While we wish every great idea that turns to crowdfundng reaches it’s target, the reality is that you probably won’t hit your target. On kickstarter it’s only around 40% of projects that become fully funded and on Indiegogo the rate goes down to only 13.68%! (on the flexible funding option)
In our experience the key factor has been peoples lack of capacity. They simply don’t have the man power to have at least three people or around 15 hours to devote to working on the campaign every single day. Crowdfunding is not a last minute ditch to make some quick cash. It all comes down to your level of preparation, 3-4 months should put you in the right frame. During that time try and increase your social media presence but make sure it’s an engaged following where people and chatting, commenting and liking.
So here are some tips.
On launch day already have 10%.
2/3 of the way in have something new to say/ new angle
Your rewards have to entice and be worth the value your putting on them as well as relevant and of course fun names help!
Have a capacity of at least 15 hours per day to spend on the Crowdfund
In the articles I’ve linked to below they contribute the success to;
- making sure you have a video- people like to see who’s behind the great idea for trust and reassurance
- Your social media presence pre launch- they showed that the number of your facebook friends is related to the success rates
- To try and get featured on the homepage- though this is pretty much up to the platform to decide
- Setting your campaign to be 30 days not 60- You’ll get tired and bored just like your fans/customers
For more stats head to http://www.indiewire.com/article/indiewire-compares-crowdfunding-platform-success-rates or http://www.appsblogger.com/behind-kickstarter-crowdfunding-stats/ .
I certainly am filling large shoes talking about this subject. I know there is already a tonne of information about which crowdfunding platforms to use and the differences in their perks.
Envisioning how you’re going to attract your early adopters, that stage of raising capital and literally bursting into the live .com stage is often quite a daunting and exhilarating thought, wouldn’t you say?
Despite the whole crowdfunding topic becoming quite a saturated space online, today I want to raise a couple of thoughts. Things to consider when it comes to YOU and the “Platform Choosing Time”. We all know that there are a dozen plus platforms available. Each platform provides a slightly different reach, has a couple of percentage points different with regards to the fee for hosting, and hosts for community specific genres and locations.
Dealing with numerous clients, this is always an interesting topic of conversation. We advise you to assess your choice through the segmentation of your audience; demographically, geographically and through your audiences values, ie. Where they’re based, what they believe in and things like they’re income, nationalities, gender and age – Think, what kind of person uses my product/ service?
Consider this; your value proposition is for your audience so it makes total sense to position yourself most visibly in all aspects or your segmentation. Secondly consider the purpose of your crowdfund – Are you looking to raise money through sharing equity or aim to raise money through donations or is your business considering the crowdfunding model purely for an engagement campaign?
We’ve made a Segmentation takeaway for you to jot some notes and thoughts down to help you decide which platform is best for you.
Here are some crowdfunding platforms that you may want to consider;
People fund it
OR your own technology! (get in touch if you want to find out more about this)
Congratulations to Medicine’s Dark Secrets!!
Today they exceeded their $30,000 target to make a documentary telling the stories from modern day surgery: the doctors, their victims and the collections. And still 5 days to go….We’re proud to have been able to help. A massive woooohoooo!!!!