When done correctly, Indiegogo is an effective platform for raising the funds that are needed to get a job done without sacrificing equity in your company or your plans. By providing people with rewards, you’ll be able to raise advanced funds to create new products or provide new services. The only problem is that there are a lot of campaigns that wind up failing when they could have succeeded.
It all begins with the length of time that you plan on spending on your campaign. You should keep a campaign length to 30 days or less. Any extra time is just going to remove the amount of time you have to keep managing life in general. An active Indiegogo campaign is a full time job.
1. Be Transparent in Everything That You Do
If you have a budget planned for the money that you hope to raise through Indiegogo, then make sure to include that budget with your campaign. The more transparent you are with how the funds will be used, then the more likely people will be to become a backer. If there are questions about the legitimacy of the campaign that you are offering, then you won’t get as many backers.
2. Focus on the Small Rewards More Than the Large Ones
A majority of the backers using Indiegogo are going to contribute small amounts. If you can increase the quality of your low-level rewards, then you’ll attract more people. The average contribution is $25. If you make a stunning reward at that level which you can deliver profitably, then you’ll already be a step ahead of the competition. Everything below $100 should show some added value in some way whenever possible.
3. Make Sure You Have Figured Out All of Your Costs
Funding for the minimum amount needed is a good idea because that means you’ll be getting exactly what you need without making it seem like you’re taking cash out of needy wallets. Just don’t forget about the various fees and costs that you’ll have if your campaign is successful. Indiegogo takes 4-9% off the top. You’ll need to deliver rewards to people. Budget these costs into your overall funding amount.
4. Reach Out and Touch Someone
You’ve got to captivate people in order for them to want to contribute. If you don’t tell people about your campaign, then no one will know about it. It’s that simple. Market yourself before your campaign goes live so that you can reach out to people who are interested in the campaign. Their excitement and initial backing will spur others on to back people as well.
5. Look at the Individual
People who receive personal messages from your campaign are more likely to feel like they are part of something special. This is important because you’ll want them around for your next campaign. Backers who have a connection with you are also more likely to share your campaign with their family and friends too.
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