Let’s consider that your crowdfunding campaign has successfully hit its goal. You’ve created a spectacular product video, used a lot of lifestyle photos and described your product in the best way possible. Now what steps do you take next? Yes, a victory party may be first on your agenda, but if you intend to develop a long term business around your idea or product, then this is definitely too soon to celebrate. It can actually be quite challenging to keep up interest, engagement, and momentum beyond your crowdfunding campaign.
There are people out there who’ve believed in your dream and backed it with their hard-earned money, so that you get to shape your idea into reality. What they need in return is your dedication. It’s easy to show your dedication in building the product you’re crowdfunding for when the campaign is on, but it becomes equally difficult to do the same when the campaign is over. That’s where you need to be more strategic.
Here are the top 5 factors to consider after your crowdfunding campaign is over:
- Use the Updates section of your crowdfunding campaign at its best. Let your backers know how you’re progressing with the manufacturing of your product. It’s better to keep them in the loop all the time.
- Answer every genuine comment you get. Don’t fake the delivery timelines and be honest with the actual month when you can start shipping the first batch for delivery. Being confused with the dates will not do you any good.
- Take new pre-orders from your site only if you can deliver them on time. There’s no point trying to please a new batch of customers when you already have your backers waiting for their product.
- For day to day progress updates, social media will always be your best method of communication. Tweet your regular day at the workshop, post pictures on Instagram and strengthen the bond with your backers that way.
- If you think you will be late with your product delivery dates be open about it with your backers and let them know the reason. That’s the time when communication is necessary. Preventing it will just worsen the situation and break the trust your customers have on you.
Receiving Your Crowdfunding Funds
As soon as your campaign ends, it may be a good idea to notify your bank to let them know that funds are coming within 15 business days after the campaign end date. This is common practice to avoid delays in accessing the funds. The faster you have access to funds the better, especially if you have already made financial commitments, such as to manufacturers, based on immediately accessing the funds you raised.
The rules around receiving crowdfunding funds can vary, depending on whether you ran a “Flexible Funding” IndieGoGo campaign or a “Fixed Funding” Kickstarter campaign (you only keep the funds you raise if you meet your funding goal). Campaigns that reach their goal will almost always receive their funds within 15 business days, but sometimes this doesn’t happen smoothly and it can really be disruptive to your plans. It is also important to note that once your campaign officially ends, refunds are the campaign owner’s responsibility. Update your refund policy (if applicable) in your campaign FAQs (click here if you want our tips for writing an awesome FAQ page). This way, you will have a link send the anywhere from 5 to 500 contributors that will inevitably have pesky questions about refunds. If it is within your policy to refund backers after the campaign ends, we suggest using an online service like PayPal; this way you’ll always have a record of the transaction.
5 Campaigns with Great “Post Crowdfunding” activities
- Coolest Cooler ($10+ Million)
- TrackR bravo ($1.7+ Million)
- Solar Roadways ($2.2+ Million)
- Prynt ($1.5+ Million)
- Power Up 3.0 ($1.2+ Million)
Simple “Thank You” notes are another great idea for post-crowdfunding engagement. Something as small and inexpensive as a card can easily be overlooked by companies who feel a sense of entitlement when they have a great idea that gets crowdfunded. However, never forget that adding a personal touch is always appreciated by your backers. When you think about it, these are the people who had the patience to wait months for the product to be fully developed and shipped. Your product may be awesome, but often going the extra mile – like including a simple thank you card from the creators – make your backers fans for life. And that’s the real value in starting your business through crowdfunding!
By: Jordan Thimmig @ CrowdfundingHeadlines.com
This article is sponsored by The Gadget Flow. Their product discovery platform has 6 million monthly visitors, 100,000+ subscribers, and they have helped over 3000 customers with promotion thus far. Visit thegadgetflow.com/submit and list your project today. Founder and CEO at Gadget Flow Inc, Evan Varsamis is an entrepreneur, Investor at Qrator and Comet Core, and he was named “Global Citizen” by American Express.
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