Ideas for Kickass Success
Kickstarter launched in 2009 to help bring creative projects to life. According to their latest stats, as of November 3, 2014 they have successfully funded over $1.3 billion to nearly 73,000 projects. Crowdfunding is now a viable way to get a new venture off the ground. Before you dream of raking in big bucks, there’s a lot of marketing groundwork behind a successful Kickstarter campaign. The following are tips for planning, executing and concluding a crowdfunded project.
14 Elements that Contribute to Kickstarter Green
1. It’s All In a Name
When starting a new Kickstarter project, you’ll want to choose a name wisely. Once Kickstarter creates your project’s URL, you can’t alter it. Short and simple names are recommended as short URls are easier to share.
2. Be Clear on Kickstarter Project Scope
The most successful Kickstarter projects have clear edges. Meaning, have a definitive and manageable project scope. First, having specific and measurable goals will help get Kickstarter’s approval. Plus, contributors like to see a framework and accountability as they want to feel confident that their financial pledge will be used wisely. You’ll use this information to show that you’ve done your homework and can explain what the project includes.
3. Founders As Driving Force
One success factor relates to leadership. When the founder(s) is the driving force behind the project — showing genuine and unrelenting passion — backers are more inclined to contribute and spread the word. Advice from previous winner suggest treating the project like a full-time job; your passion will come through and bring excitement to your endeavor.
4. Timing Is Everything
Looking at past projects, those lasting 30 days or less have the highest success rate. Be mindful that momentum builds at the beginning and the end. If backers receive rewards, give yourself enough time to complete the project/receiving funding and meet deadlines promised to funders.
5. Show Me The Money
According to a Forbes article, they recommend that you first bring money to the table; crowdfunding should not be your first source of financing. It’s an indication that you’re committed and “all in.”
Kickstarter uses all-or-nothing-funding model. If your project doesn’t reach its goal within the specified time period, you’ll receive no money. That puts pressure on you to set reasonable goals and be transparent with your backers. Most Kickstarter pledges are at the $25 level and the average is $70. Make a budget and include it on your campaign page. It shows your backers you’re serious and are a good bet with their money. Be aware that Kickstarter keeps 5% of your total amount raised and it takes approximately 2 weeks to receive the funds into your Amazon Payments account (then transfer to your bank for withdrawal).
6. Enticing Tiered Rewards
Your contributors are looking for rewards. They want a tangible return for pledging money on your project. Create a simple and well-thought-out tiering structure. As Keep backers updated on your progress and when they will receive their reward once the project succeeds. Don’t skimp on quality as you are thanking people for making your dream happen.
7. Professional Quality Videos Sell
Projects with a video succeed at a higher rate (50% vs. 30%). A quality presentation shows professionalism, commitment and confidence. Video should include:
- Who you are
- Tell the story behind your project
- Ask for support, explaining why you need it and what you’ll do with the money
- Talk about the awesome rewards
- Explain that you don’t reach goal, they’ll get nothing
- Thank everyone
One interesting recommendation was to create two endings: one for before the campaign launches (with a call to action that invites people to sign up for email updates; post this version to your website six months in advance of launch) and second ending for when the campaign is live (posted to campaign site with a call to action that says contribute!).
Check back tomorrow for Kickstarter tips #8-14.
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