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Crowdfunding: Put Emotions First, And Funds Will Follow

And why Big Data/Analytics can help

24May

Crowdfunding is growing bigger as we speak. Initially, it was the domain of smaller aspiring entrepreneurs with an ambition to get funding for their project, but we have also seen increased engagement among charities and non-profits, and in recent few years we can see clear attentiveness at enterprise level as well.

There is a lot of knowledge and tips available online when it comes to crowdfunding campaign preparation, from crystallizing your initial idea, through to lining up your supporting troops before the campaign launch (which is highly recommended), as well as effective campaign follow-up in a transparent manner towards your current and future supporters.

Generally, venues buoyant with big ideas and big funding tend to attract Big Data/Analytics technologies as well.

Industry behemoths like GE Appliances and Hasbro embraced crowdfunding opportunities as well - Hasbro took up crowdfunding gaming challenge with Indiegogo, and GE Appliances raised more than $3m and acquired 8,000 customers in two campaigns (more info on 'enterprise level' link above).

Clearly, enterprise-grade companies like GE - and even those much smaller than GE - still have a wealth of data to put together and analyze before getting the picture right and creating an outline for a successful crowdfunding campaign – at this stage Self-Service Data Preparation approach can be more than useful (think time and resources).

Also, my friends at Keboola, the modern data integration and collaboration platform, have something to say on this one – especially when you start to tidy up your data sources with a grand ambition.

Monitoring the campaign effectively is crucial, both quantitatively and qualitatively. The questions are whether we can derive some decisions on the further journey of this and other campaigns based on emotions, sentiment expressed on a variety of social forums? Any age, gender, geography, cultural differences? Which of them are relevant to our campaign? The answers undoubtedly lay in the Big Data/Analytics realm.

Emotional buy-in first = Financial allegiance to follow

If you are keen to get your head around sentiment analysis and the other kinds of technology approaches available - analytics vendors like Interana, Netbase and Persado have some interesting stories to share. You can read additional thoughts in this post.

The above is just a glimpse of what kind of crowdfunding insights Big Data/Analytics technologies will be providing moving forward and we will have a look at other angles in the following posts.

Thoughts welcome, as always,

Bruno Polach

www.AnalyticsOfficers.com

Join SmashFund – crowdfunding social media network

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