To build a successful crowdfunding campaign, follow these tips

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I recently got a message from an acquaintance who has been working as an actor. She is starting the process of producing a short film and was looking for tips on how to promote the film and raise money for production.

When I reached out for advice from industry pros, crowdfunding was the approach everyone suggested taking. Iquo B. Essien, a writer, filmmaker and entrepreneur, shared the story of her first successful crowdfunding effort, and offered the most specific advice on how to set up a successful crowdfunding campaign.

“I launched my first successful campaign back when I was a student, and none of my classmates signed up to help me. I had to hire a crew, but I didn’t have any money,” Essien says. “I launched a fundraising campaign (Indiegogo, equity investment, letter-writing campaign to friends and family and fiscal sponsorship) and raised $15,000 in 4 weeks.”

She did all that with what she describes as “a pitifully small web presence, no email list, few social media followers, and no idea going into it if, or how, it would work.”

As challenging as it was, Essien says the experience was a positive one. “It unleashed a passion to share that feeling with other artists and entrepreneurs,” she says.

She launched Crowdfund Your Dream and created two courses designed to help entrepreneurs fund their business ventures. Here are her “Four M’s” for building a successful crowdfunding campaign.

Map it

“Before you do anything, you need to calculate your budget, choose your fundraising strategy, and devise your campaign plan,” Essien says. “I also encourage people to define their target audience, write a verbal pitch you can share with everyone you meet, and Google what successful campaigns are doing.”

Manage

This includes coming up with a plan that covers how to manage your social media pages, graphics and pitch-video creation, email and letter-writing campaigns; donation platforms like Kickstarter or Indiegogo; and rewards fulfillment, she says.

Market

“The big-picture mistake most unsuccessful fundraising campaigns make is that they lack a solid marketing campaign,” Essien says.

“Remember that saying, ‘If a tree falls in the forest and nobody hears it, does it make a sound?’ If nobody knows you’re launching a fundraising campaign, they can’t give you any money. So, launching a simultaneous marketing campaign with your fundraiser is key — and in almost all cases, you want to begin outreach well in advance of your fundraising campaign launch date.”

Why?

“Because crowdfunding platforms generally are calculating how much traffic your page gets in the first few days to predict your potential for success, and that affects how your campaign gets featured, or not, on the platform,” Essien says.

Measure

Determining campaign metrics that you can use to measure how well your fundraiser is going is important because it lets you tweak things as needed and improve your shot at success, Essien says.

“How can you test out different elements on your website to see what leads to more clicks and donations? How can you track and capture folks who visit your site and serve them social ads online to contribute to your campaign?” Essien asks. “Tools like Bitly, Facebook Pixel, Mail-chimp (for email open and click rates), Instagram Insights, and Google Analytics can really help you optimize your campaign.”

Ultimately, she says, it takes practice and a willingness to learn to succeed with any crowdfunding campaign.

“Learn how to run a fundraiser, practice by launching your first campaign, and rinse and repeat until you get good at it,” Essien says. “I think fundraising is a really natural, organic process that all of us are always doing on some level as artists and creatives. But the biggest pitfall people make is they don’t educate themselves to plan for success.”