Crowdfunding is a great tool to raise funds for hyperlocal websites thanks to the community-rallying call of a Crowdfunder campaign.
Crowdfunder enables people, businesses, charities, social enterprises and start-ups the opportunity to raise funds to launch great ideas, and expand on services that are already being offered.
In crowdfunding a Hyperlocal , you have the opportunity to raise finance, but more so a vehicle for raising awareness and gaining exposure, as well as increasing your current audiences’ engagement. With the crowd behind you, everything becomes infinitely more possible – the crowd decides.
The project coaching team behind the UK’s leading reward-based crowdfunding platform, Crowdfunder, share their top tips for crowdfunding your community journalism website. Here are some that will help if you consider crowdfunding in your local area.
Know your network
Like it says on the tin, crowdfunding is about reaching out to the crowd, to gain funding – and often open doors to more finance opportunities from banks and lenders. Hyperlocals will need to identify the people who will be pledging on their campaign, current audiences, targeted new audiences, individual and business backers.
It’s always a good idea to start with your friends and family, talk to your current audience and identify your wider network. You’ll need their support – so make sure to ask them to share your campaign when it’s up and running.
Popular hyperlocal website, A Little Bit Of Stone, based in Staffordshire ran a brilliant Crowdfunder campaign, raising over £15k from 142 supporters to build on the already-thriving website with new features, more fresh content and more community involvement.
Talk to the crowd
Chat to your crowd, it’s the perfect opportunity to shout about your website, your ethos, your dreams and ambitions – putting a human face to the community journalism business that you are building. Tempt your supporters by letting them know you’ve got a great project in the pipeline. Share a few details; get your supporters ready to pledge. Graeme Roy, Marketing Manager at Crowdfunder says: “90% of the work on your campaign should happen before you go live and start funding. That includes getting your biggest fans ready to pledge on the day you launch.”
Reap the rewards you sow…
Crowdfunding gives you the opportunity to offer incredible rewards – one-off opportunities, taster products, personal bespoke items… the list is endless. As a Hyperlocal will need to find the right rewards to make people want to pledge to your project not just to help you out but because they get something amazing in return. Sami Mauger, Crowdfunding Coach adds “Rewards should be unique, great value, and non-geographical – appealing to everyone who is interested in your idea – making your project an exciting one to be a part of.”
Plan, plan and prepare…
Fail to prepare, prepare to fail! All crowdfunding campaigns need a plan and ideally a team too! Many successful Crowdfunder campaigns have pledgers lined up before the launch date in order to drive momentum once the campaign is live.
It’s also a great idea to plan your social media, PR and marketing approach before you start so your campaign runs like a well-oiled machine. A Little bit of Stone for instance took a month of preparing and lining up local businesses, which enabled him to reach his first £10k in only 3 days.
Keep calm and communicate
Crowdfunding gives businesses the perfect opportunity to talk to their customers, their supporters, and their fan-base. It’s important to keep lines of communication open throughout your crowdfunding campaign – say thank you for pledges – update everyone on the progress of your crowdfund, send out rewards quickly and keep talking to everyone. Remind your audience where is their money going, how it’s helping your hyperlocal. The audiences you build and the people you reach throughout your campaign become an ingredient of your website. They’ve pledged more than money, they’ve pledged support and future loyalty too by publicly showing the world they believe in you.
