Don't Be Disheartened if You Fail to Hit Your Crowdfunding Goal

If you're smart about it, your backers are likely to stay with you.

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By Nina Zipkin

If your first crowdfunding campaign doesn't reach its funding goal, it's easy to be disappointed. But crowdfunding expert Sally Outlaw says a first failed attempt could actually act as the foundation for a successful second go at it.

According to Outlaw, the aftermath a disappointing campaign is the right time to take a step back and reassess, giving you the opportunity to overhaul your rewards to make them more compelling or reconsider your pricing and place in the market. Ultimately though, the potential customers who thought enough of your product or service to back it in the first place will be excited to invest in the idea again.

"Most of the successful campaigns were not successful the first time. What happens when your campaign fails is you can take all those people who supported your project initially when it was unsuccessful and you can harness them to launch you second campaign," says Outlaw, co-founder and CEO of crowdfunding consulting firm Peerbackers.com, .

Check out the video above for more.

Related: 5 Tips for Beating the Odds When Crowdfunding

Nina Zipkin

Entrepreneur Staff

Staff Writer. Covers leadership, media, technology and culture.

Nina Zipkin is a staff writer at Entrepreneur.com. She frequently covers leadership, media, tech, startups, culture and workplace trends.

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