With
two successful
Kickstarter campaigns
under our belts here at
One Street
(
Bike
Shift Lever and
Cures
for Ailing Organizations) and also having backed five projects myself, I
think I’ve accumulated enough bruises and smiles to offer some useful tips.
First,
when considering a
Kickstarter
campaign, make sure you can set aside an entire month for constant promotion
and begging.
Kickstarter shows that
campaigns lasting more than 30 days have LESS of a chance of succeeding, likely
because they lack urgency. You’ll need every one of these 30 days to connect
with and respond to your most likely donors.
A Kickstarter
campaign can fund many aspects of a social bike business program. For instance,
funding a new workbench and accompanying tools would be a great fit. You could
even try to fund a building renovation or the purchase of a building, assuming
you can reach out to a substantial number of likely donors.
Don’t
be deceived by the multitudes of Kickstarter
competitors. My first venture into crowdfunding was IndieGoGo. I only convinced
12 of my closest friends and family members to contribute – major bust compared
to my experience on Kickstarter!
With this limited experience, I can’t claim to be an expert on the others, but
I can caution you to investigate them thoroughly. Compare them with Kickstarter’s numbers. The huge number of Kickstarter donors means that most of the people you
approach will at least trust the name and many will already have an account
that lets them pledge to your project with a few mouse clicks.
All of
the Kickstarter competitors I have
looked at allow every campaign to take whatever money they raise, but charge an
extravagant fee if the goal was not reached. In contrast, Kickstarter only releases funding if the goal is
reached (all-or-nothing) and charges a straight 5% fee of the funds raised.
These
competitors are rather savvy. Most first-time crowdfunders will be intimidated
by Kickstarter’s all-or-nothing
concept. But taking less than your goal comes at a major cost to you and a
lovely profit to them. On top of that, you’ll be stuck with funding that you
cannot proceed with. Your donors will expect you to complete your project
because their credit cards were charged, but you won’t have enough funding to
do so. Investigate all of this thoroughly before choosing any service other
than Kickstarter.
For
this blog post, I will stick to tips that are specific to Kickstarter. Once you’ve found a quiet month you can
devote to your Kickstarter campaign,
use these tips to set yourself up for success:
PRIOR TO
LAUNCH
- If this is your first Kickstarter campaign, allow for at least three
weeks to receive approval for your project and for your account where the
funds will be transferred. Your next project will only take a few days for
approval since everything will be set up.
- Choose a month without
holidays or other likely distractions such as summer vacations.
- When setting up your
campaign:
- Choose the lowest funding
goal possible that will still allow you to complete your project,
including covering the Kickstarter
fees, promotion costs, and the costs to make and ship the rewards you
choose for your donors.
- Study similar, successful
projects on Kickstarter for
ideas.
- Spend the time and money
to create an engaging video.
- Be careful to choose
rewards you can afford, but will still entice backers; and don’t forget
to add overseas shipping fees to ALL reward levels.
- Compliment your video with
engaging text and images on your page, including a concise budget showing
why you need the minimum goal.
- Put time into writing out
the Risks and Challenges part of the page. This gives your project the
human touch and makes it believable.
- Ask Kickstarter
support to add any “tags” that match your campaign; for instance they
have a “Bikes” tag that brought seven backers to our shift lever
campaign.
- Don’t count on strangers or
Kickstarter visitors to pledge.
If your campaign creates a great buzz, like our shift lever did, you will
enjoy this bonus. But if it never gets past your own promotion efforts, as
our book never did, you will have to scratch and scramble for every single
pledge. This is most likely! Be prepared.
- You will be more than busy
during the campaign, so write up and prepare everything you can in
advance.
- Prepare lists of potential
donors, media, and networkers. Separate these lists for delivery method –
mailing, email, press release, blog posts, social media, etc.
- If your community is likely
to support your project, schedule in-person events where you can show off
your project in a relaxed, party atmosphere, with computers ready for
their pledge.
- Create a schedule for
engaging these lists and events. Some, such as your email and social media
lists, can receive your pledge requests several times. Others, such as
your media list, should only receive your press release once, so schedule
it early in the campaign.
- Prepare and write out your
initial emails, blog posts, and press release. Give them a personal voice
because Kickstarter is all
about people helping other people. Sell yourself and your personal story along
with your project.
- Invest in a mailing such as
postcards or simple brochures since such hardcopies tend to sit around and
act as reminders for people to pledge. You can also use them as handouts.
- Prepare for many varied
ways to reach people, including ways to reach the same people through
multiple channels. Busy people have to see something many, many times
before they will be persuaded to act. You’ll only have 30 days to do this!
- Do not send any of your
promotions out before the campaign is live on Kickstarter.
If people go to the link and find it’s not live, they will not bother
returning.
DURING
CAMPAIGN
- Engage your promotion plan
and stick to it throughout the month.
- Post your list of FAQs at
the bottom of your page within the first week. This offers a fun way to
enhance your personal story by showing your interaction with backers and
gives you another excuse to post an update i.e., FAQs posted, please offer
more.
- Post at least one update
each week of your campaign offering progress, starting each by thanking
your backers and always asking them for help spreading the word. Also
offer the latest news on media coverage and other developments. Frequent
updates also up your campaign’s chances to be featured by Kickstarter.
- Beware of spammers in your
first week. With Kickstarter’s
success, they have multiplied. Ignore their calls to promote your project
or produce your product.
- Respond to every legitimate
interaction! Thank every one of your backers (Kickstarter
has an easy way to message backers through their Backer Report page). Even
people who oppose your project will appreciate your response and may
become your best networkers. Use their objections to create more FAQ
entries. Also, some newcomers to Kickstarter
will need guidance on how it works before they will pledge.
- Some people will have no
interest in your project, others will be ecstatic. Don’t get hung up on
the folks who aren’t interested. Focus on pampering those who love it.
- Your backers will be some
of your best promoters because they want the campaign to succeed. I know
when I back a project, I get nervous for its success and want to help. Don’t
forget to ask your backers to spread the word!
- Some people will only be
networkers and will not pledge. Adore them! I can think of a few for each
of our projects who contributed significantly to our success by promoting
them much farther than we could have.
- Work hard to reach one
third of your goal in the first ten days. There is always a midway lull.
By stoking the campaign early, your potential donors who come in at the
end will see there’s a good chance of success and this will encourage them
to pledge. Without those early pledges, many will expect it to fail and
won’t bother.
- Even if you reach your goal
before your deadline, do not announce success until it is over. Donors can
reduce and even withdraw their pledges up to 24 hours before the campaign
ends. This happened a few times with our shift lever campaign, adding
significantly to my heartburn.
AFTER
THE CAMPAIGN ENDS
- If your campaign succeeded,
send an enthusiastic thank you update to your backers including next
steps, and announce your success wherever you had posted the campaign.
- If it missed, send the news
to your backers and let them know your revised plans for funding your
project. You can even retry Kickstarter
once you’ve recovered.
- The funding will transfer
to your designated bank account within two weeks of success, but get
started on your campaign promises immediately, including sending out
rewards.
- Leverage your success to
promote your project further and gain media coverage on its next exciting
steps ahead.
Kickstarter is NOT for the faint of heart or for those without a full
month to devote to their campaign. Prepare yourself for 30 long days of expectation,
dashed hope, jubilation, desperation, planning for failure, guilt for begging,
and, if everything clicked, exhausted celebration. I’d also recommend setting
aside another week for recovery.
If all
of this sounds like a nice way to spend a month, go for it! I wish you good
luck and emotional stamina. With success it will all be worth it in the end.
Do you
have further tips to offer from your Kickstarter
or other crowdfunding experiences? Please offer them in the comments box.
Sue