Aspiring entrepreneurs that come up with the next great ideas of tomorrow and that, in turn, will take them to new heights are aware that coming up with that brilliant idea means you’ve only won the battle, not the entire war. Of course, it’s not easy to act on a specific concept and turn it into an amazing product or service that will bring you the success you’ve always dreamed of.
Kickstarter and Indiegogo are amazing crowdfunding platforms that can prove to be extremely helpful resources so that you are able to turn your awesome business idea into a flourishing company. And even though they enable you to raise the necessary capital and take advantage of the brand exposure it offers, crowdfunding campaigns will require solid planning so as to ensure they are successful.
Since Kickstarter was launched over 194, 716 projects have been created, yet only 75,520 were actually able to reach and smash the funding goal. To make matters worse, only a handful (1,626) were able to raise over $100,000 and just 541 have surpassed the $250,000 threshold.
Before you go ahead and create an awesome video for your Kickstarter campaign, you need to decide on a realistic number. That does not mean you have to undervalue yourself and your business idea, but you need to back up the number you are asking with some math.
The same goes for dreaming big. It’s great and you shouldn’t avoid doing it, yet understand that in most cases, the contribution rate for your campaign could be as low as 0.5% compared to the number of people who see your campaign. Also, you could try and keep the Kickstarter goal as low as possible. People find it more impressive when a $10,000 goal manages to hit $120,000 than if a $110,000 goal were to reach $120,000. And even though Kickstarter has not provided any information on how to be featured on its Popular Campaign pages, it’s likely that it happens if a company is able to surpass the goal 20 times in the first day.
So how can you convince people to support your idea?
The story your video tells has to come from deep within the heart because it plays such an important part in a campaign and in a pitch in general. The best way to get people to engage, care and support your idea is by offering them a glimpse into the person and his or her passion that stands behind the product or service you are going to provide. Individuals are not that interested in giving their hard earned money just because you consider it would be cool to get their money to create an indie film or a magazine. During the short video you need to show your potential backers the vision, the purpose and the passion that drives you to succeed. Try and explain to them why you consider people need your service or product.
You need to sell your business idea in a matter of seconds. You need to take some time and take this step seriously because it’s extremely important. Find appropriate names for your project and create a summary no longer than two sentences. This way, if someone who is not familiar to the field ends up visiting your campaign page, he or she will quickly find out what you’re all about and what you are trying to accomplish. Create the campaign title, the summary and the page in general as if you were granted only 60 seconds to gain the attention of your audience.
Forget about what everybody has told you, you don’t need to keep your business idea locked up in a vault before the launch. Unless you are the next Steve Jobs or Richard Branson, there’s no need to worry about keeping it a secret pre-launch, being afraid that one of your acquaintances or a close friend will steal your business idea. Thus, make sure you get your network engaged one or two months before the product or service hits the market. Remember that your loved ones will be the most willing individuals to spread the word across regarding your campaign launch, so why not benefit so that you campaign is ready to get off on the right foot.
Now it’s time to focus on shooting the video, a stunning one, that is. Go ahead and check at the videos of successful campaigns on Kickstarter. Almost all of them if not all are professional quality. Shooting a video is nothing like looking into the webcam and giving a speech or a pitch. The video you shoot needs to have some fun elements incorporated that are in connection to the project. So regardless of the approach you will adopt, remember that it is important to show yourself as a person others are able to not only relate to, but also support.
Bear in mind that the production time of your product may be delayed. It’s best if you decide to stay conservative with the established timeline of your product. Ensure that you offer yourself some flexibility so that your backers will be satisfied with the product you provide them. If you promise that you will deliver the product three months after the campaign is over and it actually happens six months later, they will not be ecstatic. Moreover, try and anticipate how you are going to deal with the manufacturing issue. Are you going to use an abroad factory or one from your home country? Remember to budget for shipping costs and plan ahead so that you are prepared to ship internationally for overseas backers.
Create a mid-campaign stretch goal. If you’re unfamiliar to Kickstarter, a stretch goal is an objective that is introduced midway through your campaign and its purpose is to unlock a new reward once it is met. This is an awesome way of gaining some much needed momentum during your campaign and it’s also a great way of staying familiar in the lives of your backers while also increasing the chances that they will share your campaign project.
Last but not least, remember to sell not only the product, but also the need as to why people will require it. The reasons behind creating your product are a great way of telling a personal story and engaging with the Kickstarter community. When people decide to back up your campaign, they buy not only your product; they also buy into your story. You need to ensure that you are actually solving a problem and remember to remain genuine and personal. Backers will always try and find out why you decided to quit what you were doing and put everything you have into creating a product. It’s one of the things that make Kickstarter such a unique platform.