5 Tips for Running a Successful Kickstarter Campaign
During our fireside chat on How to Run a Successful Kickstarter Campaign, local entrepreneurs Conor McGoey from Inside Up Games, and Bree and Hailey Hollinsworth from Ungalli Clothing Co., shared their personal success stories, experiences, and advice on the crowdfunding platform. Here are 5 takeaways from this event:
1. Determine if Kickstarter is the Right Crowdfunding Platform.
With Kickstarter, there’s the “all or nothing” principle. This means that even if you have many backers and pledges, if do not reach your funding goal by the specified date, your backers will not pay, and you will not receive any funding. When someone backs your Kickstarter campaign, they will opt for a preauthorized credit card payment and it will only go through if the business reaches their funding goal. There are instances where this model may not fit your needs; especially if you are wanting all the funding that you can get. In this case, crowdfunding platforms such as GoFundMe or Indiegogo might be better alternatives for you.
Secondly, Kickstarter is a reputable platform with reputable campaigns. If you delve into current or past successful Kickstarter campaigns, you’ll quickly notice a commonality; they all use high quality marketing materials – for example: videos, graphics, messages…etc. If you feel that you can meet or exceed the caliber of these campaigns and their marketing techniques, then this will enhance your image and will help your competitive position in the Kickstarter space.
2. Validate Your Idea/Product.
Before you invest your time and money into building a Kickstarter campaign, it’s important to understand the need and demand for your idea/product; this can be done by validation. Validating your idea/product can be done by talking with, and surveying your existing customers and target audience to determine interest, thoughts, and attitudes towards your idea/product. Gathering and interpreting this data will help guide your decision in whether your product will be worth pursuing, and also help determine if Kickstarter will be a fit for your product. As well, this data can help you optimize your product/idea before you introduce it to the world and to Kickstarter.
3. Running a Kickstarter Campaign is a Fulltime Job.
Don’t underestimate the amount of work that is involved with learning, planning, and managing a Kickstarter Campaign. Learning Kickstarter can take a great deal of your time; luckily, there are plenty of great resources that will help you learn and plan for your Kickstarter project such as “The Kickstarter Blog” , and “Kickstarter Lessons” by Jamie Stegmaier.
In the planning stage, a time investment you should be prepared for is creating a marketing and communications strategy. In fact, it’s not uncommon to have a team of marketers behind a Kickstarter campaign throughout its duration. A key part of many successful campaigns is the use of a professionally made video; this is often used as the standard way to introduce yourself, your business, and project to the world. This video will be the first thing people will see when they land on your Kickstarter page and when it’s marketed using different online channels, it can be a great way to direct people to your Kickstarter page.
There is a realm of considerations that must be looked at and prepared for – especially if you are inviting people to back your campaign internationally. If your campaign succeeds and you meet your funding goal, it’s important to be prepared for the costs associated with delivering the rewards to your international backers such as: exporting costs, shipping, taxes … etc. Here is a detailed guide that covers Kickstarter shipping and fulfillment.
While your Kickstarter campaign is running, allocate plenty of time towards your marketing and communications strategy. This means communicating and updating your backers, and also, responding to any comments and inquiries on your project page, in a timely and respectful manner.
4. Get Involved, Get Active, And Get Talking.
To help your campaign catch on, make yourself known in your industry by building a community of followers and creating anticipation around your project well before you launch your Kickstarter campaign. Some ways this can be achieved is by: having an active online presence, getting bloggers/influencers on board to endorse your project, and making yourself known by showing support to other businesses with Kickstarter projects in similar industries; often, they will show their interest and support for your campaign in return.
After launching your campaign, consider hosting an interactive Kickstarter funding event for the public. Doing so will help continue building excitement around your project and will provide the opportunity to have face-to-face interaction with the public. A Kickstarter funding event is also be a great way to educate people on Kickstarter, on your project, and furthermore, generate pledges on-the-spot, plus backer referrals.
5. Understand Kickstarter Funding Trends and Plan Accordingly.
For Kickstarter, it is common for campaigns to see funding trends that graphically resemble a “suspension bridge”. Specifically, it’s common for there to be two funding peaks; the first one being a couple days after the initial launch, and the second peak occurring a couple of day before the completion date. Knowing this can help you plan accordingly and help you build your marketing strategy.
Kickstarter can be an excellent way to fund a project and to gain awareness of your brand and idea. If you are willing to invest time and money, validate your idea beforehand, learn the ins and outs of Kickstarter, and seek marketing support and expertise, this is all a step in the right direction to achieving success in your project campaign.
Although there is high risk involved in running a Kickstarter Campaign, if successfully planned and executed, the rewards can be high and will help get your idea or product off the ground.