Recipe for successful crowdfunding

CROWDFUNDING Five students from the Master of Advanced Studies in Online Marketing Management program at the University of Applied Sciences Northwestern Switzerland are presenting their crowdfunding strategy, which helped finance a book for visually impaired children. As part of their studies (Master of Advanced Studies in Online Marketing Management), a group of students from the FHNW were given the task of implementing a social media project by the course management. They decided to crowdfund the children's book "Adler und Maulwurf" (Eagle and Mole) in order to generate a new edition. The book by high school graduate Lenya Koechlin is equipped with tactile materials and is therefore particularly suitable for visually impaired children. She describes her most important findings as follows:The recipeThe first step is to describe the problem or challenge as precisely as possible. This forms the starting point for the concept. A strategy is then developed to generate solutions and measures. Classic marketing analysis tools such as target definition, target group analysis and competitor analysis should be used. The whole process is summarized in a SWOT analysis. From this, concrete measures are generated, which could be developed as follows: Platforms such as Facebook, Twitter, a website or the crowdfunding platform are important for presenting the project. It is also important to consider which platforms the target group uses. The essential thing is that all platforms link to a main page. This forms the so-called content center, where the most important content can be found. In this case, this should be the crowdfunding platform, as this is where the flow of money ultimately takes place or is siphoned off. In the "Aldler and Mole" example, the crowdfunding marketplace together-successful.ch The platforms are now filled with the most important information about the project. It should be noted that each platform is different. For example, the approach on Twitter is not the same as the approach on the crowdfunding platform. It should also be ensured that the information already has the necessary flavor. Create a high level of relevance and make the story emotional. A good example of this is the "Eagle and Mole" video. It shows all the committed protagonists within the project calling on the crowd or target group to become part of the project by buying a reward. This is intended to create a sense of unity among the target group so that the individuals become not only donors but also multipliers. This is an important factor when it comes to the reach of the platforms, and now comes the rewards that the crowd can buy. Ideally, this is the product or service that is to be financed with crowdfunding. A rule of thumb in crowdfunding is that 70 percent of the money comes from the immediate environment. These people usually feel the need to convey their belief in the project by buying the product or service. In the example of "Eagle and Mole", too, most of the money was generated through the sale of books, ideally with the distribution of inserts. In the "Eagle and Mole" project, the students were looking for vouchers for books, from opticians or the Blindekuh restaurant. Unfortunately, there were hardly any rewards from this area. However, a member of the group was able to generate jerseys from professional footballers. This generated additional media coverage. It is advisable to add new rewards to the project a few days after the start of the project. On the one hand, this creates new incentives and, on the other, a good reason to inform contacts about the project. A good start is crucial. In the first few days, 30 percent of the project should be funded. This shows the crowd the success to date and demonstrates respect. It is worth doing the groundwork and making the immediate environment aware of the launch. New content must be created on an ongoing basis in order to stay in the conversation. Information about the current status of the project should be provided on an ongoing basis, and you can go into the depths of the product's subject matter. A clear call to action should not be forgotten, which refers to the center of the crowdfunding platform where rewards can be purchased. It is also advisable to buy fuel from time to time. On most online platforms, the target group can be narrowed down relatively clearly. This allows more reach to be generated through additional online advertising, without much wastage and in the right medium, as the crowdfunding takes place online. In addition to Facebook ads, targeted press work was carried out in the case of "Adler und Maulwurf". The project appeared in Tele-Basel, 20min, Blick am Abend, Riehener Zeitung, Zürichsee Zeitung and on various platforms of the football clubs from the Superleague.the study project "Eagle and Mole" by Fabio Gullone, Fabian Büchler, Marc Hentschel, Katja Epple and Fabian von Rechenberg was financed with CHF 8550 within a few weeks.the video about the project: