Creating a new market is very different from developing a new product or service.It requires convincing an array of customers, partners, and other stakeholders to see the world differently. If you launch a product and market it well, you’ll be able to attract some attention but most of the crowd won’t immediately see it because they don’t know yet that your product is the key to solving their problems. It’s tough to break through the crowd’s habits.
Crowdfunding is one such new industry which is trying to break through the somewhat stagnant sector of fundraising in India. The alternatives to raise funds for businesses, NGOs and personal needs have not changed much over the past decades. Crowdfunding has immense potential to address the financial needs of various segments in India.
However, if the industry of your operation is related to finance, or fintech for that matter, it becomes difficult to convince customers. Financial behaviour of people is difficult to comprehend. When it comes to something like fundraising, most people outrightly refuse to think outside the box.
“To get on your target customer’s radar, trying out some creative marketing techniques is the best bet”, is the standing advice spewed by management gurus. Crowdfunding platforms in India have implemented this at a better level. They know that for a new market to survive and thrive, they will have to deliver quality while meeting a need. An exceptional system of customer service is the means crowdfunding platforms have chosen for providing this assurance. This assurance, this customer satisfaction will work as advertisement for crowdfunding in India.
West vs. us:
In the west, crowdfunding has established a niche market for itself. Training campaigners to create and run a fundraiser is a step the West does without. In India, the case is different. Crowdfunding platforms are aware of the fact that crowdfunding is still in its nascent stage in India. Thus, customers do require some sort of guidance to run a fundraising campaign successfully. Basing their strategy on this fact, crowdfunding platforms in India provide a end-to-end customer service to campaigners on their platform.
What Indian crowdfunding platforms do differently:
Crowdfunding platforms in the west like Indiegogo, Kickstarter, Global Giving have done away with customer training or induction. Running a fundraiser on these platforms is more like a DIY activity. They facilitate the process for you and let you play the game of crowdfunding yourself.
What the typical customer care executive does:
In India, crowdfunding platforms have to coach campaigners at this new skill. Most customers, may it be a NGO or a campaigner raising funds for personal needs, are unaware of the basics they need to know in order to make their campaign successful.
Indian crowdfunding platforms thus provide them with fundraising tips, on how to write a compelling fundraiser story, and device a perfect social media strategy to promote their campaign on relevant platforms.
Most of these platforms offer 24×7 customer service by assigning a campaign manager dedicated to the campaign. These campaign manager’s guide campaigners throughout their fundraiser journey. They do not limit themselves to formal mode of contact like email or fax but readily communicate through telephonic conversations or something as informal as WhatsApp messaging.
In spite of the fact that crowdfunding happens entirely over the internet, crowdfunding in India still retains its warm and human touch, offering customers excellent experience of fundraising in India.