What do you need to consider during crowdfunding? - 10 need to know steps

On your search, you'll come across various options. At PledgeMusic everyone can find what they're looking for! Here you can get the help you need to get things moving. The worldwide leading direct-to-fan platform allows you to finance your projects as an artist, to expand your fanbase, and generally build a deeper relationship with your fans by allowing them to participate in the music production process in an extraordinary way. And thus, you promote your projects in a unique way.

How exactly does successful crowdfunding work? Not to worry, we have compiled ten important points for you to make sure you succeed in your crowdfunding project:

1. Have a Fanbase

Before you start your campaign, you need, at least, a small but a dedicated fanbase. People that support you in reaching your goal. An important premise: Be open to connect and communicate with your fans.

2. Define your campaign goal

For your fans to know where you need support, it is important to first set up an understandable and above all, realistic campaign goal. Explain for example, that you need help with the production or marketing of your new album. Based on your existing fanbase, you can set a realistic target. If you’re unsure, let your dedicated campaign manager advise you accordingly.

3. Add a campaign video

The purpose of the video is to directly speak to your fans. It can help you explain your goal and motivation. However, keep it short and simple, to grab people’s attention. Making sure you provide your fans with a meaningful text in the description that explains your campaign in detail.

4. Do it your way

Help new fans, that don’t know you very well, to get a good impression of you as an artist and your campaign. Add lots of pictures and information about what you do and how you came to be. Stay authentic and faithful to yourself.

5. Interesting reward offers

Reward your fans not only with the typical stuff like merch and records, but also offer personal experiences, like living room gigs or signed copies. Be creative and personal. Get inspired by looking at previous successful campaigns and use them as guidelines. Be sure to speak to your campaign manager for advice and develop ideas together. The average spend across campaigns is £45, so there is plenty of opportunity to encourage spending!

6. Updates

When your campaign is launched, keep your supporters up to date. Keep their interest with new content and latest plans. Updates from the studio, you hard at work. Let them into your world. Here you can be creative and don’t forget to share everything on social media. In addition, tell them about your gigs and as an example, distribute flyers to gain more fans. Updates almost always bring in new pledges, so frequent updating will maximise new income as well as reward previous supporters.

7. Stay true to your word

If your Crowdfunding project is successful, you should finally implement it. Which means once you’ve reached your funding goal, your supporters and fans expect results, e.g. the album, music video etc. So be industrious, productive and deliver. If you are unsure at this point, just ask your campaign manager for tips on where you can get cheap quality production and set a good marketing strategy. If you need help with manufacturing CDs, Vinyl and Merchandise we can help here too, with competitive rates and a network of international hubs for fulfillment, managed by our Manufacturing and Fulfillment team.

8. Planning & commitment

You have to be aware that crowdfunding does not work by itself. So you have to dedicate enough time and planning into your project. The ideas, the campaign, the content and the processing do not come by themselves. The keywords here are: diligence and dedication.

9. Involve your crowd

Because they are the most important part in your funding. Include them and let them become a part of your project. Find your target group and seek a direct and open dialogue with your fans and supporters.

10. The Final Checks

Before you actually launch your project, ask yourself a few questions. Is your video expressing the right message? Do you know how to implement your social media communication? Have you linked to your crowdfunding project on all your channels? Did you get some feedback beforehand? Is the timing well chosen? Did you create a fully equipped press package? Basically is everything in place, looking great and not leaving anything to chance.

You can always contact your Campaign Manager who will assist in running your campaign and get tips and help if you don’t know what to do. Are your goals realistic? How can you reach them in the best way? And what else do you have to consider? These questions and any other that you can think of, you can clarify them at any time with your campaign manager.

If crowdfunding isn’t right for your project you can also use PledgeMusic to run a Pre-Order campaign, taking in orders from fans for products and experiences without needing to set a minimum target to be raised. Fans ordering from PledgeMusic spend on average £45/€50 per campaign and are driven to other similar artists across the site using our recommendation engine, based on their past purchases. Pre-orders are a great solution for projects you might already have running, where you already have the financing in place or if you have a label involved but are looking for a Direct To Fan solution and want to reach a wider music community with PledgeMusic.

If you have any questions about PledgeMusic or if you need further advice, please contact ben.james@pledgemusic.com.

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