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Turning Shares to Cash: Crowdfunding Referral Competitions

With crowdfunding it is much about getting the word out. Easier said than done! One of the most successful ways to spread the news about the awesome product/business idea that you have and mesmerise the crowds, fundamentally begins with building an audience. Launching a referral campaign definitely can help you along the way to building your crowdfunding campaign community faster.

What is a referral competition? It is a contest, organized by the owner of the campaign, which encourages the existing supporters to share the campaign with their followers. By doing so, they have the opportunity to receive an award. As the backers spread the word, the job of the campaign owners is to track the progress and to measure the results.

Referral contests are a great way to turn shares into actual contributions. Setting up the contest is important step as it will determine the initial interest that your supporters will gave to the giveaway. Set clear and attractive awards, so the contributors will know what exactly they are competing about.

Why it is important? Reaching more people through the social media communities of your already existing backers is what can bring tremendous results to your campaign. Referral campaigns don’t just increase shareability, but also help you get more engagement from the involved parties, to boost your social media following, to expand your email list, get more cash contributions and increase brand awareness.

In addition, referral campaigns are used to generate marketing buzz, excitement, anticipation and encouragement of more people to jump on the bandwagon. The precision of the target along with the increased trust factor are what makes referral contests that beneficial. It is a great way to build long term relationships and actual cash contributions.

What tools you can use? Creating a referral competition must be made with an eye-to-detail approach as it should be clear, understandable and easy to be accessed by your supporters. Make the referral link visible so the backers will know how to access it.

Fortunately, there are many useful tools and apps that you can use in order to create and implement a successful referral campaign. Here are some suggestions for you that can make your life much easier and help you nail your crowdfunding referral competition:

Rafflecopter: This tool makes it super simple to launch and manage a giveaway for any brand, on any website with no I.T. help required.

KickoffLabs: This tool allows you quickly, easily and effortlessly to setup refer a friend style giveaways, sweepstakes, and product launches!

Friendbuy: This tool is awesome for campaigners, who want to launch their referral competitions in just a day by using some great templates without the need of developer’s help. 

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