In order for a crowdfunding campaign to be successful, it needs the support of backers. While getting many backers to support a project is important, no backer serves the crowdfunding community more than the serial backer. Serial backers are known for backing many projects, and backing them on a regular basis. While the average backer may choose to support a project every now and again, the serial backer will actively search for projects to back, and support them accordingly. LiveEdu’s crowdfunding campaign is a perfect example which can easily grab the attention of a serial backer. We’ll take a look at what constitutes a serial backer and then begin to analyze their characteristics.
According to Crowdox “nearly 3.7 million of Kickstarter’s 11.7-million-person community have supported more than one campaign. Approximately 36,000 serial crowdfunding backers have pledged money towards more than 50 crowdfunding projects.” In a survey of 50 serial backers they found that 74% had supported between 10 and 100 projects, and 20% had supported over 100 projects.
Serial backers tend to meet the following characteristics:
1) Altruistic backers
Altruistic backers don’t decide to back a project because they will get something in return. Almost all the crowdfunding campaigns offer giveaways or discounts in order to appeal to backers. While this is a useful tactic to get regular persons to pledge, the same cannot be said of serial backers. Instead, they prefer to support projects which they think are interesting or making an impact on society. Altruistic backers believe in the project itself if they are going to pledge for it. Serial backers will pledge large amounts for projects which they believe in. However, this doesn’t mean that all the altruistic backers are serial backers.
2) Experienced career professionals with free time
Professionals who are retired or entrepreneurs who have had a lot of success in their lives are most likely to become serial backers. They have accumulated large sums of money in their careers and choose to support projects.
3) Enjoy helping young entrepreneurs
Entrepreneurship has always been a tough journey, and it is more likely that an experienced entrepreneur will understand what other entrepreneurs are trying to achieve or execute. These experienced entrepreneurs are inspired by seeing entrepreneurs with as much fight and passion as they once had. It feels great for them to be able to support what they might see as a younger version of themselves.
4) Entrepreneurs themselves
The people who back 10s of projects and continually look for more in many instances tend to be entrepreneurs themselves. They are still operating their businesses but they come across interesting projects and choose to back them. They might see opportunities in supporting certain projects which could be of benefit to their own businesses in the future.
5) Experienced crowdfunders
Crowdfunding has been around in some shape or form for the better part of the last two decades. Serial backers are expertly aware of what crowdfunding is and have a great understanding of how crowdfunding works. They know how to get hundreds of people to support a campaign and are eager to support entrepreneurs seeking backing in any way they can.
6) Crowdfunding as a way of giving back
When you’ve had a successful career, whether that be as an entrepreneur or otherwise, giving back is important. Crowdfunding enables many serial backers to contribute back to the society by providing a suitable medium for them to contribute from the comfort of their laptop screen or phone.Having taken the right opportunities to reach the heights of their careers, they wish to give entrepreneurs as much help as they possibly can. They might not be able to mentor many of the entrepreneurs they believe in, but through crowdfunding there is an avenue available for them to give back to the community.
The serial backer represents one of the key components of the crowdfunding community. Without them, many projects would not come to fruition. Their willingness to support projects they believe in helps the crowdfunding community in many ways. Serial backers are more interested in projects that have the potential to impact thousands or millions of people across the world. This is precisely why LiveEdu’s Indiegogo campaign can grab the attention of serial backers.
Do you know any serial backers yourself? If you do, don’t forget to share the article so that they know the positive impact they are having on society.