At Crowdco we have worked with many talented product designers and entrepreneurs to help them get the right crowdfunding marketing strategy to get them funded. To date we have raised over $2M for our clients across crowd funding platforms like Kickstarter and Indiegogo. Here are some of the most important things to keep in mind before launching your crowdfunding campaign:
- 30% Rule: Crowdfunding starts local, with your friends, family and acquaintances. You will need their initial support to get the momentum going and establish a validation with other potential backers. At least 30% of your funding goal needs to come from your personal networks. Having a campaign launch and not have any backers within the first day can be detrimental to your campaign. People will look at your project and think that if you couldn’t even make your friends and family back you up there’s probably something wrong with your product so why should they bother? So again, make sure you have your network ready to go when you launch your campaign. Another important factor to consider when organizing your network is that if you are able to get your people to your campaign it will increase traffic to your site and therefore many platforms like Kickstarter and Indiegogo will add you to their “hot project” sections.
- Have your social media channels ready. Twitter, Facebook, Tumblr, Instagram and Pinterest have become a very popular way to share updates and information about your campaign. They are a great tool for people to easily and effectively share the campaign with their own personal networks. Having social media profiles set up before the campaign launch also adds to the credibility of your company. Backers will know that you are actively engaging with them and can also have access to extra information or photographs about the product. Just like any other company, when launching your crowdfunding campaign, you have to see your social media channels as a pathway to communicate in an effective and timely manner.
- Be active everyday of the campaign: Make sure you are ready to work everyday on your campaign. Many people think that the most difficult part of doing a crowd funding campaing is actually loading the information on to the site but they are WRONG. Crowdfunding is a lot of work and for the next 30 days, 45 days or whatever time frame you have set up for your campaign you will be working on it on a daily basis. You need to use all of the tools you have set up to promote and engage with current and future backers. Some sites like Indiegogo will actually reward projects that create constant updates. It is also important to note that if backers have questions you should try to address them as quickly as possible since they will be your most influential ambassadors of your product. Having a crowd funding specialist like us allows you to manage your time efficiently so all communication channels are handled as best as possible to get the right call to action.
- Press/Blogs: Before launching do your research to find writers/journalists or bloggers that have written or covered stories with similar topics to your project. Pitching your story with a familiar story could help you get that powerful article posted that will get you the backers you are looking for.
- Video: Make your research and study videos used by similar projects like yours, figure out what where the right call to actions that caused the audience to back the project. Stay under 3 minutes, show your team, credentials, what you will use the funds for, keep it engaging, and deliver the right hook! You only have one chance.
- Rewards: Make sure the rewards you design or offer are appealing to your target audience. Who are you speaking to? What are their dislikes and likes? Why would they choose these rewards to support your project? Another important thing to keep in mind that if you are going to send out a product like a T-shirt etc that you have the logistics to do it and have included the cost of shipping and handling. And last but no least, backers are mostly people who want to support your project because it’s unique and they want to show off their support so adding an exclusive rewards for the duration of the campaign is always a good idea
There are many more things that you need to keep in mind when launching your crowd funding campaign but we think these are the most important. Remember that you need to show how passionate and enthusiastic you are about your project so that others will want to jump in. Do you have any other factors that you feel we’ve left out?