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How to Write a More Effective and
Successful Crowdfunding Profile
How to Write an Effective Crowdfunding Profile
Sometimes its not what you say, but how you say it. The same is true when writing a crowdfunding profile. If you want to launch a successful crowdfunding campaigns download and read The Language that Gets People to Give: Phrases that Predict Success on Kickstarter research report written by Tanushree Mitra and Eric Gilbert. It is one of the most important documents you’ll ever read because it teaches crowdfunders exactly what language works and what does not.
This research paper explores the precise phrases that led to successfully funded crowdfunding projects. The authors studied a corpus of 45,000 crowdfunded projects and analyzed over 9 million phrases and 59 other variables commonly present in crowdfunding profiles to see what language worked and what did not. The language used in these crowdfunding profiles had surprising predictive power — accounting for 58.56% of the variance around successful funding.
A closer look at the phrases used showed that certain combination of words exhibited very persuasive principles. For example, the phrase “also receive two” reflects the principle of reciprocity and is one of the top predictors of successful crowdfunding campaigns. So do yourself a favor and read the entire document.
It is long and complex, but it will help you learn which phrases to use when writing your crowdfunding campaigns that will cause people to donate money to your campaign. It also goes into great detail about what language not to use for a wide variety of reasons. It is a great tool for every marketer’s tool box.
Here are a few of the report’s writing recommendations:
- Write with Confidence – Phrases that convey a sense of assurance, such as “project will be,” are associated with higher success rates. Phrases that carry a whiff of uncertainty or negativism, eg. “hope to get” or “not been able,” should be avoided.
- Don’t Beg – Just like beggars on the street corner who beg for spare change, people feel sorry for them, but they usually do not give them money because they will not spend it wisely. One of the phrases the authors identify is the phrase “even a dollar” as a good example of what discourages donors from donating.
- Rewards are the Key – Instead, give people something that is valuable in one way or another. Many times donors will give more than an item is worth if they know you are trying to raise money for a valid cause. Phrases like “also receive two” and “mention your” (as in “mention your name”) are strong predictors of success. The rewards can even be metaphysical: “Good karma” made the list of the top 100 positive predictors and is one of the reasons we selected the name KarmaKrowd for our crowdfunding platform.
- Time is Running Out – The early bird gets the worm. People who stand in line to get in the door first on Black Friday are good example of people who want to get the best deal before the rest of the crowd arrives. Limited capacity is a strong motivator. Use language that makes rewards sound like a one-time-only opportunity. Provide the same item in three phases beginning with an early early bird, early bird and so on. The best price will always sell out first, followed by the second best price, etc.
- Follow Others – The phrase “has pledged” turns readers into donors by making them feel like other people like them have already contributed. This is why is it a wise idea to arrange to raise 30% of your funding from your family and friends during the first couple of days of the campaign. No one wants to donate to an empty hat, but if the music is good and the hat is almost full, people are a lot more likely to donate.
More Articles on How to Write a Dynamite Crowdfunding Profile:
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- How to Create a Successful Equity Crowdfunding Pitch
- How to Prepare an Effective Crowdfunding Pitch
- How to Launch A Successful Crowdfunding Campaign
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Mr. Hoskins is a serial entrepreneur and has been helping entrepreneurs, startups, small businesses and Fortune 500 corporations launch successful marketing communications campaigns for 25-years. He is positive that Crowdfunding will empower all Americans to rediscover the possibility of living the American dream with a little hard work, a great business idea and dedication to planning a well-thought-out crowdfunding campaign.