Crowdfunding Makes Use Of Digital Word Of Mouth Marketing

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Crowdfunding is an evolution that was fast tracked by developments in the technological age. The idea of fundraising from other people has been present in the past but it took a very long time to accomplish the idea. It would take weeks just to put together a list of people to talk to and an even longer time frame to actually get an audience to present the idea. This is followed by more waiting as investors study the proposal if they will approve the request for funding or not.

Now, technology has made the process a lot faster with the help of a more efficient online communication options. There is also the availability of social networking sites that has made social life management a breeze especially when the technology was integrated into smartphones. Apart from calling and sending an sms, these sites now allow you to share updates with your friends in real time.

This real time interaction let your friends and family know what you had for lunch or that pair of shoes you just bought. In a way, this is now what the technological age refers to as digital word of mouth marketing and one that crowdfunding uses heavily to gain traction for campaigns. This helps crowdfunding projects to get the organic publicity it needs to increase its chances of reaching it funding goal.

Digital word of mouth marketing in crowdfunding

The marketing industry believes in word of mouth marketing so much that it refers to it as a “gold dust” for their brands. This is a big factor in the purchasing decision of consumers and if translated in crowdfunding industry – this would mean more funding for projects. Here are a few ways how this digital marketing tool plays out in the social funding space.

  • You get to easily share your project. At this day and age, it is much easier to share information with other people and crowdfunding gets to benefit from this. For project initiators, they easily get to share their campaign with other people with a few taps on a button. They can email, send and sms link or even message their family, friends and community through their social networking sites. They also get to tailor some messages and send to specific people allowing smarter investor targeting.

  • The more people share it, the more people see it. As investors put in funds into the campaign, they can also introduce it to their own social circle, which is word of mouth marketing already in the digital age. The more people get to see, hear or read about it, the chances of being fully funded increases.

  • Monitor what is mentioned about your brand. Digital word of mouth marketing has one major difference with its earlier predecessor. In the digital age, it can be monitored and quantified and measured. Analytics and statistics can help project initiators look at how their target market is reacting to their project. They can monitor if their campaign is engaging the right people and they can look at ways to be more interesting for people to talk about them more. The idea is to be on top of people’s mind to get the funding they need.

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This article is written by the Crowdfunders Editorial Team. In Asia, Crowdfunders.Asia is a leading portal on providing news related to crowdfunding, start-up, property and business. It is operated by CoAssets.com. CoAssets is South East Asia’s first listed and largest real estate crowdfunding platform. If you have any Crowdfunding news or stories to share, please email [email protected]

 

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