Project: Altar’s Boys “No Substitute” Album
Strategies for Appealing Investors
Entrepreneurs for the above project are using different strategies to appeal to the funders. These strategies include:
Sharing their Story
The entrepreneurs are sharing their story by letting the potential funders know their project and how the business idea is going to benefit them. Therefore, entrepreneurs are giving their background information to potential funders. This information helps in proving the project legitimacy and reliability. Thus, the entrepreneurs are using visual imagery of specific importance to help the investors to understand their project at a glance. The entrepreneur story is compelling, and there is a clear demonstration of the project (Kickstarter, 2018).
Clear Funding Goal
The project funding goal is an important aspect when it comes to crowdfunding. The entrepreneurs are aware of the specific amounts they want for their project. Specific, clear funding goals show that entrepreneurs’ are well for the goals of the project and on what they want to achieve. Also, the entrepreneurs’ are realistic about their funding goal and are aware of the need business needs.
The Market and Target Audience
The entrepreneurs’ are aware of their target audience. Without audience and market entrepreneurs’ cannot run a successful business. Thus, clear vision of the marketing strategy and target audience predict the workability of the project. Therefore, the entrepreneurs have demonstrated their target markets (Kickstarter, 2018). Also, marketing materials are essential in crowdfunding. The entrepreneurs’ after indicating the target market, they have demonstrated the marketing material by posting a video for their work.
Making the Reward Worthwhile
Although the entrepreneurs’ aren’t required to reward the investors, it’s always good to reward them. People will always investor if they think your project is worthwhile. Similarly, rewards your backers with worthwhile reward. Thus, it is important to make the potentials funders more valued by rewarding them (Kickstarters, 2018). Therefore, the All Boys star is rewarding their investors with the gift of their album. They reward fair, realistic and achievable; thus, the investor is backing them. Also, they have indicated the obstacle on the delivery time of their intended gifts to their investors.
Promote the Campaign
After publishing their campaign, Altar Boys have embarked on promoting their campaign through their social media platforms. Thus, spreading the word about the campaign, it is essential in ensuring that the project attracts more investors. Thus, the wider you spread the message about the project, the more the chances of getting investors. Therefore, by promoting their campaign, the Altar Boys will be able to raise funds for their project.
Update your Backers as the project progresses
It is important to inform the project backers the progress of the funding. The Altar Boys group is updating the project progress through their Kickstarter in a built system that enables them to communicate with potential funders (Kickstarter, 2018). Sharing information and giving regular updates help the entrepreneurs to keep the investors interested in the project while at the same time attracting more funders. Therefore, communicating your project progress on a regular basis enables backers to understand that the entrepreneurs can deliver on the project.
Feedback
It is important to give feedback when potential funders ask questions. It is important to have test and review product. Feedback is an important aspect of the project it shows that the project is getting attention and people are interested in it. Therefore, the entrepreneurs must take investors’ feedback seriously.
What could they do differently?
Although the project of Altar Boys group is doing well so far, it is important to note they should have given a more compelling story. Also, the group could have demonstrated their reward to society as they did to the investors. Furthermore, since Altar Boys are music group, they could have highlighted the places they intend to hold concerts.
Works Cited
Entrepreneur Media. (2018). “Steps to Launching a Successful Crowdfunding Campaign” Retrieved from https://www.entrepreneur.com/article/288277
Mollick, Ethan. “The dynamics of crowdfunding: An exploratory study.” Journal of business venturing 29.1 (2014): 1-16.
Kickstarter. (2018). “let’s finish & release the Altar Boys “No Substitute”!!” Retrieved from https://www.kickstarter.com/projects/2113730376/lets-finish-and-release-the-altar-boys-no-substitu?ref=discovery
