Journal of the Academy of Marketing Science

, Volume 47, Issue 6, pp 1046–1063 | Cite as

Informational or emotional appeals in crowdfunding message strategy: an empirical investigation of backers’ support decisions

  • Diandian Xiang
  • Leinan Zhang
  • Qiuyan Tao
  • Yonggui WangEmail author
  • Shuang Ma
Original Empirical Research


Different types of crowdfunding backers adopt various social and economic roles, beyond just financial support. Yet the most appropriate message strategy for attracting these different types of backers remains unclear. To fill this gap, using insights into advertising appeals and the elaboration likelihood model (ELM), we propose a conceptual framework reflecting how the emphasis of the appeals in a crowdfunding message might influence support decisions by two types of backers: consumers and investors. Objective data from a crowdfunding website reveal that appeals that emphasize information (emotion) exert more positive persuasive effects on consumer (investment) backers than on investment (consumer) backers. When devising the appeal emphasis, entrepreneurs thus must make a trade-off while also considering contingent factors such as decision control, social orientation, and reward tangibility. The practical implications of these findings suggest that entrepreneurs should activate backers’ information processing routes differentially, using distinct appeal emphases, rather than relying on an undifferentiated message strategy.


Crowdfunding Backers Message strategy Appeals Elaboration likelihood model 


Funding information

The authors gratefully acknowledge the support from The National Science Fund for Distinguished Young Scholar (71725003), National Natural Science Foundation of China (Project No.71502006) and the Supporting Plan for the Construction of High-level Young Talents in Beijing’s Universities (CIT&TCD201904063).

Supplementary material

11747_2019_638_MOESM1_ESM.docx (22 kb)
ESM 1 (DOCX 22.4 kb)


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Copyright information

© Academy of Marketing Science 2019

Authors and Affiliations

  • Diandian Xiang
    • 1
  • Leinan Zhang
    • 1
  • Qiuyan Tao
    • 2
  • Yonggui Wang
    • 1
    Email author
  • Shuang Ma
    • 3
  1. 1.University of International Business and EconomicsBeijingChina
  2. 2.Beijing Union UniversityBeijingChina
  3. 3.Beijing International Studies UniversityBeijingChina

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