Thursday, 2 May 2013

Crowdfunding’s Appeal is It’s Biggest Drawback


We’re well into our crowdfunding project to raise funds for the world’s first crowdfunded On-Demand Internet Television network.

I’d like to say it is going better than expected.

I’d LOVE to say that.

But I can’t.

Because it’s not – if anything it’s either exceedingly slow, or not even getting off the ground – and we are well into our second week.
We’re doing everything we are supposed to according to all the research we’ve done. We’ve got a great project video, a compelling story about what we are doing and why, great perks at various price points so as to not exclude low funders nor limit high rollers.

We’re promoting this project all over the place, we’ve had some press, and you can find us on all the major social networks.

We even have what I’ve begun calling our “social media army” tweeting, re-tweeting, posting, and sharing our project across their social networks.

We know we are reaching people, we average between 1,500 to 2,000 unique visitors to our Indiegogo project page every day.

Still, we are well below our predicted funding goals for this time in the project.

Why?

I’ve been debating that question with friends and colleagues since we started, as the project never really took off.

Is our project video not interesting enough?

We’ve re-done the video three times, each one different to see if that’s the cause.
Is the content just not interesting or informative enough?

Again, this has been re-jigged a couple of times, to see if that’s the problem.

Do we not have enough perks, or are the perks just not good value for the money?
We explored numerous other projects, comparing ours to ones that have exceeded their funding goals. Our perks seem to be in line with these, in some cases they are better.

For every possible reason, there are a zillion other reasons.

The caveat I’m learning as we take our lumps through this crowdfunding project is the lure of the masses, but those masses sometimes just don’t bite.

That’s the great appeal of crowdfunding – reaching out to millions of people, getting them behind your cause, and watching your dreams grow.

That appeal is also the biggest drawback – when your idea falls flat, fails miserably to attract anyone, and you feel exposed, naked in the wind, as your dreams are blown away.

Crowdfunding may be a great way to raise funds, but if the concept you’re putting forward doesn’t take, it’s a painful process to go through.

And that’s crowdfunding’s biggest drawback.


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