Launching a crowdfunding campaign is a serious job that takes much more effort than only making a “fun and engaging” YouTube video to present the product. Most of the entrepreneurs, who have run successful crowdfunding campaigns, share that it has taken them approximately 30 hours per week to manage the course of their campaigns throughout the whole process – from the pre-launch preparations through the actual campaign to the follow up work that comes with providing the product for all the pledges that were made.

As there are many benefits that come from successfully running a crowdfunding campaign – the money and the traction are just two of these benefits, – the entrepreneurs need to be well-prepared and to work hard on making the most of the campaign. Working with a great team increases the chances of success, but studying the success stories of other entrepreneurs is also a great way to learn more about the process.

Read also: 7 Tips for Shooting the Perfect Kickstarter Video by Miklos Philips

During her TED Talk at TEDxVictoria, Victoria Westcott shares five very important lessons that entrepreneurs can learn before they launch their crowdfunding campaigns and gives three examples of how these rules have been successfully applied in other campaigns. The five lessons that she talks about are as follows:

1. Make something awesome. Submitting your project to some of the major crowdfunding websites out there is not the most difficult thing to do. Of course, there is an approval process, in which the team of the platforms evaluates the project, before it is published on the website, but this is not the scariest part. The most important part of your campaign revolves around the quality of the product that you are trying to sell. If you create something awesome that brings value to the target group, you have a better chance of success.
2. Sell directly to your audience. When you create your campaign, make sure that you are sending the right message to the right target group.
3. Don’t ask for charity. Successful crowdfunding campaigns rarely focus on the amount of money asked. The key is to tell your story in an engaging way that can make your audience experience the same excitement about the product as you do and to believe that they actually need and want this product.
4. Follow through. Always deliver what you have promised!
5. You may get a lot of tips. There are many campaigns that have raised much more money than the initially asked amount. This happens more often than you can even guess!

Check out the video below to learn this engaging and informative talk and feel free to leave your comments in the comment section.