This article is part of a series of practical steps that you can take to be successful in equity crowdfunding. Keep reading our equity crowdfunding mindset series for more.
In the end, a combination of advertising with manual work to outreach the correct people and communities is the best strategy to reach your potential investors. While investing money is almost certainly necessary and a much easier and less time-consuming strategy, a few hours of study, content production, outreach, and media contacts can certainly pay off. Plus, you get coverage, links, and mentions that you probably couldn’t get with an advertising-only approach.
The exact balance among strategies depends on the time you have available, including that of family, friends, and co-workers who agree to help you in your endeavor, and the amount of money you want to spend, always considering how much you could attract. Establish reasonable goals, and don’t spend too much, so you keep your project viable, but don’t waste too much time on promotional activities either.
Equity crowdfunding is not set and forget
Most people who fail in crowdfunding, not just equity campaigns, usually have a set-and-forget mindset. They invest time creating a project, set a few social media channels, start the campaign, and wait for everything to come up organically.
Utilizing that approach worked in the last few years, but it rarely does in today’s crowded crowdfunding scene. You have to invest time and money and adapt strategies in order to succeed. Sometimes, you may not even be successful in your first campaign.
As with everything in life, equity crowdfunding requires dedication, careful planning, and some money to spend. If you have a very good, well-structured project, you can succeed even without much time or money, but make sure you have a small amount of each before trying your luck, so you don’t waste your time.
It’s not and should not be expensive. The best mindset is thinking of your campaign as if you were going to promote it completely organic, then invest some money to boost it, via promoted posts, content advertising, PR outreach and so on. That’s the best balance to reach your public with a good balance of time and money invested.