Congratulations on making it past the finish line of your crowdfunding campaign. Before you move on, we invite you to take a moment to reflect—what worked well? What was challenging? What did you learn? What, if anything, would you have done differently?
Whether or not you had a “successful” campaign (we think the fact that you finished is a success, by the way), we hope you’ve gained some valuable insight into your business, a better understanding of your customer, and a plan for the future.
You did it! Months of careful planning and consistent hustle have paid off in a big way. The crowd loves your business idea and you’ve successfully tested the market. Let’s continue to build on this momentum!
First off, figure out where most of your customers are located. Do most of them live in a large city? Organize a fun pick-up event. Create a simple Google Form or sign up sheet, let everyone choose their preferred date and location, and offer a pick-up along with a meet-and-greet (socially distanced, of course). What better way to meet your new customers?
For the customers who prefer shipping, past BoostR participant Heather Heystack of Bravery Blends has some advice: “Ask for help! Your friends and family are excited to share in your success and want to lend a hand. Plan a few hours to package up your rewards.” And in current times, ask those within your social bubble to help out.
Your customer base and social following has likely grown—a lot—over the course of your campaign. Maintain those relationships by staying engaged with supporters. Regular social media updates and email communications will not only keep your customers in the loop about next steps for your business and the status of their rewards, they will help you create long term customer relationships.
You started your crowdfunding campaign with a specific goal in mind. Now that you have the funds to achieve it, what are your next steps? Consider doing some growth planning for your next stage or booking a session with an Entrepreneur Strategist to help chart your desired growth. We’d love to support you in any way we can.
First off, let’s cross out the word “failed”. Your campaign wasn’t funded—and that’s okay.
According to data from major crowdfunding platforms, the average success rate for crowdfunding campaigns is 36%. Not meeting your goal doesn’t mean the end of the road for your business—it might end up being the best thing that happens to your business.
Sound a bit backwards? Hear us out. Ultimately, not meeting your goal shows you what the crowd thinks of your idea in its current state. That could end up saving you years of misplaced effort, and give you a new direction to pursue!
Repeat after us: this is not a failure! Try out a perspective of gratitude—you’ve just tried something new and probably learned lots about your business. Take a moment to reflect on all you’ve discovered along the way. Here are a few tips to help you make the most of this learning experience:
Don’t love ‘em and leave ‘em! Be sure to thank the crowd for supporting your campaign, explain what happened and that you’re grateful for their support.
Ask for feedback from supporters and even those who didn’t support your campaign. This is invaluable information to help you learn and grow.
Take the feedback and go back to the drawing board. What worked and what didn’t? Are there changes that need to be made to your offering, your marketing, social media, or something else? Feedback will help inform the future direction of your business.
Be intentional with the new connections you made. Sit down with them to grow your relationship and maybe make some new partnerships.
Find new ways to grow. We have tons of resources for entrepreneurs like you. At our Entrepreneur Centres, you can sit down (virtually) for a free session with an Entrepreneur Strategist. Maybe this is a perfect timing to create a new business strategy.
We all feel like we’ve failed when we don’t achieve the goal we set out to make. But we ask you to answer this question: have you ever felt uncomfortable when you tried something new?
Sure, there’s times in our lives where we try something new and it’s easy to pick up. For example, think about trying a new sport. If it feels natural for you, you’re more likely to say “yes” when someone asks you to play again in the future. On the flip side, if you just couldn’t grasp the concept the first time you tried it, you might not feel as eager to join next time you’re asked to play.
But as humans, we crave to be on the edge of being uncomfortable. We want tasks to provoke thought—but not too much thought. We want to feel challenged—but not too challenged. We look for this perfect balance of doing what we know without thinking about it and trying something new to push our boundaries.
Here’s the good news: we don’t believe that failure exists. Our brains are wired to think that success equals “good” and failure equals “bad”. What if we rewired this thought? What if you started thinking about “what did I learn” instead of “what could have been”?
You’re here because you want to validate your business idea and grow your business. Whether your campaign was funded or not, you probably learned something and are in a better position to make decisions as you move forward.
We wanted to send you off with an inspiring video to help rewire those negative thoughts when it comes to failure. Remember, this is a practice that will take time: have some grace for yourself along the way.
After you’ve watched the video, write down at least three things that you learned from your BoostR campaign experience. Be as specific as possible and list as many as you can—hold onto that list. Next time you’re feeling down about your business, look at your list.
No matter how your campaign went, we’re so unbelievably proud of you! We hope you take time not only to reflect, but to celebrate all that you’ve learned and the hard work you’ve put into your campaign. We’re cheering you on, whatever your next step in your business is.