How Crowdfunding Campaigns benefit from Video
Raising awareness with Crowdfunding video
Crowdfunding is the perfect way to raise awareness of a product while successfully building a network of supporters, but with millions of projects being promoted online, how can a person or team stand out from the crowd? The answer is video.
Crowdfunding is when entrepreneurs make pitches to the public to try to get funding for their project or product in the form of donations. The aim of the pitch, which is usually done online, is to encourage consumers to take an interest in the project, motivating them to donate their own money to help the project get on the market.
Video is more powerful than text
Here’s why businesses should consider using video in their crowdfunding campaigns:
- Attention spans.
Writing a potential fundraising pitch takes time, not just for those writing it, but also for the person who has to read it. Numerous studies have shown that consumers tend to shy away from large amounts of text in favor of quicker, more immediate forms of communication, and there is no quicker way to communicate the strengths of a project than with video.
Consumers are investing their money in a product as much as they are investing in the people who created that product. And because of this, they want to see who is creating the product and what happens behind the scenes. Video allows businesses to show these elements and provides them with a tool to show investors just how passionate they are, what their story is, and above all, how useful their product could be.
- Numbers don’t lie.
According to crowdfunding website Kickstarter, exactly half of the crowdfunding projects that feature a video succeed in hitting their goals. Yet only 3 in 10 of those without video can say the same. Rival crowdfunding website Indiegogo takes this a step further, estimating that campaigns with video pitches raise an average of 114% more than campaigns without video and make users 2.4 times more likely to be featured on their homepage.
An original and catchy video pitch is far more likely to be shared on social media than a lengthy word document outlining a new product. And, if the video does get shared on social media, this means that the audience is doing a lot of the work for a business, by showcasing the product to other potential investors. There is also the possibility that the video could go viral, which would result in huge rewards for the project.