Launching a crowdfunding campaign seems prosperous, but do not rush into it.
It is essential to know how works and how to succeed. You may regret your mistakes, especially if you strongly believed in your project. If you are curious to see what kinds of products are successfully funded in Japan and what can be the results, check out our article here.
To reach your goal, you want to attract the maximum of supporters and/or to attract big (angel) investors. So it’s important to know what they are looking for.
However, first, you need a catchy title that can describe your project in detail. If necessary, add a couple of scientific explanations to give a certain authorization to your project. You should also add images and videos of your products with descriptions.
Next, supporters think about the returns they will get. So it is a good idea to let them choose between several options so that you can attract supporters seeking different types of returns. Also, make sure that backers will receive what they wanted and reassure them about it.
Then, you will need to advertise your project and spread it. Communication is the key, so use your social media channels or create one for the company. Use Twitter, Facebook, and Instagram when appropriate.
Post regularly and answer your followers’ questions. Ask your friends, colleagues, etc. to share your posts and help find more supporters. Use videos, images, and even a blog to grab social media users’ attention. A study has shown that videos are becoming more and more effective on social media.
Remember: If time goes by and your goal is still not reached, this is not a fail.
Some of your angel investors can revive it as it is never too late, even a week before the deadline. Almost 90% of the projects whose goal is not reached after two-thirds of the application period is processed, because of these angel investors and/or late applicants. 40% of projects that seems to be failures are still successful in the end. So do not give up and keep advertising your campaign!
Question of Credibility
Another important element is to get the supporters to trust you. If you promise life-changing goods or services that are impossible for you to make, then your project will fail or you will have some problems later.
Another point is not to ask for a large sum of money: the higher the goal, the greater the risk of failure. You can add stretch goals, which are additional goals if the main goal is exceeded. You can lose credibility if your goal is too high and cannot be reached. You can also explain the cost of a product, which will make you look more reliable.
The most important thing is to distribute returns at the end of the campaign. If you forget, you will lose credibility, and it will be more difficult to be supported for your next campaign. Especially in Japan, where people buy what is familiar to them and from a reliable company.
If you know that your goal will not be reached or if you discover that your project is impossible, stopping your campaign halfway is a mistake.
If you accept that your goal can be reached a few days before the deadline, it is not pleasant for the supporters. In addition to that, your ideas can be stolen, and it takes time to deposit funds. It is better to wait until the end of the campaign.
The Roots of the Most Common Failures
- The project did not spread
- not a good advertising campaign nor PR method
- The project stopped halfway
- it is important to check if it is legal and technically possible
- The goal was too high
- The company went bankrupt
- the products were not delivered
And if you need help with your project, let’s get in touch! Whether you need a strategy or assistance with your new innovative product, we provide value for your new product launch in the Japanese Market. We offer Crowdfunding Support and Digital Marketing Services, all under one roof. You can contact us here!