The evolution of crowdfunding and crowdsourcing funds
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Crowdfunding has evolved in recent years, not only for people wanting to kickstart their business or connect with potential investor but those who want help with health and medical related causes, how people want to save the local business, or invest or donate their hard earned funds to a worthy cause
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The evolution of crowdfunding and crowdsourcing funds
- 1. The Evolution of Crowdfunding & Crowdsourcing The Modern Day Funding From Crowds Danny Denhard - Director of Growth & Crowdfunding StartGrowth - October 2019
- 2. £4billion 💏 19 Years 👏 25 Million 🆕 5k Pages Per Day 🌎 160+ Countries 🤯 50 Million Social Shares & Emails // @dannydenhard
- 3. Peer to Peer has always been essential, it’s many forms now // @dannydenhard 👩⚕ 🏃 🐕 ⚽
- 4. Marketing Experience Product ⬅ Customer Journey ➡ Sales Growth Support Commun ications Looking For A Product Aware & Compare Picked Product Using The Product Recommend Or Reuse Marketing Know your Product Experience // @dannydenhard
- 5. The connection to the story & buying into that specific story and interaction 🚙 Car Boot Sales // @dannydenhard Something to think about
- 6. 😒 The Marketplace 😏 // @dannydenhard// @dannydenhard
- 7. // @dannydenhardImage Source Google
- 8. —Business & Equity— 🔘 🔘 🔘 🔘 🔘 🔘 🔘 🔘 🔘 🔘 // @dannydenhard —Peer to Peer— —Subscriptions——Local— Indiegogo KickstarterRockethub Monzo Paypal Pool Chuffed 🔘 Facebook 🔘 Gmail 🔘 YouTube 🔘 Patreon 🔘 JustGiving 🔘 Leetchi WeChat 🔘 Legl Crowdcube Crowdfunder Gofundme 🔘 Cash App 🔘 Challenger Banks 🔘 Substack Crowdfunding Marketplace
- 9. Remittance Most common case of moving money between people Crypto Decentralised; Stable coins aka Libra flirting with the market likely to have huge potentials and ramifications Pay Day Loans Still hugely problematic in 🇬🇧 market and common place Other Common Use Cases Every minute $162,037 transactions processed on Venmo JustGiving has raised over $5billion for good causes Facebook communities have raised $1b on birthdays // @dannydenhard Crowdfunding Marketplace
- 11. Getting Cut Through? Social • 4.8m Gif from Giphy served • 277777 Instagram Stories • 4.5m videos watched on YouTube • 511200 tweets sent • 4.49m Google Searches are made Communications • 1.4m tinder swipes • 18.1m Texts are sent • 188m emails sent • 1m Views on Twitch Disruption • Airbnb 1389 bookings made • $162037 transactions processed on Venmo Every 60 seconds on the internetSomething to think about // @dannydenhard
- 12. ☎ Product vs Marketing 📱 // @dannydenhard// @dannydenhard
- 13. Marketing Product MarketingProductEasy Hard Good Product = Easy Marketing Poor Product = Impossible Marketing 💰💰 💰💰💰💰 Budget Product decay rate is a killer // @dannydenhard
- 14. • Think about how you could be seen or written about • Business press • Wired • Techcrunch • Yahoo Finance • Consumer - Attention based press: • Buzzfeed • Vice • Daily Mail • The Guardian • Lads Press Marketing Is Your Biggest Challenge // @dannydenhard
- 15. Fake NewsMisinformation // @dannydenhard This is what news looks like to a lot of people
- 16. 💰 Understand Your Network Make Up 💰 // @dannydenhard
- 17. Strangers Strangers Fundraiser Family and close friends Colleagues Friends of friends People with same interests // @dannydenhard
- 18. Strangers Strangers Fundraiser Family and close friends Colleagues Friends of friends People with same interests Product Reach Think of the fundraiser at the centre, the layers of connections and herds they should bring to the product - currently this rarely happens. Challenge yourself to think about each later and how to reach out further and wider Money Exchange Understand that each layer has the ability to transfer money into each layer. Scale and network effects available if executed correctly // @dannydenhard
- 19. Strangers Huge Amounts of money Donated by complete strangers who happened to see a page in local press as the story really resonates or they went through the same thing previously. Alternative Payments Do not be surprised if someone wants to donate with something other than £. Time — Energy — Love — Points // @dannydenhard Same Interests You F&F
- 20. Fundraiser Colleagues People with the same interests Friends of Friends Family & Friends ConnectionMakeUp Strangers “Investment” Business Equity Peer to Peer Peer to Peer Peer to Peer Self funded Business Equity Business Equity Business Equity Business Equity Business Equity Peer to Peer Primary Secondary // @dannydenhard
- 21. // @dannydenhardImage Source Netflix Think about where the investment typically comes from before…
- 22. // @dannydenhard Faith, Belief, Hope Listen to this podcast series, it is an important series of lessons how to brand, to position and market yourself or your brand or Product. Important on the same level of brand as Uber, WeWork, or as magic as Fyre Festival & Theranos Brand Like Tasty Tasty is the best example of a modern day brand. Created a brand across social media that was platform agnostic but worked natively and drove views to nudge to purchase when right time
- 23. // @dannydenhard Something to think about Think about how we now text before asking if we can call someone we know.
- 24. Fundraiser Colleagues People with the same interests Friends of Friends Family & Friends ConnectionMakeUp Strangers “Investment” Groups, Mutual Intros Email, Social Media Face to face, IM, Email Face to Face, SMS, Whatsapp, Email Intros, cold call, targeted LinkedIn Intro, Email, Group Communications Chance of Reply 👍👍👍👍👍 👍👍👍👍 👍👍👍 👍👍 👍 👍👍 // @dannydenhard
- 25. 60%+ of sales in Japan are through vending machines 🥤Coca Cola 🥤 // @dannydenhard Something to think about
- 26. 😞 Emotion As A Value Exchange 😞 // @dannydenhard// @dannydenhard
- 27. 1. Asking for help 2. Is it OK? Culturally 🇬🇧 Worry // @dannydenhard
- 28. So I am going to tell you them as you haven’t heard them I have two sayings that my team(s) hate // @dannydenhard
- 29. “Emotions Unlock Wallets”1. // @dannydenhard// @dannydenhard
- 30. “No One Budgets For Emotion”2. // @dannydenhard// @dannydenhard
- 31. 3. Bonus: Prove You Are More Than A £ // @dannydenhard
- 32. Speak The Truth // @dannydenhard Something to think about Image Source LinkedIn
- 33. 📖 The Storytelling Truth 📖 // @dannydenhard
- 34. Movies 🎬 Kids Movies 🍿 Learn from the best // @dannydenhard
- 35. Take Inspiration From Pixar | Image Source: Pixar // @dannydenhard Disney always kills off an important character in the opening scenes
- 36. 1. The Set Up Strong attention grabbing opening - set up hero journey 2. Goals Conflict or confrontation - Longest part, build anticipation and the turning point 3. Resolution Shortest phase - twists short and clear, build tension until the wrap up - give your audience that moment Script Writers Guide // @dannydenhard
- 37. “The Hook” Hit them hard in first ten mins or ten seconds Most Important Part? // @dannydenhard
- 38. This Applies To Raising Money Know this is going to happen Imposter Syndrome happens to everyone // @dannydenhard| Image Source: Imgur
- 39. Leverage what we know about humans // @dannydenhard 🧐🙃😞🤔🙁😍😇🤪 We are built to survive to read and interpret human emotions 🧐🙃😞🤔🙁😍😇🤪
- 40. Some Stories However End Up Reading Like This // @dannydenhard Something to think about Image Source Reddit
- 41. 🆕 Alternative Business Crowdfunding 🆕 // @dannydenhard
- 42. Support Comes In Many Forms Image Sources BBC & Twitter // @dannydenhard
- 43. Image Source BBC iPlayer // @dannydenhard
- 44. 4 Reasons Why People Share Online Love 💖 Hate 🤛 Anger 😡 Vanity 💅 // @dannydenhard Something to think about
- 45. 👪 Peer To Peer Generation 👪 // @dannydenhard
- 46. // @dannydenhardImage Source Kickstarter
- 47. // @dannydenhardImage Source JustGiving
- 48. // @dannydenhardImage Source JustGiving Community saves well loved business in Victoria
- 49. Peer to Peer aka Silent Crowdfunding Image Source Venmo // @dannydenhard
- 50. Banks Are Being Peer-To- Peered Image Source Monzo // @dannydenhard
- 51. Social welfare Sports Animals and pets Emergencies Schools and education Local community Disability support Children and youth In memory Health and medical People Care About Health, Wellbeing & Each Other // @dannydenhard
- 52. This is a fake news, was an incorrect stat that was used in a Microsoft report by accident // @dannydenhard Something to think about Image Source Telegraph
- 53. 💎 Brand & Community 💎 // @dannydenhard
- 54. Type Birth Ranges Touch Point Product Your Relevancy Gen Z (Centennials) 1996 Yes ⭐⭐ Gen Y 1977 - 1995 Yes ⭐⭐ Milennials 1983 - 1995 Yes ⭐⭐ Gen X 1965 – 1976 Yes ⭐⭐⭐⭐ Baby Boomers 1946 – 1964 Yes ⭐⭐⭐⭐ Traditionalists or Silent Generation Before 1945 Yes ⭐⭐⭐ // @dannydenhard
- 55. Monzo - Kings & Queens of Community Coupled with the coral card their community (customers) open up their own wallets to back them 💰 👏 TV ads drove close to 1 million card sign ups // @dannydenhardImage Source Monzo
- 56. Buy Product Use & Reuse ProductFind out about product Tell a handful of friends Until 2003 // @dannydenhard
- 57. Use Product Evaluate Share with FriendsRegister Value Exchange Buy Product Use & Reuse ProductFind out about product Tell a handful of friends Until 2003 2003 - 2013 // @dannydenhard
- 58. Use Product Evaluate Share with FriendsRegister Share with Friends Use Product EvaluateRegister Value Exchange Value Brought With Share Value From Friends Buy Product Use & Reuse ProductFind out about product Tell a handful of friends Until 2003 2003 - 2013 2013 - Today // @dannydenhard
- 59. Because targeting increased doesn’t mean it didn’t get harder Image Source CB Insights Marketing Departments Get These Mixed Up // @dannydenhard
- 60. Don’t just build product or something to buy Build a community of advocates and supporters that will promote you for free 😍 // @dannydenhard
- 61. Manners cost nothing… // @dannydenhardSource: Adam Selby JG CF Product Lead
- 62. 🧠 A Few Behavioural Economics 🧠 // @dannydenhard
- 63. Endowment Effect We value something more once we feel we own it 🙋 // @dannydenhard
- 64. Reactance When nudges trigger an angry desire to take back control 💪 // @dannydenhard
- 65. Cashless Effect We pay more when we can't actually see the money. 💳 // @dannydenhard
- 66. Noble Edge Effect Products of caring companies are seen as superior 🤗 // @dannydenhard
- 67. Motivating- Uncertainty Effect We're more motivated to reach a goal with an uncertain reward 🤔 // @dannydenhard
- 68. Reciprocity Decay Desires to give back reduces rapidly with time ⏰ // @dannydenhard
- 69. 🗺 Macro vs Micro Mapping 🗺 // @dannydenhard
- 70. GoodExperienceBadExperience Baseline Touchpoints Need State Unlocked Need State Using The Product Money changing hands Product Reflection The Aha Moment 🔘 🔘 🔘 🔘 🔘 🔘 🔘 🔘 🔘 🔘 🔘 // @dannydenhard
- 71. GoodExperienceBadExperience Baseline Touchpoints Need State Unlocked Need State Using The Product Money changing hands Product Reflection The Aha Moment 🔘 🔘 🔘 🔘 🔘 🔘 🔘 🔘 🔘 🔘 🔘 // @dannydenhard MAP OUT EVERYTHING & TARGET DIFFERENT USE CASES, NOT JUST WHAT YOU THINK OR FEEL
- 72. 👍 Great Pages Have A Theme 👍 // @dannydenhard
- 73. // @dannydenhard Precise Story • Clear timeline • The People involved • Action required • How you (supporter) will be part of the story • Rich Media to show the broader picture Theme: 1. Clear Headline 2. Powerful Image Updates & Thanking: • Updating to keep timely (timeline) • Updating to keep relevant and people up to date • Before — During — Post
- 74. So go away and… // @dannydenhard
- 75. T H E T O P T A K E A W A Y S Product is essential, you need something to sell for people to buy into and quickly 3. Marketing & Distribution 2. The story is essential 4. Say Thank You! 5. One size never fits all 7. Feedback can be brutal 8. Understand the world is noisy 1. Product is key Storytelling is the difference between someone supporting you or the company Marketing is not easy, get it the right people in the format they want and when resonates most You might be busy but always be prepared to say thank you and early & often There is nothing more annoying than having a cookie cutter thank you or unpersonalised thank you Feedback is a gift, however online is can be brutal and you should expect feedback questioning you, your product and your people The world has never been so easy to get messages out there, speak to the people you would love to BUT it is also the over communicated world. Be prepare for your message to be lost or ignored // @dannydenhard 6. Build a community Don’t just build customers or people who have invested, get people brought in & support you constantly