You might have heard of the latest hot topic, “crowdfunding,” where creators are raising some serious money on websites like Kickstarter and Indiegogo.
Just recently, Kickstarter opened up their platform to Canadian users and already the $100 3D printer and scanner campaign has seen runaway success, having raised $471,002 CAD with a $50,000 goal and 22 days to go!
If you have a great idea, you may be thinking to yourself, “Maybe I should launch a Kickstarter campaign.”
Below, I’ve included a few guidelines to help inform your decision. These guidelines are geared towards the Kickstarter funding platform. However, there are many other crowdfunding platforms like Indiegogo, GoFundMe, Appsplit, Pledgemusic, Gambitious, and more. Be sure to check out some platforms related to gaming and music.
Does your project idea fit into a category?
According to the Kickstarter guidelines on the company website, “Every project on Kickstarter must fit into one of their categories: Art, Comics, Dance, Design, Fashion, Film, Food, Games, Music, Photography, Publishing, Technology, and Theater.”
In the last few years, Games, Film, Design, and Music projects have been the most popular in terms of dollars raised. I’ve noticed that projects that fit into these categories tend to benefit from anonymous backers on the website more so than other types of projects.
Speaking in general terms, I’ve also noticed that software or projects that involve creation of a website haven’t fared too well on Kickstarter. However, there are other platforms that specialize in apps like Appsplit.
Do you have a relationship with your target market?
Too often, I see creators come up with an interesting or clever project idea, but they have no experience with their target market. For example, if you are trying to create a game, but aren’t friends with gamers or you aren’t the frequent purchaser of games, it will be very difficult to judge whether or not you have a good project and how to best promote it.
If you have a familiarity with your target market and have interacted with potential customers, you are more likely to know the best promotion channels and may already have relationships in the industry that you can leverage to gain traction.
Do you have time to devote to the project?
Almost every successful and non-successful project creator I have spoken with has said that running a crowdfunding campaign is like having a part-time job, if not a full-time job.
Not only is there the preparation phase, where you must create a high-quality video, product images, promotional images, begin building your email list, come up with attractive reward tiers, possibly speak with a manufacturer & fulfillment provider, and craft compelling copywriting. There is the constant social media, PR, emailing, and relationship building that goes on during the campaign.
Contrary to opinion, the projects that seem to “fund themselves” are few and far between. Even these projects have countless hours of preparation, whether it is designing the prototype, reaching out to journalists, or building relationships with influencers.
Have you backed any projects?
Backing other creator’s projects will give a glimpse into the Kickstarter community. Receiving updates, commenting on projects, and being involved in the creative process will help you tailor an awesome pledging experience for your potential backers.
I think it’s important to be involved in the Kickstarter community. It shows that you care about independent creation and other backers are more likely to take the time to check out your project if they see that you are giving to the community, not just taking.
Questions?
If are considering starting a crowdfunding campaign and have questions, feel free to leave a comment below or engage on the KickstarterForum. Be sure to read through some of the “lessons learned” that users have contributed on the forum.
