The first Philippine Crowdfunding Conference was held in Enderun Colleges last March 18, 2015. First Harvest joined in one of the panel discussions to share ideas and practical knowledge on how to be successful in a crowdfunding campaign.
Through Spark Project, First Harvest launched the campaign #SpreadTheLove in 2014, to enjoin the crowd to share in the advocacy of a integrative business value chain whilst raising funds to fuel the growth of the start-up enterprise. At the end of the campaign, 126,000 worth of funds were raised and were used to invest in equipment, to advertise, and of course, to send two kids of the partners to school.
But what measures the success of a campaign, after all? Here are 5 lessons the team wants to share to those who have an idea and would like to crowdfund it.
1. It’s not all about the money.
Crowdfunding may be alluring because of the funds they almost instantaneaously raise, but while money is important, it’s not everything there is to it.
What we greatly appreciate about crowdfunding is the community of people and the bridges they build. Starting your own enterprise is going to be full of challenges, and you will need a network who will connect you through their friends and family to support you in the business.
Design your campaign to allow you to know your backers better. There are genuine people whose values would resonate with yours, and would therefore want to help by more than just chipping in.
2. Give unconventional rewards.
Usually, the perks that supporters would get from crowdfunding would be tangible rewards such as prototypes of products. These are great rewards and they are convenient to dispose.
If you would like to give your supporters more than the usual reward, think of experiential perks. In this case, we have organized a number of visits to the farm for people to meet the community partners and participate more profoundly in the platform of the GK Enchanted Farm.
3. Can it cater to the collectivist culture?
Filipinos are known for strong familial ties and for appreciating companionship. In other words, Filipinos don’t want to be alone, and they don’t want to be left behind either.
Design a reward that accommodates the Filipino’s need for togetherness. In turn, they also look for people to share the experience with, and it makes your campaign share-able and thus, potentially viral.
4. There are benefits to going local.
While the dollar exchange rate might deliver big immediate returns, local crowdfunding platforms are equally beneficial as they allow for repeat purchases if you are a goods-based business. Shipping rewards, and transportation options are also more flexible with local campaigns.
First Harvest’s experience with Spark Project, a popular Philippine crowdfunding platform, has been helpful since they provide events, and bazaar booths to dovetail in.
5. It’s just about telling your story.
There is no cookbook for crowdfunding success. At minimum, you can achieve your own success by sharing your story, expanding your circle of influence, and finding a community that will advocate for the purpose of your enterprise.
The team would like to thank The Spark Project team and The Crowd, for their inexhaustible support.
Visit their page at http://www.thesparkproject.com
Turn your business ideas into reality. Crowdfund or support campaigns now.Source: