Lorenzo Grandi is Founder in Residence at Startupbootcamp Amsterdam. In this post, he shares his experience in what makes a crowdfunding campaign successful.
You decided to use crowdfunding to launch your project. Congratulations!
We already went through the first steps you need – now let’s continue with some more actionable tips in order to start a successful crowdfunding campaign.
These steps are following the experience I had with relayr’s crowdfunding campaign here at Startupbootcamp. By the way, the Wunderbar campaign is now live at Dragon Innovation!
7. What you need
The first thing you need is a video. Different sources confirm that a project featuring a video is way more likely to reach its goal, if compared to a project with no video. Here are some tips.
The video sums up all the ideas you want to share with your backers: what product you are about to create, who you are, why you are doing this, what people will be able to do with it. The more you show, the better.
Moreover, you will also need good pictures and even better perks – let’s get started with the perks.
8. Start the buzz
There’s a lot you can read about generating hype about your crowdfunding. I especially love how these guys share their story about the launch of Soma.
They also mention the top referrals for many Kickstarter campaigns they analyzed, always the same. Here they are: Facebook, Direct traffic, Twitter, Kickstarter, Blogs.
Moreover, did you know that 20% of stories will yield 80% of your press results? That’s why you need to measure where your audience comes from.
9. Get covered
Starting a crowdfunding campaign can also be a way to turn some press’ eyeballs towards you – amazing! But usually press bloggers and journalists get tons of email pitches about new products, so you’d better keep a few things in mind. This is a great post to start from.
Here’s what a PR professional suggests to grab the journalists’ attention.
And here’s another interesting source about an experiment.
In the end, getting crunched isn’t bad at all!
10. Updates and Adjustments
Are you working in a team? Did you split the tasks between different people? Is everything under control at any time?
Have daily standups where everyone answers 3 questions: what have I done yesterday? What am I doing today? What is the biggest problem I have? 15 minutes should be enough and everybody will be focused on their tasks. If you want to know more.
Be smart! Many projects may be funded even if the goal is not reached, but… nobody wants an unsuccessful product, right? So why not aim for a lower target? Or again: have a quick start! Make your network fund 10% of the project on day 1. You should also update your campaign frequently with your latest achievements and you may consider to stretch perks if there’s room for it.
“Magic doesn’t just happen in crowdfunding, success comes to those who have done their homework.” This quote is by Ministry of Supply, that became the highest funded fashion project in crowdfunding history.
Now go do your homework!