Crowdfunding is the new fundraising darling of inventors, creators, entrepreneurs, and startups, and with good reason, as it can offer a viable way of bridging the funding gap for some products and companies.
However, if all you see in the media are stories about the huge successes made possible with crowdfunding, but not highlighting the background and hard work that went into them, and you never read about the many many crowdfunding campaigns that get nowhere close to their goals, then using crowdfunding to launch your next big idea seems almost like a sure thing.
But is it?
While there are no sure things in crowdfunding, there are definitely factors that can influence the success of a campaign, but unless you’ve already run a few on your own, chances are you don’t really know enough about the state of the crowdfunding market to say with confidence that your own campaign will be optimized for success right from the get-go.
If you spend your time and energy putting together and running a crowdfunding campaign without doing a lot of research, you might be in for a rude awakening if your campaign doesn’t hit its goal.
Do you have the reach for enough potential social capital to gain support for your venture? How many other similar campaigns have succeeded, which platform was used, and what levels of backer perks worked for them? What was their supporter base like? These are just a few of the kinds of hard questions that probably ought to be answered before you launch your campaign.
To increase the chances of success for crowdfunding campaigns, a new research tool could take some of the guesswork out of the equation, as it uses the power of big data and predictive analytics to help guide the planning, optimizing, and running of a successful campaign. Krowdster, which was launched last month, aims to “make crowdfunding effortless.”
According to the website, Krowdster features:
- Social Capital Gauge: Calculate likely funding raised based on social media following
- Supporter List Building: Find, connect and engage with those who have supported similar campaigns using social media
- Campaign Optimizer: Campaign improvements guided by big data analysis of more than 480,000 crowdfunding campaigns
- Success Prediction: Review chances of success before launching the campaign
- Platform Analytics: Compare platform performance metrics including success rates, average funding values and audience statistics
- Campaign Analytics: Campaign performance in real time including monitoring of social media and news mentions
- Perk Analytics: Discover which perks are more powerful, sell most and perform better
- Category Analytics: Statistical crowdfunding category analysis across multiple platforms.
- Supporter Analytics: Active and repeat supporters segmented by platform
Krowdster offers three plans for its web app, a basic free account, a Premium account with a one-time $9.99 charge, and an Enterprise account for about $500 per month.