We are here at Innotech Austin 2014 today and there are a ton of interesting and informative sessions. Here are the highlights from a great crowdfunding session.
Before you start your campaign, you need a crowdfunding platform. When considering which platform to use, think about the following:
Be sure to choose the right platform for your campaign, should be dependent on your goals
Look into niche platforms before you go to Indiegogo, Kickstarter, etc.
Tip 1: Raise money ahead of time so that you can focus on having a great campaign instead of worrying about not being able to raise enough money to launch your product. Your crowdfunding campaign should help build momentum to your already growing funds.
Tip 2: Make sure you have a great video for your crowdfunding campaign. This is a major component since people will make a decision to donate based on your product video.
Tip 3: Look at other crowdfuding campaigns and figure out what they were doing right and wrong and how you can learn from their successes and mistakes.
Tip 4: Reach out to media pre-campaign. Find out who’s written about amazing campaigns and reach out to them so they can help get the word out about you.
Monitor reporters who are writing in your industry, start building your media list, offer them something interesting, be a resource for them. You have to build your thought leadership and expertise in a space before anyone will take your seriously.
It also takes a lot of time so don’t wait until the last minute.
Tip 5: Layout your campaign before you launch it and don’t forget to focus on backer rewards.
Pay attention to the rewards you offer
They can be used for market research to find out what works and what doesn’t
Basically be creative and don’t be cheap with your rewards. It could be a detriment to your campaign.
Bonus Tips: Set your goal low to initially build your funding and do an offline event like a pre-launch party, do a demo and get donations then.
Tip 6: Have at least 15-25% of your goal in your back pocket. This will guarantee either a fast start or “top off” money to ensure you hit your goal, preferably both, if possible.
Tip 7: Keep in contact with your donors. Make sure you communicate and keep your word on product deliveries.
Tip 8: Have a website auto-redirecting to your crowdfunding campaign. Even if this is a placeholder page, this is great for SEO value.
Tip 9: Amplify any credible earned media wins in the campaign. Keep your campaign buzzing.
Tip 10: Add more professional help to the mix. This can only help you make sure you have the right things in place to make your campaign more effective.