The second post in our series looking at best practice in running a crowdfunding campaign and today we look at a key component – preparation.
It is impossible to emphasize enough the importance of thorough preparation for a crowdfunding campaign. As a rule of thumb you need as much preparation time as campaign time. So if its a 30 day campaign you will spend a minimum of 30 days preparing. Those 30 days might be spread over a longer period and may be shared across a group of people but it will most certainly take that time. However the benefits of doing so are enormous. So many projects fail because they encounter difficulties that could, and should, have been identified and ironed out prior to launch. Once a poorly prepared project is failing in the live campaign time, its very very hard to turn it around.
twintangibles developed what we refer to as the TAMP process and this has been used by many successful campaigns. It is a four stage process that helps someone considering a crowdfunding campaign properly asses their options and, once a commitment to proceed is made, prepare an effective and comprehensive plan for success. The TAMP process includes an assessments of Targets including sums, time frames and intentions. This ensures that a rounded and thorough examination of the motivations, constraints, intentions and fit of the crowdfunding project are well understood. An Audit follows examining what assets, skills and resources are available to run a campaign. This helps us understand what we have to use in a campaign but importantly highlights what we have not and how these gaps might be closed. The Method step follows where the type and nature of the crowdfunding you wish to pursue is defined, along with platform selection. Then we Plan, developing a thorough publishing plan, build our monitoring process, identify our communications channels, tribes, targets and influencers that we wish to reach. Develop and our messaging, prepare our media and allocate resources and responsibilities.
We will look at some of the things in much more detail in the coming weeks but from this brief over view of the process you should see that preparation is a demanding and time consuming thing. But if you do it well you will significantly increase your chances of success.
If you would like to talk to us about the TAMP process, our workshops, coaching and training services then don’t hesitate to get in touch.