Workshop: Crowdfunding For The Win
A few days ago I attended my first workshop at the still new WIMPSpace. The topic was something I’ve been toying with for a while, Crowdfunding For The Win, so I was looking forward learning more. It was led by Nancy Hayssen, who just had a successful crowdfunding campaign and raised $5000 to create a children’s book with the theme of courage and travel. The tagline of the book “Wild African Safari Book Gives Children 3 – 8 Years Old Courage to Dream!” It was a fun and informative morning and I learned quite a bit. She handed out several worksheets and information sheets and they will all come handy. However, because I have been playing with the idea of doing my own crowdfunding campaign I was already aware a lot of the aspects of such endeavor she mentioned. Below is the summary of the points that I didn’t know or wanted to ingrain deeper:
- Why people fund you: they like you, owe you (e.g. a favor in the past), are inspired by you.
- kickstarter.com all or nothing, only takes amazon payments
indiegogo.com : flexible and fixed funding, takes paypal and CC
- Put time in creating the solid strategy ahead of time, so when you launch things would be in place.
- KS has an intuitive template. They used to review the project. Now they allow it to go live without review, but you can ask for them.
- Contacting KS people is useless.
- Tiered level reward structure is important. Not enough or too many options.
- Have a great video, failed campaigns had boring, long talking head videos
- People can opt for no rewards, just get money
- Create digital rewards for under $25
- Average pledge is 25 no KS
- Include rewards in the body of the page too
- Break down how you would spend the figure you want to raise in % (e.g. KS is 5%)
- Include this kind of verbiage for each item “include all rewards above”
- Giving an experience for someone is best for the highest rewards
- When you get your email list together: reach out to them a few days before their launch
(Reading Rainbow example, they reached their goal fast and then added stretch goals )
- Stretch goal: extra goodie for funders
- When you reach that: give a unique experience. (up your pledge)
- Mid-way rewards you can add later; price them lower than retail cost
- Charity is tricky on KC: but it can be a gift: make a child a pilot for a day.
- You don’t want the project to be complete. You want ongoing support to make it happen.
- 46% of KS projects go funding
- It’s a full time job to reach out everyone every day. Keep asking/email people, send out well-crafted messages to funders
- KS page stays online even after time is up. You can delete it before it ends though
- You cannot give away other people’s stuff, keep it in your brand.
- Get another organization to send out your message.
- Ask existing pledgers to up their pledge
- Swap pledges with other KS campaigns
- KS has good statistics, including on video views
- You can hire someone to do the pre-work, but during the campaign it needs to be you who is reaching out to people. Post-production is on you too.
- Saving grace: Save the person who knows you and has money the last
- You can export the list from KS in Excel
- In order to get people who don’t know you they need some momentum: Have some funds already in there.
- Food related crowdfunding for food: Credibles.co
- Patreon.com for ongoing project
- Video is very important: storyboard it, make it not boring, add music
- Have a call to action in the video itself