Olivers, an innovative athletic clothing design firm based in California, is $80 away from hitting the $160k on Kickstarter, despite only having a $10,000 initial funding goal. Their home-run success is a testament to their focus in keeping design at the forefront of every decision, using only the highest quality components, and continually iterating on the product until it is perfect.
I had the chance to sit down with David Wolfe, one of the founders of the company, to gain some insight into marketing projects on Kickstarter. Check out the results below. I’ve also included some take-aways after the interview.
1. You’ve raised almost 10 times your fundraising goal. Was that planned? Walk me through your preparation activities.
We had no idea how much we were going to raise. We set our goal based on the MOQ’s required from our suppliers. We did spend months crafting the campaign and iterating on the product. Our manufacturer and pattern-maker are both down the street, so we were able to revise the product a number of times in a short period. In terms of video PR, we leveraged some of the contacts in the industry we already had.
2. To date, what marketing/promotional efforts have you found to be most effective?
The most effective thing we did was activating our existing networks to get them excited ahead of time.We also built a social media campaign with photography done by our Design Director, Mike Armenta, which got people intrigued by what we were working on.
I would definitely recommend that creators focus on engaging there friends/friends before the campaign, present a simple product with a clear value proposition, and spend time making a high quality video.
3. What kinds of statistics have you seen with your campaign and do you have any thoughts on optimal traffic/conversions?
To be honest, we haven’t spent a ton of time tracking that kind of data. Most of our time has been working on continuing to hone the product and the message. That said, we’ve seen that about 1 out of every 9 people that views our video makes a pledge, which we’re excited about.
4. How many people have been working on the team and where did the vision for Olivers originate?
There’s 4 guys on the team, and a 5th that has been involved in a smaller capacity. The idea originated from the simple fact that we couldn’t find well fitting, high quality men’s athletic apparel.
5. Do you plan to keep manufacturing local, or is this decision just for the Kickstarter project order fulfillment?
We plan to keep it local. Our factory is one we’ve worked with for years. Having them down the street allows us to ensure both high quality and a timely delivery.
7 Key Takeaways
1. Optimize Your Reward Tiers
This campaign is a great demonstration of pricing compelling reward tiers affordably. Reward tiers need to be optimally priced and presented with good copywriting. I can’t tell you the number of times I see campaigns offering something like a CD (the product) as a reward at a $60 reward tier. This is not an optimally priced reward because on the marketplace, CDs are only $15-25. In addition, in order for rewards to be compelling, they must be pitched in a way that is attractive to a potential backer. For example, “you’ll get your choice of 1 pair of OLIVERS shorts from the original collection. 29% off retail price ($68).” This copywriting emphasizes the bargain you will receive from backing the campaign and how it compares to the market price. Also, this campaign did a great job of using words like “limited edition”to appeal to backers at different reward tiers.
2. The video is your first impression
It can be difficult to pull together a professional video if you don’t have experience with video editing or lighting. At the same time, in my experience, the video impacts your success more than any single one thing on your Kickstarter page. Finding help via your social network, elance, networking, or crowdfunding classifieds can dramatically improve your chance of meeting your fundraising goal. If you are on a tight budget, look out for skill-share opportunities. For example, if you are good at writing, you might help another campaign creator out with their copywriting if they help you out with your video editing.
3. Don’t set your fundraising goal too high.
One of the common Kickstarter mistakes is to set your fundraising goal too high. Remember, Kickstarter is an all-or-nothing crowdfunding platform. If you don’t meet your fundraising goal before the time runs out, you will lose all that hard work and have to start again. Only ask for what you absolutely need to complete the project. You can always raise more with stretch goals.
4. Create a product you want to use
Some of the greatest technology and product driven companies, including DropBox, Apple, and Facebook have been built on the simple mantra: build something you would want to use. For this to be the foundation of a budding enterprise, the founders must be the ideal customers. The Olivers Team has focused their efforts on building athletic apparel that they themselves want to wear and on solving a problem that they have personally experienced.
5. Invest in your dream
There is a difference between an investment and an expense. When you invest in your Kickstarter project, you are expecting positives results that outweigh the financial sum you put up for marketing, pr, video development, etc. Unfortunately, there is always the element of risk. You may invest $1,000 in marketing, but the firm that you hire may only bring in $900 worth of pledges. I always urge campaign creators to invest in their campaign a small amount beyond sweat equity, as it shows that you are serious about the project and is the start of the long process of learning how to optimally market your product once it leaves Kickstarter. Olivers invested $5,000 of their own money in product development.
6. Create a launch page
Creating a launch page for your campaign that directs website visitors to the relevant links to learn more about your project, easily share it with their friends, or sign up via email for updates can be a great way to direct new contacts (via business cards/networking events) to your new Kickstarter campaign. Check out Oliver’s landing page here.
7 .Transparent delivery schedule
Below, I’ve included Oliver’s delivery schedule. With the recent controversy regarding Kickstarter and the delayed production of creator’s projects, including a schedule that breaks down when backers can expect to receive their rewards is a great way to allay fears and generate trust with potential supporters.
