Back in January, our partner website reported on how Indiegogo launched a new InDemand feature, which allows creators to continue to raise money, even after their funding duration has expired.
Since then, I’ve had creators who have used and enjoyed InDemand on the podcast and I’ve really come to like the idea behind the service.
Running a successful ecommerce store is the next step for many creators after hitting their crowdfunding goal. InDemand is one step in that direction and makes it easier to accept payments, get data about your audience, and to continue to build up a following.
Here are a few key reasons to consider using Indiegogo’s InDemand functionality and opting into the program before or after you’ve raised money on their platform.
1. Previous Success = Credibility
Establishing credibility in the eyes of potential customers, backers, and crowdfunding enthusiasts is one of the hardest parts of preparing a new Indiegogo campaign.
After you’ve hit your goal and already done the work to market your project and develop a core following, it’s the perfect time to capitalize on the credibility that you’ve worked hard to build up.
Indiegogo’s InDemand program is one way to do that.
2. Ecommerce Will Come With Expenses Anyway
Whether you are planning to set up an ecommerce store with Shopify, Magento, or Wordpress, you’re going to have monthly expenses.
This could come in the form of:
- Transaction fees.
- PayPal fees.
- Credit card processing fees.
- Software fees.
- Website design costs.
- Website hosting fees (I recommend looking into Bluehost, what I use).
When you first think about it, the 5% fee that Indiegogo charges (plus payment processing) sounds like a lot, but it really takes away a lot of headache and you’re getting a good amount of functionality.
Ultimately, you’re going to need to set up your own store, but InDemand is a good bridge while you’re still figuring everything out and busy with customer service and mass production.
If you’ve read any of my other articles or listened to some of my podcasts with successful creators, you’ll know that marketing is all about telling your story through different mediums.
On Indiegogo, you have the opportunity to share who you are, what you’re about, and why your product matters through your video, text, description, and title. These elements are still customizable after you finished your campaign.
New customers who arrive on your page can see how your story has progressed over time, which is pretty cool!
4. Keep Building Your Community
In the past, I’ve been guilty as much as anyone else when it comes to obsessing over growth metrics, financial numbers, statistics, and engagement rates. But that’s not what matters.
Every new pledge is not just a number in a database or on your excel spreadsheet. It’s representative of an actual human being, with thoughts, feelings, aspirations, and friends.
The comments section on your project page, updates, your video, and your campaign text are all ways to continue to build a relationship with the community that has formed around your project and invite new backers into the clan.
Your Indiegogo page is a centralized place, similar to an online forum or Facebook group, where backers who have similar interests can interact, ask questions, and provide suggestions as to the direction of your project.
5. Capitalize on your SEO
New websites take time to rank well in search engines.
Even if you’re just trying to rank for your brand or company’s name, it will take time.
If you mention your brand name to people that you meet at a conference or at a coffee shop, it might be difficult for them to find your website online.
Your website might also not be fully fleshed out and you might not have the right content necessary to convert a passive visitor into a customer.
It’s likely that your Indiegogo campaign page is ranking pretty well for the core terms related to your brand.
If you’re accepting new backers through the InDemand program, then you’ll be sure to not lose out on any sales!
6. Maintain Momentum
Some crowdfunding campaigns experience what appears to be exponential growth throughout the duration of their project.
This means that over time, more and more backers keep discovering their campaign page, leading to pledge growth and runaway fundraising success.
Opening your project up to new backers is one way to harness the power of this momentum. I would also look into stretch goals as a way to appeal to new backers.
Remember, you might still be in the Indiegogo marketplace, but you need to market your project to take advantage of this period between your crowdfunding success and setting up your own ecommerce website.
7. Keep collecting analytics
The more you deeply understand your customers, the better your chance of developing your company into an industry leader and beating out the competition.
Ideally, you should gather analytics on customer behavior from your own website and email list, but for the time being, you can use Indiegogo’s platform to get a feeling for which tiers customers love most and where they’re discovering your project from.
You Can Always Opt-Out
The final reason that I like InDemand is that you can always opt out if you find that you’re having a difficult time fulfilling new orders or that your own ecommerce website is up and running and you’re ready to transition backers to that central hub
