Crowdfunding is a hot buzzword these days with good reason. Sites like Kickstarter have become a great way to raise money for a project that’s too risky or daring for traditional funding sources to take a chance on. But not every Kickstarter project is successful, and there are a number of reasons for that. Below are ten things one should do when launching a Kickstarter funding appeal.
Choose a Realistic Funding Goal
There are no rewards in Kickstarter for almost making the goal, so it’s important to set a budget that will be funded. However, being realistic about just how much money is needed is important as well. That realistic amount should also take into account the percentage that will be owed to both Kickstarter and Amazon’s payment system.
Choose Rewards Carefully
As with the funding goal, these must be realistic. Hitting one’s goal won’t matter if all the profits will end up paying for what’s offered to backers.
Pick a Reasonable Length
While any amount of time up to 60 days is permitted for a campain, people can get weary of endless publicity, and indeed Kickstarter itself suggests that about a month is a good limit.
Follow the Rules
Kickstarter can reject a project, and its guidelines change periodically. Potential fundees should read them carefully and be sure they are outlining a project that Kickstarter will accept.
Pick the Correct Category and Subcategory
Categories like art, music and dance are pretty straightforward. Subcategories may need to be chosen with a little more care in order to ensure that the most receptive audiences are reached.
The written description of the project should be clear and easily understood. The project page should explain in detail where the money will go as well.
Be Savvy About Publicity
Social media can be a great way to get the word out and keep reminding people although it needs to be balanced with interactions that are not directly related to promoting the project. Reaching out to people personally is more effective than mass emails. Press releases can also be sent out to local media or potentially interested bloggers.
Make a Video
A Kickstarter video promotion has been shown to increase the likelihood of a project reaching full funding. It’s not required, but it will certainly help.
Keep Backers Informed
Once the process of funding is underway, it’s important not to ignore the people who have committed money to the project. It’s best to think ahead about how often the updates will occur and whether they will be visible to everyone or only to backers. Keeping updates visible to everyone may encourage more people to donate as they see progress happening.
Submit the Project
Once all of the above have been worked out, it’s time to submit. Kickstarter’s submission process is user-friendly. An interesting title and good description will increase one’s chances of getting funding. Kickstarter will approve or reject the project within a few days and will sometimes include feedback about rejections.