How important is social media to your crowdfunding campaign

Social media is a key tool for any crowdfunding campaign.

It helps you establish new connections and deepen the relationship with known allies.

This widens your social network and enhances your social capital giving a better chance of success

We’re all using social media

Just to get an idea of how important social media is in everyone’s lives. From the  Pew Research Center Surveys 2016 and Wordstream 2017

  • 83% of female internet users are on Facebook and 75% of male internet users
  • 76% of Facebook users visited the site daily during 2016
  • Most Instagram users are female and aged 18-29. 32% of teenagers consider Instagram to be the most important social network.
  • 51% of Instagram users access the platform daily, and 35% say they look at the platform several times per day.
  • 81% of millennials check Twitter at least once per day.
  • LinkedIn boasts more than 450 million user profiles.
  • The average LinkedIn user spends 17 minutes on the site per month.
  • Almost 80% of time spent on social media platforms happens on mobiles.

(Picture sourced https://www.techwyse.com/blog/internet-marketing/how-to-implement-mobile-marketing-for-your-business/)

Relationship of social media marketing and crowdfunding success

Just 2.4% of visitors to a Kickstarter campaign page end up making a pledge and as the average successful project has 70 backers you need to drive massive traffic (2900) to your page to meet your funding goal. Crowd101, 2016

Research often quoted is that If you have a $10K target with only 10 Facebook friends, you only have a 9% chance of succeeding. If you have 100 Facebook friends, your chance jumps to 20%. And if you have 1,000 Facebook friends your chance of succeeding is now 40%. As Seth Godin said, “Kickstarter is the last step, not the first one.” Kickstarter is not a way for you to attract attention to your project. It is a way to “organize and activate your tribe”. But you have to build your tribe first.

Research by Fox School of Business in 2015 also found, unsurprisingly, that campaign success is correlated with the size of your online social network. They found that a 10% increase in activity during a campaign increases pledges by 1.75% through Twitter and 1.77% through Facebook.

They found that Facebook was better for non-profit campaigns. 10% increase in activity there led to 5.98 extra pledges whilst Twitter brought in 0.35%. For business campaigns, a 10% increase in number of tweets related to the campaign increases contribution by 3%, whereas Facebook shares has no significant effect.

Another piece of research by the Fox School of Business looked into the number of retweets a project got, though it did not track these through to pledges. It found that if a project owner tweeted it increased activity. Asking for help, rather than providing project status (e.g. time left) also increased retweets, as did shorter tweets, attention grabbing content and sharing information people can use.

What happened – the Real Junk Food Project Manchester

Corin and the team from Real Junk Food Manchester ran a fantastic crowdfunding campaign at the beginning of 2017.

The Real Junk Food Project source food that would otherwise go to waste, cook it up into lovely meals, with a focus on health and nutrition, and serve them to anyone and everyone on a pay-as-you-feel basis. The project tackles food waste, food poverty and social isolation… and is a mix of practical action and campaigning. They run pop-ups across Manchester which can be booked via Eventbrite.

They recently raised £39,155 on Crowdfunder from 790 supporters in 28 days.

They ran an active, and exhausting campaign, on social media

  • 35.7% of pledges was tracked back to Facebook posts
  • 21.2% of pledges can be tracked back to their Twitter
  • They received 6 pledges from LinkedIn – less than after a conference and articles in the press and radio.
  • Their page had 17,890 views resulting in 800 pledges (4.47% conversion)
  • They knew 20% of the people who backed their project and most of the bigger backers.
  • 50-60% were from Greater Manchester.

Real Junk Food Manchester’s Top Tips

  • Write content in advance
  • Involve more people in posting and tweeting – and in supplying fresh content
  • Have a clear call to action
  • Have different themes – serious, campaign related and fun
  • Be spontaneous at times, have conversations.

 

 

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