Introduction 

Research has demonstrated that the crowdfunding campaigns that are most successful are the ones that are able to build and excite an “Inner Circle” of friends and family that provide the first 30% of the campaign funding. The true power of this 30% threshold is that it provides the momentum needed to generate the buzz for others to pitch in to the campaign. So how do we begin the process of building the “Inner Circle”.

Creating the Master List

Your campaign team should put together the names and contact information of all the potential donors that you know on a Master List. This master list will be a vital part of your campaign. This is the first thing you want to do in your pre-launch at least 90 days before the campaign goes live. Creating the Master list by first taking the time to sit down and analyze all of your contacts and cultivate a list of the friends and family that are willing to support your campaign on day one!!

The Private Launch

The Private Launch is the first and most important step in the process of raising the funding for your project or business. This is a very time consuming step so begin the process a month before you begin your 90 day pre-launch. I recommend that if you don’t use Google Business Apps that you and your team begin using them because they provide free to low-cost means of project management and collaboration in real time.

Create a contact list

Begin the process by downloading into a Google Spreadsheet you and your team’s entire list of email contacts and social media connections and going through each name and vetting them as a potential donor, an influencer, or not relevant to the crowdfunding campaign and I would not count anyone out no matter how small an amount of money they can donate. This is a vital part of your campaign so be very selective and realistic about the names you add to the contact list and the category each carefully selected person is placed.

The Plea

Reach out to each one individually with a strong message of the importance of having them make a commitment to donate to the campaign on the first day and begin the process of building momentum that will attract a larger crowd of donors to participate. Reach out early to these people and let them know that any amount they donate is great, but the magic number is 30% on day one of the campaign.  

Takeaway

These are major areas that must be addressed when determining the campaign goal. Make sure you factor in your profit or the amount of working capital needed to make your campaign a success.  If you want to learn more about how to use crowdfunding as an alternative funding path for you small business or startup and to grab your FREE eBook The Crowdfunding Essentials please visit ProjectCrowd!