Key Tips for Crowdfunding Success
Here are some key tips on how you should create and run a crowdfunding campaign so you get the funds you need (and possibly a whole lot more).
Note: Go here for a list of 60 key crowdfunding websites where you can create any sort of funding campaign for whatever purpose.
Pick the right platform for your project. Creative: Kickstarter. Artistic: Patreon. Nonfiction books and business: IndieGoGo. Bachelor parties: Tilt. Medical bills: GoFundMe.
Here are the key crowdfunding platforms for authors and books: IndieGoGo, Inkshares, Kickstarter, Patreon, PubSlush, Unglue.it, and Upspringer.
Be very clear what you want to get out of your campaign. Are you building a publishing business? Are you looking to write a book? Do you need to pay for the design and printing of your book? Do you need marketing funds?
Create a kick-ass video. Kickstarter projects with videos are 85% more likely to get funded (MWP Digital Media).
Offer rewards for different levels of donations. Make the rewards worthwhile and related to what you are raising funds for (book publishing, book marketing, publicity, inventions, building a business). Start with a $5 or $10 reward and build to a $1,000 or $2,000 reward.
Set your goal. Make it large enough to matter. Note: 25% of the projects on Kickstarter raise only 3% more than their stated goal (Wharton).
Scale to the size of your social network. For example, if you have 10,000 followers on Twitter and Facebook, you won’t raise more than $10,000 (Seth Godin).
Set a 30-day timeline. 30-day projects have a greater chance of success than 60-day projects (Kickstarter).
Pitch your friends and followers. 97% of campaigns that are able to raise at least half their goal from established contacts go on to succeed (Wharton).
Build your network ahead of time. Go social. But be sure to reach out ahead of time to your social networks, blogging friends, newsletter editors, and more. The more influential people you have supporting your campaign, the more successful you will be.
Hit it big from Day One. Campaigns that have big launches on Day One are more likely to get noticed by the site’s editors. Ask your friends, family, and followers to commit to supporting you on Day One.
Never turn off. Keep promoting for the full 30 days. Track your campaign. Update your contributors as the campaign progresses. Reach out to friendly bloggers. Hit your social media hard. Answer questions from potential donors.
Fail fast. If your campaign is not generating buzz, stop promoting. Go back to the starting gate and launch a new campaign after you work out your kinks. Again, remember, don’t launch until you have a kick-ass video.
Market to women. 64% of online donations are made by women. Include some benefit, bonus, or appeal to women in all your promotions. If your book, product, or service offers any value to women specifically (as opposed to people in general), point that out in addition to all the other benefits you offer.