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