Loyal to the concept or to the platform? The complexity of the dual loyalty of crowdfunding backers

Backer loyalty is an important, yet under-researched driver of crowdfunding success. The concept of loyalty in crowdfunding is particularly complex because it integrates both loyalty to crowdfunding activity and loyalty to a specific platform. Using the elaboration likelihood model (ELM) as a theoretical foundation, this study investigates how platform-related factors influence backers' distinct loyalties. A survey of 486 active crowdfunding backers with different levels of repeated activity was conducted. The findings indicate that the different loyalties of backers—platform and crowdfunding—can be explained by the central and peripheral routes of the ELM. The central route effect is more significant for loyalty to the platform, whereas loyalty to crowdfunding is influenced by elements from both the central and peripheral routes. These insights allow platform managers to promote their platforms' activity by facilitating the relevant elements.