APPROACHES TO CROWDFUNDING PROMOTION (IV)

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Products and Perks

In Africa, Crowdfunding is often been used for raising funds towards non-profit or charity causes. A very high percentage of both successful and unsuccessful campaigns are mostly for these social causes. As much as this is not a bad start for Crowdfunding in Africa, we need to focus on other areas of engagements as well.

One of the areas we must focus our attention on is Product-based Crowdfunding which involves crowdfunding for mass production of innovative products that are responsive to our specific needs. Just like how crowdfunding for products is done globally, the perks or benefits attached to this kind of crowdfunding attract and motivate donors to respond favourable to campaigns.

Reward System has always been a traditional yet one of the most effective means of marketing and this is the best way to drive any product-based crowdfunding campaign. When a particular crowdfunding campaign is successful and delivers on the promises of perks made to the donors, the donors would definitely become the marketers not for both the campaigner and the entire crowdfunding system.

Tangibility has a way of keeping people glued to an offering and this is what Crowdfunding in Africa has not been doing so well. Some crowdfunding systems in Africa are focused more on what the campaigners want with little regards for what the donors get in return. If the backers who contribute towards the successful production of a product could gain the exclusive right of being the first set of people to get to use the product when it enters mainstream, then they will also look out for more of these offerings so as to benefit more.

The knowledge that they are being benefactors by helping in a cause and being beneficiaries at the same by redeeming their promised perks has a way of fast tracking Crowdfunding as a culture easily. Every campaigner must realize that backers always come with a motive and if this motive is not duly met, they might be discouraged to cultivate the habit or culture of crowdfunding.

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About Author

OLUWAmuyiwa Omole is a vibrant Educator, Writer and Crowdfunding Enthusiast whose interest lies in the facilitation of Quality Education for the purpose of Sustainable Community Development. His expertise spans across Education, Engineering, Contents and Systems Development. As a Community Developer, OLUWAmuyiwa sees crowdfunding as a tool for financial empowerment for young individualists working towards executing Community-Based ideas.

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