There’s so much more to Kickstarter than just having a good product. You need to be able to showcase everything in a way that you want your backers to view your project.
In our fast paced, media centered world we like things in an instant. Videos are a huge part of this. Most people won’t even look twice at your project if there isn’t a video. Especially if the video is made poorly. Your video is a reflection of your product. If it’s not made great, what makes backers think you can create a quality project?
According to tip number 5, While making your video have a thorough explanation of what you’re doing. Let your backers know your whole plan. Don’t hide anything.Be personable with it. If you come off rude no one will want to give you money! Most of all talk up your project. Say how it’ll be the best thing they will every invest in. Talk up the rewards too. If you’re confident others will be confident in you as well.
Backers need to know where you’re at each step of the way. They’re investing in you. They trust you with their money therefore you need to keep their trust. This is where the “Updates” section of your page comes in handy. It shows a reverse timeline of what you’re doing.
It seems as though my prediction wasn’t as strong as I had thought…and neither was the product. As of 29 April 2015, the project failed. If you take a look at the project page now it’ll look like the screenshot below.
It’s hard to know if a Kickstarter will be a success or a flop. These Northwestern students have come up with an algorithm to predicting if it will be successful or not. Their study is still a work in progress. They had a 67% success rate. “This suggests that there is a possibility of the existence of a hidden variable that would help us classify better.”
With these types of studies it can possibly one day give each creator a better outlook on whether or not their project will be successful.
Being successful also means knowing your audience. If you don’t know that then no one is going to invest. If your product is a new music system and you’re trying to get sports investors they probably won’t take the bait.
Nobody trusts a procrastinator. And people love it when a plan comes together. If you say your project is going to be done in the future without setting a goal or timeline for your investor, people are going to be skeptical. And when you don’t meet that goal in a timely fashion, they’re going to be angry. According to studies, the best thing you can do when planning your timeline for investors is have an end date.
Take for example, the Pebble Watch.
On February 24th, 2015 the Pebble Watch project was launched with a relatively close by funding date of July. This made them infinitely more attractive than a “Whenever” due date. And they were rewarded handsomely.
They finished funding a little over a month later in March. When you give yourself only a few months, people are more inclined to donate because they want instant gratification. So when you launch your project, be ready to hit the ground running!
The reward system of Kickstarter is part of what makes funding projects fun. It’s also what makes it successful. Mastering it takes skill. You need to be able to make it affordable for you while still appealing enough to get people to invest in the big ticket items. There have been numerous papers and articles trying to detect patterns. One of them I thought would be great to bring to your attention.
Wording your rewards can help make them much more attractive. In the above link, studies show:
“The phrase “also receive two” (predicting a funded project), offers a favor in return for donating. In other words, this reflects reciprocity from the persuasion literature . Reciprocity says that people tend to return a favor (donate money) after receiving one (gifts and offers)”
So what does that mean? It means putting a veritable shopping list on your reward page isn’t a bad thing if you do it right. Take the CyPhy Drone. Here’s a quick glance at the reward page.
That’s a lot to take in, but doesn’t it feel like you’re getting a lot? It’s because they present their rewards in a clear fashion, but they’re still hitting you with a huge list. A huge faux pas of marketing works here, so don’t be afraid to go against the norm.
Hey guys so it seems like the prediction I made was right! The headphones are getting more and more pledges.
As you can see they have jumped £3,838 and 13 backers in just a few short days. It seems to be on the right track to its goal. There is still a lot that they need with the goal being £20,000, but it’s definitely not impossible!
There isn’t much information about MM8 Sports on this Kickstarter page. According to their Facebook page they sell MMA and boxing gloves that have censors that measure your power and speed with every punch. This is a pretty amazing company. Not many people know about them, seeing as the page only has 10 likes.
MM8 Sports has some amazing ideas. If they were to get their name out there a little bit more they could possibly have some great success! Kickstarter is one way a business can get launched. They do already have a brand but to get their products and their name out there Kickstarter can be an amazing tool.
One thing that Kickstarter doesn’t do that many other sites do nowadays is incorporate social media. A lot of sites revolve around Twitter, Instagram and Snapchat.
Ian Malave brings up a great point in Why Kickstarter Should Integrate More Fully Integrate Social Media. He believes that backers would have an easier time pledging if the project page was linked to the creator’s LinkedIn page. This would allow those who are unsure of who the backer is to find out a little bit more. If a company is a bit smaller they will be able to get their name out there if they were to do this as well.
Currently the only system for project creators to tell about themselves is a small “About” section. We have all heard horror stories about why we shouldn’t send money to anyone over the internet. Kickstarter has also been very clear that they don’t issue refunds.
Katherine Bindley explains where the money goes; “[if the project fails] the crowdfunding site suggests that it’s up to the creators to find a resolution.” This doesn’t always give those sending their money to strangers the greatest feeling in the world.
Projects that don’t make their goal are encouraged to refund the money. If they don’t do that they are encouraged to give each backer insight on where there money is going. For example, if I were to start a project on Kickstarter to fund my new water bottle invention and my goal was never met. If I decided to keep working on the project with my own money or to come up with a newer better prototype (to make a new Kickstarter eventually) I would let those who backed me originally how each new step is coming along of my new invention.
Don’t get me wrong Kickstarter is an amazing site. It is the number one crowdfunding source, however, everything has its flaws.
There’s a certain “Caveman discovers fire” charm that can still be captured by the presentation of some new, archaic technology. The pulling of hair, hands-on-head moment where you can’t believe what you just saw. That feeling is commonplace on kickstarter. But as we all know, not all of these ideas pan out. So how do you take a concept so outlandish and make people throw money at it? Well, promise to give them whatever they want. Not like you’re thinking. Behold! The worlds first consumer 3D printer: The Micro. It makes nothing into something. This is obviously one of the biggest breakthroughs we’ve hit in a long time. To fabricate things out of thin air is an insane proposition. You’re going to need to see something tangible. That’s why having a video works, it makes fantasy seem closer to reality. Having a video for most projects will go a long way, but when trying to make the next scientific breakthrough, it’s absolutely essential. -Ryan