5 Easy Steps To Crowdfunding Success In Nigeria

5 Easy Steps To Crowdfunding Success In Nigeria

Crowdfunding is usually an alternative means of getting investors in any country. Unfortunately, Nigerians have not embraced it fully and it is quite disturbing. Before we go into giving you tips or steps to crowdfunding success, it will make sense if you grasp what it is all about.

In its simplest form, crowdfunding is a means of getting a large number of people to fund a startup or stabilize a business. Let’s look at the following analysis.

Related: The best angel investors in Africa funding African startups

Assuming there is a startup requiring 2 million naira, the crowdfunding process will require that you reach out to a lot of people instead of using just a few investors. You could have people giving you 50,000, 100,000, 200,000, 1 million and so on. Of course, they are all in naira.

What you will notice is that you will need a lot of people to invest and probably a wider campaign. However, you will also notice that the money becomes easy for investors and they can give out without much stress.

Assuming you have one or two investors who can invest in your start-up, then these steps to crowdfunding success become absolutely unnecessary. But if you don’t, you can use them as a viable alternative.

There is no guarantee that it will work but if you follow these steps to crowdfunding success, you will surely stand a chance. Planning is key. Below are the steps to crowdfunding success and I suggest you go through them very well.

Related: Crowdfunding in Nigeria: 3 tips for successful crowdfunding

Steps to Crowdfunding Success In Nigeria

steps to crowdfunding success

1. Make sure your product and goals are well defined

It will be a big blunder to go into crowdfunding without articulating your goals and products. People who don’t do this are at the risk of failure. This is why it is seen as one of the steps to crowdfunding success.

When you plan and articulate your goals, you will definitely have better chances of having a successful crowdfunding campaign. To this end, it is advised that you spend time developing that brand of yours before coming to the world for help.

2. Make your story about what you can do for others

People are naturally selfish and will always want something out of everything they do or most things at least. This is why finding a way to make your story about what you can do for others is one of the steps to crowdfunding success in Nigeria.

It is not therefore all about telling them about the amazing products you have got. You have to go further and tell them what is in it for them. Remember, people love stories and stories that have good endings are always endearing. Give them the story that will end with them benefitting something.

3. Spend money to make money

Spending some cash is one of the steps to crowdfunding success. You want to make money and one of the ways of doing that is spending money. There are things needed for a successful crowdfunding that will need you to spend some cash.

You will need to have a very good video for the campaign. For that video, you will need to hire professional film director to do it or you will do a pro video by yourself if you can.

More importantly, you can hire a PR expert to expedite issues. He can help you by managing your media coverage and interviews before the launch.

You may also be needed to spend money on brand development, copywriting and social media management. You just have to spend some money to make it successful.

4. Show appreciation to your supporters

You are what they supporters think you are. They make or mar you. You need them to be on your side by making sure they are appreciated. Everybody appreciates appreciation. There are ways you can do that.

You can be as polite and honest as possible. You can handle difficult inquiries without issues and you can be as understanding as possible when they make difficult demands. Just remember the place of customers to the success of your campaign. Appreciate them.

5. Consider feedback but stay true to your vision

Just like Abraham Lincoln said to the teacher of his son, listen to all men but filter all on the altar of truth, you must take feedback very seriously. But you should also know that nothing is to derail you from your vision and goals.

There will be countless feedbacks and you will b expected to deal with them candidly. There will be subtle and over feedback but your maturity will be tested by it. Understand that the people are an essential part of the process and you will consider their suggestions as far as it doesn’t make you lose focus.

The above steps to crowdfunding success will guide your path in getting your campaign on and carrying it to the finishing line.