As experienced backers, we are leading the way of future trends. We are innovators and early adopters, willing to take risks and support the dreams of artists and business owners.
Because we are backers in crowdfunding, how we research, shop and interact with content creators and businesses disrupts the retail “business as usual” model, for the better!
But, as I became more experienced in backing campaigns, I needed greater clarity on a number of issues relating to the actual transaction. Afterall, part and parcel of being a backer in crowdfunding campaigns is learning how to balance the emotional investment and the financial investment and possible loss.
It also took me a little while to realise that crowdfunding is a two-way street: the backers and project creators form a close relationship beyond the contractual obligation of the pledge/reward. In the same that project creators have expectations of backers, so should backers have expectations of the project creator.
As our experience as backers grow, we need to be able to minimise our emotional and financial risk by fully researching the project as well as rating the project creator’s ability to deliver the reward.
It is important to understand the differences between a pre-order and crowdfunding campaign, what the risks and rewards are, right to refund, and what happens if the reward isn’t shipped.
Part of the emotional connection created with the project creator stems from how and when the project creator communicates with the backers for his project. There is also the influence of other backers and crowdfunding psychology.
Lastly, I realised that I missed out on some crowdfunding campaigns that I would have liked to back! But, there are various options available ranging from contacting the project creator to buying previously crowdfunded products on an active marketplace.