(The writer is a Reuters contributor. The opinions expressed
are his own.)
By Chris Taylor
NEW YORK, Dec 15 (Reuters) - When Morna Murphy Martell
launched her first-ever crowdfunding campaign this year, she had
high hopes.
Her goal was to bring the one-woman show she wrote, 'Harriet
Tubman Herself, performed by actress Christine Dixon, to venues
that could not afford it, like African-American churches and
youth community centers.
The Los Angeles-based theater critic and playwright set a
goal of $7,000, which would cover about ten free performances
for deserving venues around the country. She put the campaign up
on the crowdfunding site Indiegogo (http://indiegogo.com), and
waited for the cash to roll in.
The response: Crickets.
"It was the biggest shock of my life," says Martell. "I
couldn't believe the lack of response from everyone I knew. I
felt all my friends let me down."
At the end of the day, Martell was able to raise around $500
for free productions of her play, less site fees of 5 percent.
Her disappointment raises an increasingly common issue: What do
you do when your crowdfunding campaign falls short?
People tend to take the failure of their passion project
personally.
"They think that just because they are passionate about it,
everyone should be passionate about it," says Deborah Price,
author of the book 'Money Magic.'
But the odds are actually against many people. According to
Kickstarter (http://kickstarter.com), which vies with Indiegogo
to be the world's largest crowdfunding site, only 36.5 percent
of more than 273,000 launched campaigns have reached their
target.
And on that site, which has an 'all-or-nothing' funding
model, if you do not reach your goal, you do not receive any
money at all. Other popular sites, such as GoFundMe (http://gofundme.com)
and Indiegogo, allow you to keep the money raised, even if you
fall short.
To avoid the emotional trauma of a failed campaign, here are
some pointers:
1. It's not you, it's them
Maybe your friends and family are feeling tapped out, and
just are not financially able to give right now. Maybe they are
inundated with too many crowdfunding campaigns, and cannot
possibly support them all, lest they go broke.
Global crowdfunding is expected to reach $34.4 billion this
year, up from $16.2 billion last year, according to research and
advisory firm Massolution. That means requests fly in from all
directions.
"Whenever you are tapping friends and family for money, you
should remain very unattached," says Price. "Otherwise feelings
get hurt, and your resentment or pain or anger gets transferred
onto your relationships. A crowdfunding campaign is never worth
that."
2. Think about your donors
Success is about getting your audience engaged in your
cause.
According to a study by Shopify and Toronto consulting firm
HiveWire, which analyzed 400,000 completed Kickstarter and
Indiegogo campaigns, successful crowdfunds had a number of
similar traits. Among them: nine different levels of rewards;
eight campaign updates; descriptions that included 600 words and
a three-minute video; and a founder with a Facebook friend
network of almost 1,000 people.
The rewards do not have to be huge - a custom-made T-shirt,
for instance - but they should make donors feel part of a giving
community.
3. Keep expectations low
If your campaign does not succeed, just think of it as
useful feedback for the next time around.
"There is no such thing as failure - it is only R&D," says
Price. "Very few people succeed right out of the gate. That
doesn't mean it is wrong to have tried."
To that end, seek feedback from your network about what
worked and what did not, advises HiveWire CEO Christopher
Charlesworth. And get serious about it by keeping a master
"campaign spreadsheet," constantly updated with information
about donations, key relationships, and media opportunities.
As for Morna Murphy Martell, she may take another crack at
crowdfunding at some point, but the bitter taste it left behind
has not gone away.
"One of my sisters gives money for donkeys in Israel, but
she didn't give anything to my dream," she remembers. "It was
like, 'What the hell?'"
(Editing by Beth Pinsker and Bill Rigby)
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