In this digital age, it’s no secret that crowdfunding websites like Kickstarter can help businesses raise the capital they need to be successful.
Unfortunately, these success stories are not true for everyone. In fact, according to Kickstarter, only 36.6% of all projects posted get funded. While Kickstarter’s unique policy may have something to do with this staggering statistic, many companies fail despite it.
22% of failed projects receive zero funding, but what many people don’t understand is that just like any marketing effort, a successful campaign takes time and energy to execute properly. Without proper marketing, people won’t know that your project even exists. While Kickstarter does feature certain campaigns each day to help them gain traction, not all projects get this special attention.
So, how can you ensure that your Kickstarter campaign is effective? Use these facts and tips to kick start your pathway to success.
How does Kickstarter Choose Which Campaigns to Feature?
Kickstarter offers a basic answer to this question: they have a team dedicated to choosing which projects are featured.
This is by no means a random selection, but rather, the featured projects must be exceptional and include professional media like photos and videos that enhance the meaning and mission of the project. Avoid adding text to your photos, such as “Last 5 days!,” as quirks like this will lower your chances of being chosen to be featured.
Another thing you can do to increase your feature chances is to write about the project’s purpose and what you are trying to achieve at the top of the description. This allows your audience to immediately understand your mission and decide whether they want to invest.
However, if those tactics don’t prevail, there are plenty more to employ on the path to success:
Do a Prelaunch
Just like any product, you want to create hype before it’s offered to the general public. So, just as you might offer a presale on a product, you can do prelaunch for your project by creating a feature website, collecting e-mails, and keeping your interested consumers in the loop as your project develops.
From your e-mail lists, you can further segment the audience into people who show interest in your project and further build your relationship with those key individuals. Through this engaged community, you can get feedback to make your product better and broaden your network to their trusted friends.
As you build this network, don’t be afraid to show off your product. You want to build a buzz around it, and showing it off is an excellent way to get the buzz started. By the time you launch, your engaged consumers will already have made up their minds about whether or not they want to support you.
People buy stories and not products. So, start building your story today.
There’s an old saying “you have to spend money to make money.” And it’s true.
Getting the word out there about your product or project takes money, but luckily Facebook ads are a great way to get your name out there without breaking the bank. Ads are easy enough to set up with the purpose of allowing you to reach your target audience. Google Adwords is another important consideration when it comes to building a PPC strategy.
Enlist the Voices of Bloggers and Journalists
Failing in regards to public relations is one of the biggest mistakes you can make when it comes to your crowdfunding project. Although positive PR doesn’t guarantee you will get any backers, it still pays to get your story out there and send it to potential backers and consumers.
You can start by reaching out to local newspapers and eventually move to larger scale news organizations. You can also gain PR by sending out press releases and e-mailing bloggers and journalists to pitch your story.
Hire Instagram Influencers
Remember, Millennials are taking over the marketplace, and when it comes to targeting Millennials, Instagram is your best friend.
Koala Hoodie, a successful crowdfunding campaigner, raised $20,000 in 7 days using Instagram influencers to generate interest in her campaign. Using influencers will also increase your authenticity and credibility.
Getting your million-dollar idea funded through Kickstarter isn’t as easy as some of the success stories make it sound, but through planning and strategic marketing, you, too, can have a winning campaign.
“You have to build a foundation,” says Brent Morgan, who was able to exceed his $50,000 goal in just minutes, raising over $1.2 million in 8 days for his product, Superscreen. “You can’t just start a campaign one day and expect it to work out. Even if you have the best idea anyone’s ever seen, and get 100% of your goal, it won’t go anywhere if you don’t put in the legwork before you get going.”