Crowdfunding can provide a major revenue boost, but only if you know what you’re doing. If you step into a Kickstarter campaign blindly, without having done any research, then you’ve already stacked the odds against you. The successful campaigns all have a few things in common with each other, beginning with the people who are managing the campaigns.
If you want to be able to guarantee Kickstarter success, then these are 3 things that you’re going to want to do.
Have a product that works with the crowdfunding platform.
Kickstarter is a good crowdfunding locations for products like video games, tech gadgets, and film. Some other forms of media, such as photography or music, also perform fairly well. If your product doesn’t fit in here, then you might want to look at a niche crowdfunding site instead.
If your product does fit within the most successful categories, then timing how your introduce the campaign is also critical to your success. You’ve got to relate to people in order to want them to get some skin in the game. If you are unable to form relationships, then you aren’t going to get any funding at all.
Be realistic about your funding goals.
Most of the campaigns that are successfully funded are less than $20,000 in total value. Only 2% of the successful campaigns on Kickstarter were able to achieve six figure funding. If you are trying to raise $10,000 or less, then the figure multiplies exponentially. 3 out of 4 campaigns that need less than $10k wind up being successful.
Why are people more likely to contribute to small level campaigns, but not large level ones? It comes down to relationships once again. Most people can relate to the need for a few extra thousand dollars to get a project off the ground. They’ll do what they can to help. If you start hitting six figures, that’s too rich for what most people are willing to offer unless a product is absolutely spectacular.
Give yourself time to promote your campaign.
It takes at least 30 days to develop a full Kickstarter campaign. You need to have rewards that are compelling and time to build a following that will be excited to contribute to your campaign. It also gives you time to seek out an angel backer who might be willing to match contribution dollars so that your campaign gets even more. About 30% of any campaign is achieved through family and friends.
The only exception to this would be if you’re pre-selling a new product. Sometimes the value of that product sells itself, but that’s where the video comes into play. You’ll also need to create a good video that really markets the benefits of what you’ve got.
The bottom line is this: you’re going to have two full-time jobs for 60-90 days if you are starting a Kickstarter campaign. If you don’t put in that level of effort, then you’re more likely to fail than succeed.
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