So, you’ve got a BIG IDEA to offer to the public–a product that’s sure to sell to a specific target audience. As you learned in Pt 1, you’ve now invested in a marketing plan. You’ve developed a prospect database, brand positioning, copywriting, and photography–as well as a long-term strategy for successful marketing.
So, what next?
One option to consider is crowdfunding, which gives you an opportunity to pitch your idea to a community of early adopters and raise capital through a process called pledging.
Great! You’ve made the big decision. You’re ready to launch your product on a crowdfunding platform, and watch the money roll in. Or, are you?
There’s more to success than just sticking your product on a crowdfunding platform and waiting for potential supporters to bite. Much like any product launch, you’ve got to invest your time and resources in creating a detailed marketing and promotional plan that will drive massive interest on platforms like Kickstarter, Indiego, and more. Otherwise, you risk failing at your launch…and your product never gets off the ground.
To raise the capital you need–and to build a plan for long-term success–avoid the following pitfalls (Continued from Pt 1).
Don’t underestimate the power of good storytelling. You need more than a single photo and a two-paragraph description to get people excited. Why should readers care about your product, anyway?
Tell the story of you and your product with:
1. A 1-3 minute video that grabs the attention of viewers with a powerful hook.
2. Infographics that show the features and benefits of your product
3. Powerful copy that tells the crowdfunding community why your product will be life-changing.
At BlueStorm, we helped the Hoverglide Kickstarter campaign raise over $250,000 with several videos / animations, including the one below.
We also helped Storyball–a “smart toy” for kids–develop an infographic for their crowdfunding campaign, shown below.
Only 37% of campaigns on Kickstarter succeed.
One reason that campaigns often fall short of their goal is that they don’t invest in social capital prior to launch. They don’t pre-market before the launch. They don’t use social media to build a community of fans. They don’t use email marketing to spread the word with their existing contacts. And they don’t create a strategic, pre-marketing landing page where they can provide information and build a database.
To hit 30% of your goal in just three days, you need to build momentum BEFORE the campaign launches. Spend time, effort, and money to invest in social capital so that you can hit that key benchmark on time.
Don’t set your goal higher than it needs to be. If you can launch your product with $10,000, don’t try to raise $20,000. Fonde set out to raise only $1,000 to launch its ravioli roller on Kickstarter (and ended up raising nearly $65,000).
Do the math: If you set out to raise $100,000, you’ll need to raise $30,000 in three days. But if you set out to raise $10,000, you need to raise $3,000. Set a realistic goal, and you’re more likely to succeed.
In Pt 3 of “Pitfalls of the Big Idea,” we’ll talk about effective engagement during your Kickstarter campaign. In the meanwhile, click on the red button below if you’d like to talk more about this with Patrick!