The effects of influencer endorsement services on crowdfunding campaigns

Purpose The purpose of this study is to investigate how influencer endorsement services stimulate funding intention in the context of crowdfunding (donation- and reward-based) and the moderating role played by platform trufvst and funder expertise. Design/methodology/approach To explore the effects of influencer endorsement services (i.e. perceived congruence, social influence and motivation) on funding intention in different crowdfunding campaigns, the authors developed a conceptual model tested using structural equation modelling. The authors also investigated two potential moderators underlying this relationship: platform trust and funder expertise. Findings The results of the study indicate that there was a positive effect of influencer endorsement services through the dimension congruence and the funding intention, both for reward- and donation-based crowdfunding. Moreover, they suggest that while perceived congruence has a positive effect on funding intention, when the two contexts are compared, only the moderating roles of platform trust over motivation and the funder expertise over motivation are significant and relevant. Practical implications The study has implications for both funders and those who seek to raise money for crowdfunding campaigns. The results offer new insights for developing effective crowdfunding campaigns, e.g. leveraging communication strategies based on the context of the crowdfunding (reward- vs donation-based) and the use of influencers as endorsers. Originality/value The present study is, to the best of the authors' knowledge, the first to examine the impact of influencer endorsement services on crowdfunding campaigns, shedding new light on the interdisciplinary connections between service marketing and entrepreneurial finance in terms of fundraising activities. The study opens new and previously under-investigated interdisciplinary research streams. It deepens our understanding of a particular issue relating to the marketing and crowdfunding domain by measuring the impact of the influencer's endorsement on people's intention to participate in two different campaigns.