How to manage expectations and build trust with your crowdfunding backers

Crowdfunding platforms like Kickstarter, Indiegogo, and GoFundMe have helped to democratize access to funding and have empowered many individuals and small businesses to turn their ideas into reality.

But with great power comes great responsibility! And one of the most important responsibilities of a crowdfunding campaign is to manage the expectations of backers.

In this blog post, we’ll explore some tips for managing the expectations of your crowdfunding backers.

Be transparent throughout the whole process

Transparency is key when it comes to managing the expectations of your crowdfunding backers. From the very beginning of your campaign, be clear about what you’re offering and what backers can expect in return for their support.

It’s also important to disclose any potential risks or challenges that may arise during the project and be honest about your progress and any setbacks along the way.

Don’t make any promises that can’t be fulfilled, this could lead to disappointment down the line and could end up getting you bad publicity from unhappy backers. If you fulfil all of your offerings within your stated timelines and have provided a good flow of updates, you will likely gain backers that support you beyond your campaign.

The more transparent you are, the more trust you’ll build with your backers.

Set Realistic Goals

A common mistake that crowdfunders make is setting unrealistic goals. Be realistic about what you can achieve with the resources you have. Don’t promise more than you can deliver.

When setting goals, consider the time and resources required to achieve them. Don’t be overly ambitious or set goals that are impossible to achieve. Instead, set realistic and achievable goals that will help you build momentum and make progress towards your ultimate goal.

Communicate with backers regularly

Regular communication is essential to keeping your backers informed and engaged. Provide regular updates on the progress of your project, and let your backers know about any changes or delays that may impact the delivery of their rewards.

Consider setting up a regular update schedule, such as a weekly or monthly email newsletter, to keep your backers in the loop. You could also consider using social media to share updates and engage with your backers.

Don’t wait for your backers to reach out to you — take the initiative to keep them informed and engaged throughout the entire process.

Be responsive to questions and concerns

It’s likely that your backers will have questions and concerns throughout the campaign. Make sure you respond to everyone, and even consider setting up an FAQ section on your campaign which you update regularly. By taking on these questions and feedback, you are also gaining valuable insights into how people view your business which can help you improve in the long run.

Good customer service is super important these days, at the very start of the business it can attract people to you and over time it will keep people loyal.

Deliver on your promises

Ultimately, the best way to manage the expectations of your crowdfunding backers is to deliver on your promises. Make sure you can send out the rewards and benefits you’ve promised and within the time frames explained throughout the campaign.

Each of these elements in managing expectations are interchangeable with one another and are all of equal importance. By following these steps you’ll be in good stead to reach your campaign goals and build a base of loyal customers for the future.

Have any further questions or want to set up your campaign? Reach out to us on any of our platforms and a member of our team will get back to you! Or, if you’re ready to set up your campaign you can get going straight away on our website.

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