Crowdfunding: After the Campaign Ends

March 10, 2017
By Nicholas Beames

Your crowdfunding campaign comes to an end. We hope you succeeded in securing your funding target. Even if you failed, you can learn from it and correct your mistakes in the future. The question is what you should do after the campaign ends?

Work Hard to Fulfill your Promise

This is obvious but essential. The most certain way to secure your company’s future is to make sure the product you promised to make lives up to the dreams you offered in your crowdfunding campaign. This is the stage of your work at which you will learn to appreciate our previous advice, not too overblown your promises and to keep it real.Stay as faithful to the original vision as you possibly can. Regularly return to your pitch to have a good feeling of what you have promised. Any change needs to be straightforwardly announced to the backers with a clear explanation of why it happened.Remember your stretch goals. Fulfill them to the fullest. If you fail at completing even a single one of them report it to the backers immediately.Succeeding at delivering your product and satisfying your backers will give you a good reputation and attract faithful customers. It may become a cornerstone of your future success and a thing to be proud of. You can use your crowdfunding success in your following marketing efforts.

What if I Fail at Delivering Some Parts of What I Have Promised

Not good. It is true that sometimes things are beyond our control, but it was your duty to deliver on your promise. The most obvious way of damage controlling the situation is, to be honest and straightforward in your failure.

Don’t hide that you could not fulfill fully what you committed to doing on your projects. If you backers will find out themselves about that, they will get angry. And for good reasons. Inform them as early as you possibly can about your failure to deliver. Tell them the truth. It is the only way out of the situation.

Open the possibility of getting a refund. If you backers can’t accept the lack of promised features, let them take their money and go. It is the only acceptable way of dealing with the most dissatisfied customers. The only way to prove you accept your responsibility.

This thing will strain your reputation. It is difficult and shameful, but there is still hope. If your products will turn out to be good, there is a very good chance you will be forgiven for your mistakes. What people were expecting when backing you was a good final product, so double your effort on making it good!

Don’t Stop Frequent Updates

You think you can stop informing your backers about your project only because the crowdfunding campaign has ended? You’re wrong! You need to keep them engaged all the way until the moment you release product. We hope you took a liking to writing those updates because you will have to write them regularly. Once a month seems about right.You don’t need to hype your product so much in those post-crowdfunding updates. Show some details of your products. Tell the backers about the progress you are making. Share some information from behind the scenes of your production. Those updates will be read by some of you most faithful supporters, so write them in a way which will make them interesting to your diehard fans.Don’t stop marketing your product. Use any chances you get to inform as many people about it as you can. This way you will capture new followers and make your life easier after the release.

Set Up a Backers’ Portal

It may be easier for you to fulfill your promises and distribute your rewards if you set up a dedicated website for your backers. This applies especially if you have different digital rewards depending on the amount of support you receive. You can use it to get all the addresses you may need to send physical rewards to your supporters.Having a special portal for your supporters gives them a sense of belonging to the community and if you have a few different crowdfunding projects at the same time, it will facilitate management of all the backer related issues.

Crowdfunding Continues

If your project was very successful and you have your own portal, then you should continue raising money. Using your website allow your backers to increase their pledges to get extra rewards. Many people have heard about your project only after the crowdfunding campaign has ended and want to contribute to it.You may think that not many people may use the opportunity to back you after the campaign ends, but many projects got extra funds this way. Some crowdfunding platforms started incorporating this way of financing projects if you need an evidence of the usefulness of this feature take a look here.So here you have it. Finishing your products so the backers are happy is the most important and challenging part of any crowdfunding campaign. If you succeed at that, then your business may indeed have a bright future.Do it well and you will show the world that you can keep your promises, that you are a serious, trustworthy entrepreneur and making business deals with you as a backer or as a partner is a wise choice!