Should you always choose the largest crowdfunding platform?
Choosing a crowdfunding platform takes time. You should familiarize yourself with the platforms that are out there (yes there are more than three) and what they offer. It is best to choose a platform that caters to the type of project/field you are in.
Some platforms only offer All Or Nothing campaigns, which will not help your project unless the entire monetary goal is met. As tempting as it may be to choose the largest platform, consider some of the downsides:
-Competition for funders in each product category- If you are one of the fifty 3d printer campaigns, it will be more difficult for you to secure funds.
-Competition for funding in general- Some platforms have become like stores with thousands of “products”. One is easily distracted by other projects and other categories when choosing where to invest.
-Competing with professional campaigns- Crowdfunding has become big business and platforms these days are dominated by campaigns organized by companies. This means thousands of dollars spent on cinematic project videos, actors, PR agencies, press, consultants, etc.
-Companies use crowdfunding campaigns as a form of marketing because of their cost compared to traditional marketing- you have to compete with these.
-Campaign failure rate- Ever wonder why crowdfunding platforms do not list past campaigns or only show those that earned the most? The fact is most campaigns fail.
-Will a platform do all the work for you while you sit back and collect money? Simply, no. In the end, you are going to be the one driving traffic to your campaign page, whether its by spreading the word to your network, using ads, giving interviews, or building your own email list. You may get help from a crowdfunding platform once you reach a certain popularity, but this again means overcoming competition and promoting on your own. On any platform, each day your campaign runs as well as weeks before the campaign should be well planned and busy times for you.
-Be careful with platforms that promote/ feature certain campaigns based on potential payback. Here on Techmoola we do not believe in such selectivity, giving everyone an equal chance.