Not every Kickstarter campaign sees success. 6 out of the next 10 Kickstarter crowdfunding projects are destined to fail. Yet there are these other, somewhat rare campaigns, that can meet their fundraising goals in just hours. If you want to be able to set stretch goals instead of having to market like crazy just to meet your initial goal, then here’s what you’ve got to do.
1. You Need to Build a Solid Brand
Starting your company on Kickstarter is the wrong way to go. You need to build a brand where people can identify with the products that you’re offering through the crowdfunding effort. If people cannot identify with you, then they’re not going to support you. Building awareness in the general public is a better way to begin. Get active on social media, start a website, begin blogging, and show people the value that you can provide.
2. Have An Established Base of Customers
Testing a product on the open market isn’t a bad idea, but you’ve got to have people around to test that product in the first place. You can use Kickstarter to open up new target demographics, but you’ve got to have an established base of customers who can vouch for the value of your brand in the first place. Without any brand ambassadors, you’ve only got yourself to rely upon. You might work hard, but you can’t replicate the work of 1,000 people who love your brand.
3. The Focus is on Building Relationships First
The real reason why many Kickstarter projects wind up in the trash can is that the focus is on the company or the individual and not the potential customer. When you build relationships, then you’re doing more than finding a customer. You’re finding a loyal customer who wants to be apart of something new and exciting that you’ve got to offer. That’s why crowdfunding is so successful in the early hours for some projects.
4. You Must Build Momentum for the Campaign Before it Begins
The success rate of Kickstarter hovers around 40%, but that figure doubles to 80% if a project can receive 20% of their initial goal within the first days of the campaign. When there is early momentum, people are more likely to contribute because if there’s one thing that people have in common, it’s that they want to support a winner. That’s why people contribute more to a full tip jar. No one wants to be first. Everyone loves to be last.
5. You Must be Realistic
A vast majority of projects that are funded on Kickstarter have less than $20k as their goal. Most of those had funding goals below $10k. Always start with the bare minimum and work up from there. You can always raise more money than your initial needs through stretch goals.
6. The Press Got Involved
Get everyone you know talking about your campaign. Any media about your campaign is good media. If you succeed, then your story is a winner for them. If you’re a local interest story, that’s even better.
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