Crowd funding websites have become wildly popular over the past three years. Kickstarter.com, one of the most successful crowd funding companies on the Internet, helped spur three million contributors to pledge $480 million to independent campaigns in 2013. And that number has already been surpassed in 2014, a year in which worldwide crowd funding has reached $1,400 a minute. It’s clear that crowd funding is a legitimate option for new product launches, yet more than 60% of projects never reach their goal. If you don’t want your project to become part of that statistic, remember these tips.
Build The Hype – Even prior to the campaign going live. Expand your social media network. Connect with influential figures in your industry. Building your buddy list on Facebook or Twitter will help your chances of viral sharing. An exciting product teaser means nothing if you don’t have the reach.
Give Them Options – With a mean of $87 and a mode of $10 as of August 2014, it’s obvious that pledges cover a wide range of values. As a campaign leader, you have to cater to all levels of pledgers. Even expensive products, like portable lossless audio players or Bluetooth enabled coolers should include $5 pledge options for funders who want to support on a tight budget.
Don’t Forget Design – Crowd funders are a uniquely tech and design savvy group. Presentation is equally important as a novel product idea in the success of your campaign. Although it will inevitably evolve, you must present a brand with your offering. Strong design elements help potential funders feel more confident about your campaign. Create a campaign aesthetic that your audience is proud to fund.
Crowd funding has become so popular that there are now sites dedicated to vertical industries like automobiles and real estate. Have you ever funded a project on IndieGoGo, GoFundMe, or Kickstarter? What was the experience like? Did you ever receive your pledge reward? Tell us about it on Facebook or Twitter.