Backing a project is a smooth and seamless experience. Crowdfunding platforms have done a good job in creating a user experience that is sufficient for reviewing projects and then pledging for a reward.
- Backing a project is a very easy process, possibly too easy.
- During the campaign, backers have various options to manage their pledges, including reviewing the amount or even cancelling the pledge.
- After the funding campaign is completed, backers have no further actions until the survey is sent out by the project creators.
How to back a project
Suppose you have reviewed the projects listed on the crowdfunding platform, and have found a project you are keen to back. You are now ready to back the project. What do you do?
The general process can be depicted as follows:
In the diagram, I assume for simplicity that the campaign funds at the end of the funding period only, and that the project isn’t cancelled during the funding period.
Once you are a backer, I would recommend that you do some more work, for example:
- rate the project creator to understand the likelihood of delivery of the product;
- research the project creator’s previous projects, the listed website, any business names;
- track your project and pledge amount.
For each stage of the process, as a backer, you have various options you can exercise, such as adjusting your pledge, changing reward levels, or even cancelling your pledge. You can also expect a certain level of communication and interaction with the project creator. I recommend that you understand what these options are, and the timeline you have to exercise each option.