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Crowdfunding for Musicians

Photo credit: http://bit.ly/1h7Jtka
Photo credit: http://bit.ly/1h7Jtka

Photo credit: http://bit.ly/1h7Jtka

Crowdfunding isn’t being talked about as much as when Amanda Palmer ran her famous Kickstarter campaign, but it’s still going strong. It’s still a great way to fund your projects. However, we’ve all learned a few things about the process along the way. Crowdfunding is more than just a funding tool. It’s a way to connect with your fans, build a deeper relationship, and get people interested and buying your music before its even created. Pre-sale and marketing are just as much a part of crowdfunding as funding.

Here are 5 tips that will set your crowdfunding campaign on the right track. These tips come from the CD Baby blog. This is just a short excerpt, but you can check out the full article here.

1. Build your crowd and then fund: Although there is a discovery element to most crowdfunding platforms, you’re gonna end up very disappointed if you launch a campaign without an existing fanbase.

2. The number isn’t as important as loyalty: If you buy followers or email subscribers, it doesn’t mean they’re gonna buy your crap. You don’t need a huge fanbase to run a successful campaign; you just need an active group of loyal fans, the kind you earn one at a time and interact with regularly.

3. Give your fans an experience: You’re not just selling downloads and t-shirts. You are including your fans in the creative journey. More on this in the next section…

4. Over plan for the fulfillment process: Make sure to get all the pertinent information you’ll need when fulfilling all the orders, rewards, perks and exclusives you’re offering. One of the most commonly overlooked pieces of information is the size preference for t-shirts. But also, make sure not to offer the house concert option to people in Thailand if you’re not going to be able to follow through.

5. Keep updating after you hit your goal: There is often a gap between when all the money is collected and when the final product is released. Don’t leave your fans hanging like a prom date that might not show up. They spent a lot of money on that dress. Make sure they know you’re still taking them to the dance. Keep them updated as to your progress.

There are a lot of great crowdfunding tools out there, but one that stands out for musicians is Pledge Music. Because the platform is specifically focused on musicians, they have a lot of tools in place to help you keep on track and follow the tips outlined above. Here are some stats from Pledge Music:

* 22% of PledgeMusic site traffic comes from fans sharing pledges-only updates.

* 75% of pledgers contribute to a campaign without knowing the band personally. Ergo, they are the email subscribers, Facebook fans, Twitter followers, etc.

* The average pledge is $55-$70.

* 37% of pledges are over $250.

* 37% of the income comes after the 30-60 day campaign on other platforms would have ended.

* PledgeMusic boasts an 86% success rate of reaching funding targets.

* On average it takes 17 pledges-only updates to hit your financial goal.

If you want to learn more about crowdfunding, CD Baby has a free guide available.

Ready to start funding your own career? The New Artist Model online course has an entire week dedicated to crowdfunding and finance.

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