Why don’t Kickstarter campaigns hit their fundraising goal?
Why do crowdfunding campaigns fail to raise funds?
It’s frustrating, infuriating, and downright scary! You don’t wanna become one of those statistics and join other campaigns that fail to raise their goal.
I’ve been studying this phenomena since 2012 and I’m happy to tell you that I’ve come up with a clear and definitive reason as to why this happens.
You can rise above this trend that plagues so many other entrepreneurs. You can be one of the success stories that I showcase on my podcast.
I answer this question in todays video and I also share a bit of my story with you. I get into how I’ve been working to address these problems in the industry.
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No one likes talking about failures because it creates FEAR. I believe fear is the 1,000 pound gorrilla that haunts the dreams of entrepreneurs and creative types all over the world.
Let’s wrestle with it ;).
1. Lack of preparation will kill you…
You’ve heard it elsewhere. Now you’re hearing it here.
You need a game-plan going into a crowdfunding campaign. You need a marketing plan.
Without one, you’re basically doomed. You could be the outlier that gets funded and goes viral on Kickstarter. But, that’s very unlikely.
More often than not, you’ll just launch and see barely any funding. You gotta seed the pump if you want to attract backers on Kickstarter.
Aside from this video, I also have a Udemy course called the Kickstarter Launch Formula that helps you prepare step-by-step so that you’ll blow past your goal.
2. If you don’t validate, you’re not guaranteed success
Isn’t a crowdfunding campaign supposed to BE validation?
Well, it is to a certain degree. The best companies, though, will validate their product before they go on Kickstarter or Indiegogo.
They’ll ask questions of their users, survey their potential customers, and really understand the pain-point that their product solves.
Without this validation phase, you’re not guaranteed that people will like your product. You’re just hoping that they will. You’re hoping they’ll connect with your solution.
All products solve problems that people experience in their lives. Make sure yours does too.
In my Udemy course, I share the real reason why people support crowdfunding campaigns.
3. You need a team (here’s how to get one)
All great things on this planet were accomplished by a team of people.
If you wanna succeed, you need a team of people around you who can help you get there.
The problem is… how do you actually get one?
Aside from getting some friends together to help spread the word about this project, what else can you do?
First of all, you can always bring someone like me on the project as a coach. I’m happy to coach you through this entire process and connect you with the right people.
You can submit a coaching inquiry here and I’ll get back to you ASAP.
Second, you can partner with one of the marketing agencies in this industry to help get your project off the ground. Naturally, this may be more expensive, but you can find a list of them here.
Lastly, you can give away equity in your company to bring on an advisor or someone who can help you go through this process. You can also bring on co-founders or others who have a stake in the success of your company.
There are other reasons campaigns fail…
There are other reasons that campaigns fail and I cover those in this video.
By being prepared, you’re far more likely to see success on Kickstarter, Indiegogo, or any platform that you launch on.
I hope that some of the reasons I share in the video will open your mind up to the common pitfalls that many entrepreneurs experience.
It’s my job to hold your hand and help walk you through this process. I do this with both my free content and my paid coaching, books, courses, and programs.
I am super passionate about crowdfunding and about seeing entrepreneurs realize their dreams. In a small way, it’s how I can envision myself changing the world (through my students).
