The Raising Capital Show · Sep 26, 2026 · 46m · 36m saved
With Jason Fishman, Founder of Digital Niche Agency (DNA)
Jason Fishman said a prospective investor visits a deal's offering page about seven times before investing. He once traced one investor through 43 separate contacts with a campaign.
Most founders raising money from the public launch an offering page and expect investors to find it. Fishman said most deals fail for lack of traffic, and that marketing a raise works like any other sales funnel: buy attention, build a list, then follow up until people invest.
"People invest in people"
Jason Fishman, founder of Digital Niche Agency, on The Raising Capital Show, runs a marketing agency that has worked on more than 500 capital raises, most of them online offerings under Regulation Crowdfunding, Regulation A+ and Regulation D. He sits on the board of the Crowdfunding Professional Association.
The full interview is covered here so you can skip it. 46 minutes of audio, 11 minutes of reading.
Here are the 10 lessons that matter.
Key Takeaways
An investor visits an offering page about 7 times before investing, sometimes 17 or more
Live webinars work as pitch events, and one brought in $1.7M within 24 hours
Ads can buy a webinar sign-up for about $2 to $10, and about a third of sign-ups attend
Only about 10% to 15% of Regulation D filings use the rule that allows advertising, which leaves most private raises marketed only to people the founder already knows
A 1% conversion rate on an offering page is decent, and puts the cost of each crowdfunding investor at about $100 to $200
Raising $5M from strangers can take $500K or more of marketing, built up in steps of $5K to $15K a month
Fewer than 10 crowdfunding raises a year reach the full $5M limit, and most that fall short needed more traffic
1. A Funnel for Investors
The hosts, who are lawyers for crowdfunding issuers, asked what it takes to find investors online. Fishman said his agency has worked on over 500 deals.
"We've worked on over 500 deals that have collectively produced hundreds of millions in capital and all through digital marketing." — Jason Fishman
Five stages
He described the stages an investor moves through: awareness, consideration, intent to invest, the investment itself, and advocacy. Some of the audience drops away at each stage. A campaign under Regulation D 506(c), which is open only to accredited investors (people with high net worth or high income), may add a lead stage before the investment.
Investors who recruit investors
The last stage is investors recommending the deal to friends, which he said weighs far more than an online ad. He gave the example of a Regulation Crowdfunding deal with a $500 minimum mentioned during a golf game.
"So that is the ultimate form of marketing is peer-to-peer marketing." — Jason Fishman
Each stage gets its own visuals and messages.
