Why Do People Back Crowdfunding Campaigns?


Before you even begin asking people to back your campaign, you need to dive into understanding why people would choose to do so. Why would people give money to someone they don’t know for a product that may not even exist yet?! You need to get in the mind of the people who are going to, inevitably, help you achieve your dreams before you start asking things of them.

In this episode, Nalin explains five potential reasons why people choose to back projects. If you’re an entrepreneur you can’t afford not to listen to this one! 

Keep scrolling for a further breakdown of the podcast and helpful links.

[1:39]: The “What” and “Why” This Podcast is Critical to Your Crowdfunding Campaign:

The ability to see things from the perspective of the backer gives you leverage in your campaign to be seen as credible and increases the likelihood of people supporting you and your product. 

[3:45]: WHY #1: The Excitement of a Cool, New Product:

Some people are just excited to see cool, new, and awesome products on crowdfunding. 

[8:13]: WHY #2: A Better Solution to the Problem:

Maybe your product solves an existing problem better than another product already in the market. 

[10:56]:  WHY #3: Friends & Family Support System:

Some people back projects because a friend or family member is the one who created the product and they simply want to support them.  

[14:29]:  WHY #4: The Art of Gift Giving:

People love to give and receive gifts. Backing a new product and giving that as a gift not only helps a campaign but is also cool to give/receive in the future. 

[16:12]: WHY #5: Being A Part of Something Bigger Than Themselves:

Everyone wants to be a part of something bigger than themselves. Sometimes it’s that simple desire that makes people back on crowdfunding. The idea of being behind the start of something like Peloton or Oculus would be really amazing, wouldn’t it? That’s enough of a reason to drive people to campaigns sometimes.

[17:17]:  The Importance of Sharing Your Entrepreneurial Story:

The easiest thing you, the entrepreneur, can do is share your story. The rewards you reap from doing so is huge. This allows potential backers to connect with you and create a bond that makes them want to invest in your story.

[18:06]: Recap: The Five Categories:

Going over the five reasons people back crowdfunding one last time. 

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You can also check it out on StitcherCastbox, and Podbean!