Importance of Branding for Crowd-Funded Project Creators

Abstract

This thesis aims at developing a model for successful crowdfunding by (1) identifying effective approaches to digital branding, (2) recognizing proper storytelling techniques in crowdfunding and (3) identifying effective use of social media platforms for branding and storytelling. Worth to note, digital branding occurs for products branded through internet platforms. The primary issue addressed by this research is the fact that the number of crowdfunded projects is rising, and so are the challenges of management for those enterprises. As a result, this study will develop a model explaining how to use digital branding, storytelling, and social media to ensure the success of crowdfunded projects. Particularly the model will cover the types of branding messages likely to convince backers to contribute funds, the kinds of stories that win the interest of backers and how to reach the largest audience through social media platforms. The research is both primary and secondary where data was collectible through electronic questionnaires and desktop research respectively. The chapters divide into three sections namely branding, storytelling and the use of social media respectively. The projects studied include We need beans, Ondu Pinhole Cameras, Minimal pen, Solstice, Magnic Microlights, and Sugru. After data analysis and discussion, it emerged that projects which create and use effective branding messages succeed the most. Similarly, those that tell interesting, personal and factual stories have higher chances of success. Furthermore, the use of social media platforms increases the popularity of projects. Therefore, the requirements for successful crowdfunded projects include (1) a branding message, (2) storytelling and (3) effective use of social media platforms.