How to use social proof to achieve your crowdfunding goal
It’s official – women perform better at rewards-based crowdfunding than men and it’s thanks to the power of the people!
Got big crowdfunding goals and business dreams? Studies show that in rewards-based crowdfunding (the model Lift Women uses), female-led campaigns reach their funding goals at a higher rate than male-led projects, and social proof plays a big role.
In fact, by tapping into our need for validation and community, social proof can boost the chances of success by 14.5%!
In this blog, we share 5 tips on how to use social proof to build momentum for your crowdfunding project and reach your funding goal.
So what is social proof?
It’s the idea that people are more likely to do something if they see that others have already done so. When it comes to rewards-based crowdfunding, social proof taps into 2 of our innate tendencies as humans.
Firstly, social proof appeals to the fact that we tend to look to others for guidance and validation – hence, phenomena known as herd behaviour and the bandwagon effect! When we see that a project has already been backed by many others, we assume that they have done their due diligence and have deemed the project as high-quality and safe, and so we feel more confident about backing it.
Secondly, social proof gives us a sense of community. When we see others back the same project as us, we feel like we’re part of a larger group. This sense of belonging and acceptance is a fundamental human need.
So how to use social proof for crowdfunding success?
1. Get early backers.
People are more likely to pledge if they see that others have already done so, and so the first few backers are the most important. Ask your closest friends and family to make a pledge as soon as your project goes live on Lift Women! Bonus: ask them to share about your project on their social media channels too. In fact, you could even offer a little reward for all backers who spread the word about your campaign!
2. Show your progress.
On Lift Women crowdfunding pages, we already display a progress bar for this reason! You can build off it by updating your page with real-time comments, creating a sense of urgency that can spur others on to get involved before it’s too late.
3. Get social.
Use your social media channels to promote your project and share updates and milestones. Regular updates increase excitement and more posts mean more reach. Use hashtags to increase reach even more and encourage social sharing. Link directly to your project page to make it easy for new backers. Make sure to personalise any comments and messages to show backers their support is important to you.
If your business is already operating, share any testimonials and reviews on your social media channels. This support that’s straight from the horses’ mouths is powerful social proof!
4. Showcase media coverage.
Share any articles, videos, or interviews you have been featured in to increase credibility and demonstrate that others see value in your project. Don’t be shy to pitch your story and make it clear that you’re open to interview and editorial opportunities.
5. Partner with influencers.
Identify influencers who align with your brand and values and reach out to ask them to support your project. Be ready to send them your product to try and don’t have any expectations about whether they share on their social media channels at all! Trust in authenticity – if the right influencer likes your product, they’ll want to share it. You can softly encourage sharing by including a friendly reminder to tag you in posts. If they do share about your project, they are helping you reach a wider audience and their endorsement alone boosts your social proof.
We hope you now understand how to use social proof for crowdfunding success. With these 5 tips, you can build social proof for your project and business, giving potential backers the confidence to pledge and creating a sense of community.
So, why wait? It’s time to start your own crowdfunding project on Lift Women. Don’t let your business dreams be just a dream – make them a reality! Our platform is designed to support and empower female entrepreneurs, and we’re here to help you every step of the way.
Still don’t feel ready? We offer free 30-minute strategy calls to answer your questions and help you find the clarity and conviction you need to start your crowdfunding campaign.
