HOW SOCIAL NETWORKING HELPS IN CROWDFUNDING
For an entrepreneur considering using crowdfunding as a means of raising capital to run a business venture, you have to be social media savvy and be able to use social media to advance your ambitions.
Fundraising has always been a part of our lives knowingly or unknowingly, in one form or the other. The community relies heavily on fundraising to meet social and personal needs. It goes without saying that as people’s online presence grew, the prevalence of fundraising campaigns in the social networking spaces – including Facebook, Twitter, Google, Google+, YouTube, Pinterest, Tumblr, and many others – would too. Social media is used to fuel crowdfunding campaigns and reach out fast and far among the masses.
Did you know that there are approximately 243 million Indian internet users who connect like an extended family through social media?
In the market today, crowdfunding has gained so much momentum that as of 2014, a sum of $16.2 billion was raised on a global scale. Also, according to 2015CF-Crowdfunding Industry Report, they are set to make it a whopping $34.4 billion in 2015.
The approval and buzz created from potential donors on social media platforms is arguably the most important point to be made from this method of fundraising. It is, therefore, prudent to choose the right social media platform for your message and use it to its full potential to meet your needs.
If you are at a loss about how to employ different social media platforms in crowdfunding, here are a few tips:
Facebook – Share the URL links, timely updates, photos and videos about the campaign on Facebook to promote your campaign page. While doing so, make sure you keep announcing your project’s status and promote the rewards to get more likes and shares.
With Facebook’s large base of 100 million users, you can create a buzz which will not only attract a lot of attention but also reverberate to other social media platforms as the news spreads.
Twitter – Link your Facebook account to your Twitter account so that you don’t have to go through the stress of working on both platforms to promote your campaign.
With India’s 33 Million Twiter users, even short and crisp messages can make a big difference, let alone a news feed. A handful of strategic retweets can get your enterprise noticed by key funders who will be interested in your ideas. You can even mention some important Twitter accounts belonging to big businesses, entrepreneurs, small business promoters and known angel investors in your tweets to garner more attention.
LinkedIn – LinkedIn’s 26 million professional users provide you a promising platform to market your campaign and raise funds. The choice of the right social networking platform becomes easier when you know your target community. Afterward, a quick response and interaction with your connections will do just fine.
Google+ – With Google+, you could build communities through ads, videos and blog posts. You could also advertise your brand through the Google Display Network with the +Post Ads feature that was just recently launched.
Research has shown that Indians are the second most prevalent users of Google+ after the USA and thus it is possible to reach a larger audience. Therefore, your campaign can gain ample exposure to its numerous sources and links.
Blogs – For your readers to feel like a part of the success, you need to connect with them through words at an emotional level. They will eventually become passive advertisers of your campaign when you lead them through the journey of getting your ideas off the ground. How best to do that than with a blog?
The blog will tell your story while you make sure that the purpose of the campaign is clearly backed up by social proof.
Tip to remember: Always stay in touch with your funders and keep them informed about your growth and progress. Consistency is one thing Ketto always helps you to maintain. Every person associated with Ketto is a part of our vast community. As we say, “We believe in the power of you.”
The next time you start a crowdfunding campaign, you would do well to follow the social networking tips outlined above. They are very simple yet effective ways for expanding your funder base.Using social media effectively will give you a wider reach and better visibility in the online community.