Crowdfunding sites like Kickstarter, Indiegogo, and Seed Invest have gained their popularity because of the value they present to investors, backers, and people willing to try new products. But creating one from scratch will take some effort on your part.
Fortunately, this guide was designed to give you three quick tips to help ensure that your platform is a success. Let’s start!
Get projects on your platform
Since this is a two-sided market, you’ll have to increase the number of project initiators within your platform. When starting off, we suggest that you pick the first projects you want on your front page. The projects should be interesting but not too much that you confuse your viewers. Doing this allows you to focus on which projects are most important and assist them in reaching their funding goals.
Also, it’s more newsworthy to write a story about a project that was funded successfully than a project that wasn’t. So, you need to start in the right direction, looking for projects that have completed their campaigns and journalists that are happy to write about them.
To attract your first projects, you should create a ‘call for ideas’, like how other start-up indicators do. Having web entrepreneurs give support a crucial step towards your platform. Then, once your audience is established, you can watch your crowdfunding platform support the initiatives and begin to run itself.
Get investors/web entrepreneurs to promote your platform
Having a successful platform means that it’s reached the public and the critical mass. While this is a hard objective to achieve within the first few months, it’s possible if you dedicate time and effectively plan your project for success.
One thing that can aid you is the investors and the web entrepreneurs on your platform that act as promoters and website ambassadors. Because of this purpose, you need to curate both parts of your platform’s community (backers, and project initiators).
Also, make your team members feel as if they are apart of something new to the company. This is known as community management, which is used to help your community members and influencers feel this way. In fact, having a successful campaign will have users act as the advocates and promoters of the website, which leads to more community members on your platform.
Create a development team
Without your development team, your crowdfunding platform is less likely to be successful. When hiring them, you need to ask yourself
- What types of apps do I want with this platform?
- How much do I have to pay them?
- Who can manage this team so that they create the apps on time?
Once you have those questions answered, you need to interview prospects for your development team. Look for developers who are innovative, and are ready to help you in building a crowdfunding platform. Avoid ones that seem disinterested, inexperienced, or unable to help meet your project deadlines on time.
To ensure that the crowdfunding platform is a success, you have to make sure that everyone on your team is onboard and is willing to create the applications needed to attract your audience. Ultimately, keep your investors and backers motivated to use your platform so that you can become the next Kickstarter platform!