Hesitant implementation of crowdfunding campaigns in tourism
A study by the Chur University of Applied Sciences (HTW Chur) sheds light for the first time on the perceived barriers to planning and implementing crowdfunding campaigns in the tourism sector.
Almost 80 percent of respondents do not (yet) consider crowdfunding campaigns to be common in tourism. A research team from the Swiss Institute of Entrepreneurship (SIFE) and the Institute of Tourism and Leisure (ITF) at HTW Chur has conducted the first quantitative survey of decision-makers to shed light on the perceived obstacles to the planning and implementation of crowdfunding campaigns in tourism. The results of the survey are supplemented by evaluations of all tourism projects on the Swiss crowdfunding platform 100 Days.
Own level of knowledge is overestimated, detailed knowledge is lacking
Two thirds of respondents say they know what crowdfunding is and how it works. In addition, over 70 percent of respondents are aware that a campaign involves a lot of work. However, when it comes to detailed questions about the campaign, it is clear that the necessary details are largely unclear. Only very few of those surveyed were fully aware of how a campaign could be implemented technically (on the standard Swiss platforms or as part of a proprietary solution). Even with regard to the non-technical aspects of a campaign, only a few know what tasks would be necessary in terms of online marketing, community development or media work to make a campaign successful.
Diffuse perception of the expected effects and benefits
For the majority of respondents, financing is clearly the main advantage. However, few realize that crowdfunding can also be used to market a product or service and test demand for it on the market in advance. It is also difficult to assess whether a crowdfunding campaign can have a potential image effect on public perception or on potential and current customers. Accordingly, the intentions to carry out their own crowdfunding campaign are also low: less than 20 percent of respondents can imagine carrying out their own crowdfunding campaign in the next 12 months.
High amounts requested in tourism
In addition to the survey, 1,330 crowdfunding projects were evaluated on the 100-days.net platform. Particular attention was paid to the categories that can be assigned to tourism in a broader sense. "The fact that crowdfunding is slowly but steadily establishing itself in Switzerland and in tourism is shown by the fact that the target sums for the projects have risen in recent years," says project manager Kerstin Wagner. While the project sums in all other categories have increased moderately over the last five years, tourism has made a real leap. "As it becomes more established, project initiators are now also daring to ask the public for support for larger projects".
About the research reports:
