Background on Crowdfunding: Singleton Law Firm presentation at EnterpriseWorks
How to Launch a Successful Crowdfunding Campaign:
Examples of EnterpriseWorks Client Kickstarter Successful Campaigns:
Making an Effective Kickstarter Campaign: Advice from PitchSlap, marketing firm for Kickstarter and viral campaigns
Create authentic content, it is personal and about appealing to specific audiences and selling the founders and application area. Relies on blind faith investment. What's your story? What your product can do is most important, show the application and what you can make possible, not what your technology is. Find the niche area where your product fits and where there are some other known cool products.
There is a methodology and rationale to what works based on proven market research. Storytelling has a process and people react in predictable ways. Crunch the data.
Understand how people scroll down and pay attention to videos and photos vs text. Users don't read much.
Most popular backer level is $25, should have a prize for that. Want a cheap option to accumulate backers. $50 is average pledge, so be realistic.
Match prizes to goals
Prizes must be high value to your target audience (not t-shirts) Low maintenance, but high margins Early bird specials create timeliness and limit number available Don't forget about shipping and labor to deliver Have price jumps between them: not too many different options 20% of money raised goes to prizes
30% percent of projects reach 30% of goal, which is the tipping point. Once you are fully funded, you will also get press and a new group of backers. Target marketing in stages, try to start with friends and family.
Text over video is a low cost way to make a high quality video. Audio quality is hard and people judge product based on this.
Social Media Strategy:
Need shareable original content - GIFS (short repeating video clip), photos, video stories Need a Facebook page and Twitter account for your product
Outreach to press at a personal level with personal messages to journalists or bloggers that cover your niche. Make your content easy for them to publish quickly: the angle, concise, quotes, images. For example, there are specific writers that follow the makers movement. Appeal to niche communities.
Good examples: MakeyMakey, CircuitScribe, Lumio
Show how your product works with another Kickstarter funded project to leverage each other.
Kickstarter has strict rules:
No charity projects, limits on software for Kickstarter Must reach full goal to keep $ raised They don't like Stretch goals If you violate their rules, they will take you down from staff picks and other promotion
IndieGoGo and CrowdSupply are other good options. BetaBrand is a niche for clothing.
PitchSlap started by two young anthropology grads from Columbia in NYC. Did documentaries before Kickstarter campaigns. Understanding niche communities and affinity groups is critical to their success. http://www.pitchslap.tv/