Crowdfunding on Multiple Sites Can Hurt Your Campaign
As a founder of a popular crowdfunding site, I frequently get asked by those who submit their projects to us whether we prohibit them from posting to more than one funding platform at a time. While my answer is “no” (we do not have a formal policy against it), I wanted to take a minute to explain why posting to more than one site is not a good idea.
First, the question alone sends the signal to me that the crowdfunder is miscalculating the amount of pre-campaign work and buzz building that is required for success. I am fond of saying that crowdfunding is not a “post it and forget it” proposition. Therefore, the first hurdle would be executing all the preparatory & engagement work required to run a successful campaign – but duplicating that effort for multiple funding platforms.
Additionally, there is:
Confusion for the backers and press
On which site do these folks find your campaign? If one media outlet covers your project promoting it on peerbackers and another journalist touts it on Indiegogo, this can add confusion in the marketplace. Are friends and family being sent to one site, and media outlets to another? Is twitter being used to promote one campaign and Facebook to promote the second? Better to rally all the social media and hard-earned press exposure around one fundraising initiative.
Backers like to see growing support for a project – they want to see the progress bar move towards fulfilling your financial goal. If a project is posted to more than one site, there is a dilution of campaign momentum as contributors are split amongst multiple platforms. And of course if you are on an “all or nothing” (aka “fixed funding”) site, you risk a bigger chance of not reaching your goal and therefore losing all the funding you do attract.
Too much work
Don’t underestimate the amount of work that goes into promoting, maintaining and updating your campaign while you are fundraising. Refreshing your content, providing updates, adding new videos and perhaps even new rewards, etc., all contribute to a successful raise. Given this, how many sites would you really like to manage on a daily basis?
You’re not missing out
Seldom are there random backers scouring crowdfunding platforms in search of projects to support to which they have no relationship. Yes, strangers can be driven to your project by media & blog exposure, but by posting your project on numerous sites simultaneously, you are not losing support from potential donors that you hope will stumble across your campaign.
So, in summary, we suggest it is better to invest your time preparing, planning for and promoting one robust campaign. Running more than one campaign simply reduces your effectiveness without the benefit of expanding your reach.
If you have specific questions about how to run a successful campaign, or any inquires related to the rapidly growing crowdfunding industry, be sure to submit them below and we will be happy to help!