{"id":8373,"date":"2017-07-04T03:10:33","date_gmt":"2017-07-04T03:10:33","guid":{"rendered":"https:\/\/media.am\/the-first-and-main-step-of-crowdfunding-is-having-a-different-product\/"},"modified":"2017-07-04T03:10:33","modified_gmt":"2017-07-04T03:10:33","slug":"the-first-and-main-step-of-crowdfunding-is-having-a-different-product","status":"publish","type":"post","link":"https:\/\/media.am\/en\/newsroom\/2017\/07\/04\/8373\/","title":{"rendered":"\u201cThe first and main step of crowdfunding is having a different product\u201d"},"content":{"rendered":"<p dir=\"ltr\"><a href=\"https:\/\/hackpack.press\/\">HackPack.press<\/a> CEO and founder, former <em>The Moscow Times<\/em> journalist Justin Varilek at the <a href=\"http:\/\/conference.tvapatum.mediainitiatives.am\/\">Tvapatum media conference<\/a> shared a few successful crowdfunding campaigns for media products.<\/p>\n<p>The whole point of crowdfunding is that the potential audience makes a financial contribution for the realization of an already ready or just emerging idea. The audience becomes a supporter and a consumer, as well as an intermediary client for the content it feels the need for.<\/p>\n<p>This is a good format for getting alternative funding, through which more than $34 billion was collected in 2015 alone.&nbsp;<\/p>\n<p>According to Varilek, having an important role to play for promoting the idea and collecting funds are&nbsp;<\/p>\n<ul>\n<li>the idea and creator of the initiative,<\/li>\n<li>the individuals and groups supporting the idea, and<\/li>\n<li>the platform where they meet and cooperate.<\/li>\n<\/ul>\n<p>Varilek offered a few suggestions to media producers in Armenia, taking into account the sector\u2019s limited funding and small audience.<\/p>\n<p dir=\"ltr\"><img decoding=\"async\" alt=\"\" src=\"https:\/\/farm5.staticflickr.com\/4264\/34846497484_dcc0a93b36_z.jpg\" style=\"width:100%\" \/><\/p>\n<p>In conversation with Media.am, he placed importance first of all on content, since the majority of news sites produce almost the same content in the same format, while fresh media ideas are hard to come by. \u201cWhen you\u2019re getting ready to ask people for money to operate your own media outlet, you have to have a clear media philosophy. The first and main step for crowdfunding is having a different, interesting, and honest product.\u201d<\/p>\n<p>As a first step he suggested having a visual component on the uniqueness of the project (a presentation, strategic plan, or simply a good drawn picture).<\/p>\n<p>\u201cFor financial supporters, the idea must be clear and transparent. Here, honesty is needed. It\u2019s necessary to present in detail what product the audience will receive as a result, and only afterwards will it become clear whether crowdfunding is possible or not.\u201d<\/p>\n<p>The payer wants to see the long-term and clear strategy for the media outlet. As long as the media outlet\u2019s prospects are unclear, no money will be collected.<\/p>\n<p>\u201cInvestors need to be convinced\u2026 Initially you need a small amount, to organize a thought-out PR campaign and present the marketing strategy,\u201d Varilek advises.&nbsp;<\/p>\n<p>And then, during the crowdfunding campaign, the uniqueness factor should be emphasized. This could be not only the idea, but also the methods of delivery and distribution.<\/p>\n<p>For example, this may be new content, a new team of experts, fresh delivery models, new technological approaches, expansion of geographical coverage, and so on.<\/p>\n<p>Varilek advises media producers to search for platforms that can become a bridge for crowdfunding.&nbsp;<\/p>\n<p>\u201cThere are platforms where you can present your program and become familiar with other, similar projects,\u201d Varilek described in detail in his talk \u201cTake control over your fate: How journalists and publications can overcome the financial crisis.\u201d<\/p>\n<p class=\"rtecenter\"><iframe loading=\"lazy\" frameborder=\"0\" height=\"360\" src=\"https:\/\/player.vimeo.com\/video\/223758042\" width=\"640\"><\/iframe><\/p>\n<p>\u201cOf course, there is the possibility of failure, but success can never be ruled out. Isn\u2019t it better to try than wait for advertising or the oligarchy\u2019s unpredictable funds, in which case there is a clear demand for content, which is not always what you want,\u201d he says.&nbsp;<\/p>\n<p>He adds that when the idea is complete and people believe in it, you can work in stages: create one month of work, then two months, and so on.&nbsp;<\/p>\n<p>\u201cThe hard thing is the first 25% trust \u2014 in terms of money. Later, of course, it\u2019s more difficult: on one hand, you have to justify that 25% trust; on the other hand, you have to continue to engage new people.\u201d<\/p>\n<p>Varilek says there\u2019s a small secret to achieving success in crowdfunding.<\/p>\n<p>\u201cPeople will easily pay money if they know they\u2019ll become a participant to creating media content \u2014 the choice of topics and sources, distribution of information, and so on.\u201d<\/p>\n<p>This helps to establish trustworthy and long-term relations with existing and potential paying consumers.<\/p>\n<p>\u201cNo one will pay just because, until they clearly know what effect it will have on them. So a large number of people with a small amount of money help you to create your and their media, which is of better quality, more independent, and more effective in terms of influencing decision-makers.\u201d<\/p>\n<p class=\"rteright\"><strong>Gayane Asryan<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>HackPack.press CEO and founder, former The Moscow Times journalist Justin Varilek at the Tvapatum media conference shared a few successful crowdfunding campaigns for media products. The whole point of crowdfunding is that the potential audience makes a financial contribution for the realization of an already ready or just emerging idea. The audience becomes a supporter<a class=\"moretag\" href=\"https:\/\/media.am\/en\/newsroom\/2017\/07\/04\/8373\/\"> Read the full article&#8230;<\/a><\/p>\n","protected":false},"author":3,"featured_media":8368,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"ngg_post_thumbnail":0,"footnotes":""},"categories":[18],"tags":[],"class_list":["post-8373","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-newsroom","author_posts-gayane-asryan"],"acf":[],"_links":{"self":[{"href":"https:\/\/media.am\/en\/wp-json\/wp\/v2\/posts\/8373","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/media.am\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/media.am\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/media.am\/en\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/media.am\/en\/wp-json\/wp\/v2\/comments?post=8373"}],"version-history":[{"count":0,"href":"https:\/\/media.am\/en\/wp-json\/wp\/v2\/posts\/8373\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/media.am\/en\/wp-json\/wp\/v2\/media\/8368"}],"wp:attachment":[{"href":"https:\/\/media.am\/en\/wp-json\/wp\/v2\/media?parent=8373"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/media.am\/en\/wp-json\/wp\/v2\/categories?post=8373"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/media.am\/en\/wp-json\/wp\/v2\/tags?post=8373"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}