Kickstarter is rich soil for creative types. In the last few years artists, visionaries, and dreamers have come together and really produced some awesome work. Unfortunately, even if you have an idea for a project that might change the world, if you don’t bring the numbers to the table, it ends up being nothing more than that- A dream.
Too many people fail on Kickstarter for the wrong reasons. In an equitable marketplace, the greatest ideas should win, but that’s like saying the best selling author is the best writing author. We both know that’s not always the case.
I know that project owners work really hard to get noticed. From social media to requesting interviews to attending networking events in their local community, all project owners I’ve met have told me that fundraising is a full time job and there’s no way to get around that. But what if I could make your life a little bit easier?
The other day I was reading an article about SmartThings, a local DC startup that raised $1.2 million on Kickstarter in 30 days. Sure, it was a great success, but it didn’t sound too much out of line with the recent projects I’ve been reading about. That is, until I discovered this little fact:
Word of mouth certainly was the driving force behind the project, but they gave it a considerable jumpstart with a healthy dose of targeted Facebook advertising. Stolp said, ‘Facebook ads were a big part of the campaign’s success. We saw great traffic from it.’
I hate to say it, but the creative artists on Kickstarter need to become creative businessmen, at least for the duration of 30-60 days. I know that your project might be world-changing and that it should speak for itself, but we need to understand that the best ideas do not always win. However, the best marketed ideas almost always win.
So let me ask you this, what is your cost of user acquisition? Are your marketing and advertising costs budgeted into your project fundraising goal? What are your incentives for people to share your product with their friends?
If backers receive your product at the third reward tier for a pledge of $150 and you are making a 15% profit from these orders, wouldn’t it make sense to spend $10 worth of advertisment on Facbook if it meant you could acquire an additional pledge at this tier? What if they pledged at a higher tier?
Most crowdfunders rely on word of mouth, blogger endorsements, social media sharing, and being featured on the Kickstarter homepage for pledges. Try something new! But only if the cost of user acquisition makes sense. The only way you can find that out is through trial and error with small amounts of money.
Don’t forget that paid advertising is always an option in your arsenal, and yes, people DO click ads because they are interested in the product. Facebook is great because you can target by likes, region, age, relationships, and more.
Hopefully, as more and more strategies come out that can help crowdfunders achieve their fundraising goals, we’ll see better and better improvements that might just change the world a little bit for the better. For more information, check out 5 Tips for A Better Kickstarter Campaign.
