good story is paramount to new brand. It’s never been so important for people to know who made their product, where it came from, how it’s materials were sourced and what the purpose of creating the product was.
Did the person who made the product have profit in the front of their mind? or, is there another purpose driving their process?
Crowdfunding has both benefited from and driven this shift in mindset. But to understand what makes a successful crowdfunding campaign, let’s look at the generalisations and correlations we see between most successful campaigns.
First of all, let’s go back to crowdfunding Kindy.
By definition, “Crowdfunding is the practice of funding a project or venture by raising small monetary contributions from a large number of people.” In theory it’s been around forever, but the rise of social media & internet payment technologies have formalised this process.
Now people come to crowdfunding platforms like Australia’s biggest and best, Pozible. People get their own page on the platform to set the amount of money they need for their project, describe what it is and offer “rewards” (products or services) relating to their project. They then market their page and invite people to “pledge” to their campaign. When people pledge they’re really just leaving their payment details. If the financial target is reached then all the money is collected and given to the project creator to go ahead with the project. If they never hit their financial target, then no money even changes hands, the payment details for supporters are simply deleted and the project doesn’t go ahead.
So why do people become supporters? What motivates them to get involved in a crowdfunding campaign?
To re-iterate, the story of a project is what I believe makes or breaks most crowdfunding campaigns. Sending your hard earned smashed-avo-breakfast money through the internet to someone anonymous is far from likely. People need to see the face of a person who really cares, they need to understand their motivations and connect.
Maslow's order of happy supporters, or whatever you call it, is as follows;
- Clear Mission - “What the heck is this thing about?”
- Good story - “Who is doing this and why?”
- Great Rewards - “How can I get involved?”
If all the above is satisfied you’re definitely on your way to crowdfunding success, but the other big part of this picture is the promotional strategy for your campaign.
No use having a beautifully crafted campaign that nobody sees.
You must come into a campaign with a plan and a bit of an audience already. You need a few people who are already onboard who can give the campaign it’s initial traction.
This is why starting now on building your audience and networks not only increase your profile, but fuel your crowdfunding campaign.
There’s endless ways to start to build an audience, and it all really depends on the audience themselves. The more people power you have the better. Social media is one of the best ways to gather interest around a project, and in fact most pledges come from people who found a project through social media.
- Focus on platforms that your audience gravitates to. Even ask them personally; “what social media do you use?”
- Post at time’s they’re around. I.e. if you’re starting a fitness clothing label, you can assume your audience gets up early for breakfast and exercise.
- Build a taste with the 80/20 split. That is, 80% you should be sharing relevant content from other people (news articles, cool new products from other companies, quotes from well known people etc.), 20% of the time you self promote.
- Post awesome content; you can decide whether your content is good with 2 questions; “Is it useful?” and/or “Is it entertaining?”.
- Keep your character. Social media is a place for people, never forget that and don’t lose your human touch!
WANT TO GET STARTED?
So this is just the tip of the iceberg… We’ve seen over 12,000 successful projects here at Pozible and we’ve seen loads of successes and loads of flops. The trends really do become obvious.
My best advice for you right now, is to do your research.. The best place to start? Spend 10 minutes reading our Handbook - I promise it will change your perception and give you a much better chance.