If you have a great idea for a new product but need to raise some finances for it, you should be using the popular crowdfunding site Kickstarter because the results have been impressive ever since their launch in 2009. Approximately 4 million people have committed close to $600 million to fund in excess of 40,000 projects.
Using the Kickstarter site is one thing but creating a compelling campaign that will bring in enough investments to get your idea of the ground is another thing. There are no definite ideas which can get you started but you can definitely take the steps needed to increase your chances of getting your project funded. You can begin your effort on Kickstarter by following the tips we have mentioned.
EXPLAINING YOUR IDEA ON THE KICKSTARTER PROJECT PAGE
It is essential for you clearly to define the purpose and the scope of your project initially. Explain precisely why the money is required and how the money will be used including what it will be used for. Do not make any mistakes out here by being vague about the specifics about your inspiration for the project or what the finished product will be. It is a mistake you should be looking to avoid at all costs.
DETERMINING YOUR FUNDING GOAL
As a crowdfunding platform Kickstarter gives you the option of all or nothing. If you do not receive the funding you have determined on the deadline you will not receive any money and none of the contributors will be charged anything. If your project attracts significant funding before the deadline Kickstarter will continue to accept donations until the deadline is completed.
Therefore you need to be realistic about the funding goal you have in mind. Consider the cost of manufacturing, packaging and shipping your final product along with the costs of any rewards you are offering to your backers when determining the funding goal. Also, take into account the 5% fee Kickstarter will collect if you receive funding for your project. You also need to consider the fees of 3 to 5% charged by Amazon as processing fees. Determine your funding goal appropriately and your chances of receiving the funding will be enhanced.
REWARDS FOR YOUR BACKERS
If you need people to back you, you need to motivate them in some way with the help of rewards. You will not be allowed to offer cash rewards by Kickstarter and therefore you will have to come up with ideas to offer rewards valued at one dollar to $10,000.
You should be considering rewards that will add a personal touch and create extra value for your backers without increasing any additional hassles for you.
GETTING YOUR PROJECT ACCEPTED BY KICKSTARTER
The official guidelines of Kickstarter clearly state that you should be demonstrating the status of the project with technical drawings, photos, videos, and sketches apart from a prototype which demonstrates the current functionality of the product. Go through the guidelines carefully and study them quite regularly because Kickstarter changes the guidelines quite often.
VIDEOS CAN HELP YOUR KICKSTARTER CAMPAIGN
We recommend that you create a video for the Kickstarter campaign despite it not being required. Projects that are accompanied by a video have a success rate of 50% higher than the projects that don’t. You can keep the videos short and personal and it does not matter whether you create the video by using a professional or even smartphone. The video can be as short as a minute or two and you should be giving information about what inspired you to create the project.
PUBLICIZING YOUR KICKSTARTER CAMPAIGN
After you are prepared to launch your project can begin publicizing the same by using your personal or professional networks online and off-line. You are advised not to use mass emails but to make use of the difficult part and the right personalized emails to introduce the Kickstarter project. It will be essential for you to be warm and personal and get the people you are talking to involved in the project.
THE DURATION OF YOUR KICKSTARTER CAMPAIGN
The success rates of Kickstarter campaigns is the highest when the duration is set at 30 days or fewer. You can have a campaign running for 60 days but Kickstarter recommends the latter.
If you are prepared with all the information described in this discussion you can consider yourselves ready to start a Kickstarter campaign.