Crowdfunding is a procedure of raising small amounts of money from a large number of people mainly through internet. It is an another form of sourcing money or investment through an online campaign.
The crowd funding is either for business startup, medical treatment of some needy person or could be for a social cause. Depending up on the cause, the fund raising period and collectible may vary.
Crowd funding benefits firms by potentially contributing significantly to innovation with careful analysis.
Communication is the Key!
Social media promotion is good. However nothing beats direct contact. So when you start, touching base with your closed circles direct communication is the Key!
If you thank the supporters within 72hrs of the contribution, they are more likely to contribute again. So, don't miss a chance to call them, email them or share the gratitude through social medias.
It is equally important to update your supporters regarding the progress of your project. Even if it is in slow pace, you should inform them about the milestone accomplishment or expected date, reason for slowing down the process. Weekly update would be great.
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