How to Plan and Execute a Successful Crowdfunding Campaign
Updated: Jan 10, 2022
For the burgeoning boot-strapper with a brilliant new idea, Kickstarter’s search filter can be quite an adventure. Imagining a project or product rising to the top of the “Most Funded” list, I’m quite sure, has been the catalyst for numerous campaigns over the years. And why not? We all dream of success, and people buying into our product—even before it’s on store shelves—gives us not only the operating capital we need to get it there, but also the satisfaction of thousands of votes of confidence as people click the donate button.
Some of the most successful products of our time began as crowdfunded campaigns, like Ocular VR, Popsockets, Pebble Time Smart Watches, and the inimitable card game, Exploding Kittens.
So much planning is required to execute a successful crowdfunding campaign. Understanding what made others so successful can give you a head start and move you more quickly toward your goal. It might even get you on that “Most Funded” list you’ve been scoping out.
Here are a few steps to make your crowdfunding campaign more compelling and raise your chances of being funded:
Tell a Great Story
Billy Mays could sell just about anything. And he did. As one of the most successful Pitchmen in history, he gave impassioned pleas for his products that moved people to pick up the phone. He did it by creating the ability for customers to imagine themselves using his products—he told a compelling story. And people bought in. A lot.
As much as you love your product, you’re not the one who needs to be convinced to invest in it. You’ve already bought in. You need the people who will visit the project to imagine themselves in an improved situation because of your product. They need to not be able to imagine themselves passing on it because of how much they love the story it would help them enjoy.
2. Use Photos and Video for Visual Impact
Often, great story is communicated best without words, or at least, with as few as possible. Keeping your donors and supporters engaged with your campaign through high-quality visual elements can be key to growing it. You don’t have to be a professional photographer or videographer to produce excellent photo and video, but it will pay off in support and investment if done well.
Assuring that your products are properly portrayed in your campaign can lead not only to donation, but could lead your donors to become brand ambassadors and share your campaign with all of their friends, as well.
3. Understand the Market (and Marketing) for your Product
Everyone has great ideas on products that they believe can be useful to others, mainly because they know the products would be useful to them. But to really be able to build excitement about the product, you need to understand how it fits in the market and who exactly will need it. Make sure you research the market, understand your competition, understand your audience, and are able to as simply as possible communicate the value your product is going to add to your customers’ lives.
Though crowdfunding platforms have marketing built in, don’t rely solely on their efforts to get your project in front of all the right people. You need to develop and execute your own marketing plan, even if it’s as simple as having your friends and family on a social media posting schedule and paying for a few ads on your favorite platform. Don’t leave the success of your campaign in someone else’s hands.
4. Build a Good Plan For Fulfillment and Present It Well
Showing your backers that you have a solid and well-developed plan for the production and distribution of your product can make them feel reassured, raising their level of trust and the likelihood of having your project funded. It is imperative that you talk with your printer, distributor, and production team to establish all these action plans before you launch your campaign and very articulately include them when you do. Be very clear about your plan, including information on your production partners, and raise the trust of potential backers.
All these tips can help make your crowdfunding campaign a smashing success, so keep these in mind as you develop your strategy and you may just make that “most funded” list.
Partner with CōDRA to create the right product and execute an excellent crowdfunding campaign. Contact us here.