Most failed crowdfunding projects never manage to raise 30% of their funds.
At 30%, a tipping point happens. Fans start pushing it forward, and the project creator has something to lose if they can’t get it over the line. But getting to that first 30% is often a struggle – particularly with large targets. It can seem like a magic trick – where do you find enough backers to raise that kind of cash?
Here are three misconceptions about where your backers will come from, and the key to making your crowdfunding project succeed.
1. The platform provides
The number of people who routinely back Kickstarter, Indiegogo, or another platform’s projects is very small. Many regular backers will find your project through other websites, social media, or via friends.
The majority of backers (over 70% at the time of publishing) on Kickstarter have only backed one project. Those that back a number of projects typically stick to their favourite category (gadgets, games, movies, music).
Yes, it’s a lot easier to convince someone who is aware of how the platform works to back your project; and yes, some of your backers will come through by browsing the site, but it’s going to be the minority.
2. Media attention
Whether you are hoping to be picked up by an indie blogger or a traditional media outlet, I’m sorry to tell you that this is not going to get you to 30% either.
Every man and his dog have a crowdfunding project these days – particularly since the ludicrous success of the now infamous Kickstarter Potato Salad. The simple truth is crowdfunding is not a news story.
As if that isn’t enough, unsuccessful crowdfunding is even less of a story. Gaining traction from traditional media before your project has gained 30% of its funding goal is unlikely. Ideally you’d need to be closer to 50% to stand a real chance.
3. Social media
Let’s face it, your project really IS amazing, and it WILL change the world. That’s why you’re here – because you know I care about getting world-changing innovations off the ground, and helping people to reach their dreams and potential.
But here is the solid truth: your project is probably not going to be shared by random strangers throughout Facebook and Twitter. At least, not right away.
It takes work to get your project onto everyone’s newsfeeds. Even worse, most people won’t click unless they see it coming through from multiple sources.
So how does a project succeed?
It probably seems like I’ve just dashed all your hopes and dreams. Sorry about that. It’s not all bad news, however.
What I’m really trying to say is that your project is not going to succeed like magic.
There is no Crowdfunding Fairy, and Kickstarter is not a magic lamp with wishes to grant. Like everything good in life, crowdfunding requires work, and commitment.
You’re going to have to find your initial audience yourself (using this technique is a good start). Once you’ve reached that magic 30%, things will get a little easier, but it’s not over until you’ve hit 100%.
It’s a combination of factors. Firstly, you have to be looking for the right amount. Make sure that what you’re asking for is the minimum amount that you need. Don’t build profit margins into your target – you’re only shooting yourself in the foot.
Next, build up your audience before you launch. Check out this blog on finding your first backers to start.
Then create a rapport with your audience, and turn them into fans. Get them to care about what you’re doing. Not sure what I mean? Try this post on making “forever fans”.
Finally, ask your fans to share your project. Get them to send it to their friends, and put it on their social media feeds.
You can shout into the void by yourself until you’re hoarse, and no-one will hear you. But the internet won’t be able to ignore an avalanche of attention from people who genuinely care about whether or not you succeed.
