Earlybirds lead to crowdfunding success
When the Refold Portable Cardboard Standing Desk launched recently, it made waves immediately.
Not just because it has an innovative and awesome product, but also because it pulled in $3,000 in under an hour.
How? One word: Earlybirds.
They ensure you hit strategic goals and build momentum, fast
One of the early signs of a successful crowdfunding campaign is hitting 10% on day one.
For Refold, they secured more than that in under an hour from just 20 backers. I know because I was backer #22 (gutted!!!)
You have to offer something people want
Refold are offering something amazing. And for me, something that suits my lifestyle.
It’s a cardboard desk that folds down, but is quickly and simply put together, and has the ability to hold a substantial weight.
I was going to back this anyway, but the product isn’t a cheap one, it’s possible some people might want to put some thought into it before committing (unlike me, I always go charging into my pledges like a raging bull…)
The discount must be worth it
Sometimes I see tiny earlybird discounts. $2 or $3 won’t do it. $5 isn’t even enough.
The point of an earlybird is to entice urgency. You want to hit that 10% mark as soon as possible after launch.
So you need to price your earlybirds in a way that makes someone say “I can’t possibly miss out on this deal! I MUST back this NOW!”
For Refold, they were offering an earlybird of $145, and a full price of $160. A discount of $15. Definitely enough to make people act quickly.
Strictly limit them for maximum effect
I’m going to be honest with you, I’ve given bad advice on this one before.
I’ve recommended people limit to hit 30%. The result being the campaign closed – successfully – and earlybirds were still available.
It made me sad.
Refold’s strategy was much better. Only 20 desks were made available at the discounted price – allowing them to hit 10% fast.
Tell people they’re available – but they’ll need to be quick
Publicise the fact earlybirds will be available when you’re telling people about your campaign.
Make it that secret-but-not-really-secret thing you tell EVERYONE about. That special piece of information that only “special” people know about.
Build hype and anticipation. Make them fly off the metaphorical shelf!
Earlybirds will help set your campaign up for massive success, but they’re not a magic bullet.
They will only work if you have a great product, and you’ve worked your ass off on promotion. They are simply another tool in your crowdfunding belt that works with all the other things to create a successful campaign.
