30-45 days 30% 48 hour rule Realistic goals, blow it out of the water
Green bar effect
GOAL/ GREEN BAR EFFECT – speak to stat 87% of campaigns that reach their goal exceed it by an average of 32%. Expect to raise 20-30% from your closest community
Set an attainable goal It’s important for the psychology of your campaign because contributors want to give to a campaign that looks successful. We call this the green bar effect. If you can’t figure out how much your goal should be estimate how much your family and friends will give, then multiply this number by 3 20-30% of your campaign should be funded by your family and friends Campaigns that set their goal to be between $50,000 – $75,000 raise more money on average than campaigns that set their goal to be $100,000
-Internal vs. external goal
-Goal should be smallest amount possible to still move project forward and fulfill perks -Set a conservative goal (20-30% raised from friends and family, raise immediately)
If you don’t remember anything else from this lab, remember that a higher goal doesn’t not mean you’ll raise more money. In fact, we find the opposite is true.
Pitch is the face of your campaign
Who are you? What are you raising money for? When & Where will your project take place? Why are you raising funds? (most important!) How can people get involved?
More often than not, people fund people, not projects so be sure you tell them who you are and why you are passionate Answer the who, what, when, where, why and how within the first 30 seconds. No more than 3 minutes long. Campaigns with videos under 5 minutes were 25% more likely to reach their goal than those with videos that were longer.
HOW: Provide a clear call to action.
Connect to your contributors through your video. Show personality. Tell your story. Why crowdfunding? Express gratitude. Be authentic!
Above the fold
Average contribution is 12% higher for campaigns with a pitch video. Contributors want fast and easy information
The best perks motivate people to give because they’re passionate about your project, proud, or want to participate in the project.
These are universal human behaviors getting unlocked by crowdfunding:
People want to have meaning in their lives. They like to support the things they care about, and they like to participate in opportunities bigger than themselves. They like to create the reality around themselves, versus waiting to let it happen. When you make it easy for folks to help, engage and determine what ideas come to life, they do.
And if they could get a token of thanks in return, all the better. It’s the law of reciprocity. That’s why Indiegogo pioneered the perk-based model.
While you technically don’t need perks, you’re much more likely to be successful with perks, and your contributors are more likely to be happy.
Campaigns with perks raise 143% more on average than campaigns without perks.
Remember, perks are fun! They’re a chance to be creative, make things, and express yourself.
Perks – talk about variety of things, would also be nice to show examples, slide 15 has pretty good ideas
Perks are important! 70% of successful campaigns offer 3-8 perks An even spread Pricing is crucial – be realistic Keep fulfillment in mind
Offer perks that are unique, creative, personal & non-copyable Change/add perks throughout campaign, $25 perk is most popular Create demand with limited quantities of each perk
Be creative with your perks,
Only one chance at first impression Create “Action Team” early Share with friends & family immediately, email everyone you know! Create promo schedule before campaign launch Once you gain traction, engage in a broader push to your fan base
-Put yourself in the shoes of your target audience – what would they want to see? -Why important? Don’t want people to come to campaign, give money, and forget about it
Updates – importance of them, treat it like a blog and be engaged with the community and give ideas on what to talk bout
General suggestions for presentation - infographics, bullet points, short quick things that people can digest easily.
David suggestison – in general all of the content needs to look awesome, even the new stuff that PUSH has sent along doesn’ts eem great, looks like it was just taken off the internet. We need to step up the quality of all of the materials, wants them to look really good and a great time with a rebrand Short and simple, very clean and not too powerpointy, has to look like Thinsk we need to redo youtube, everythign looks amateury, its real real ghetto, we cannot put out this content anymore – better to put out less content and make sure that is super strong – thinks we put out wayyyy too much content and no one is paying attention. In order ot have this stuff to make a difference we need to put resources behind it to make sure it loosk awesome. WE NEED A GOOD VIDEO CAMERA and we should have a contract ot hire video person who can edit and shoot for us, we did a little in the andrew era – we pro filmed (andrew brought in people) to film us talking about helpful tips and NO clue what happened to this content – ask Yan, it must be somewhere saw some clips but not any end product, may not have been complete
1800% with 20 or more updates, up and to the right
Promotion example: Campaigner put 25 band aids on her face – peeled one band aid off when $1,000 was raised – great promotion tactic for updates
Raise money – get your business funded Gain visibility - Word of mouth is the most authentic to build interest in your project. And the internet has given us virality. Gauge Demand (Market Validation) – A successful crowdfunding campaign shows that people are invested in your idea. Contributors have “voted” with their wallets. Connect with your audience– Get a better sense of who your project speaks to in order to better target your campaign. Reach your audience on a whole new level never before possible
Satiri Star Accessory -Product: a wireless tracking device which allows any camera to follow your every move -They were turned down by 30 venture capital funds before their successful Indiegogo campaign -Proved there was a market for their product by raising $24,000—which led these Bay-area engineers to nearly $1 million in follow-up "offline" investments.”
Benefits of cf, its not just about th emoney, if that’s what you’re doing you’re doing it wrong Gain visilibity – help people find out more about your band, connect with your audiencs, validates your band/ for helping fund another album
Crowdfunding for Impact
@indiegogo | @gogoalisa
The collective effort of
individuals who network and
pool their money, usually via the
internet, to support efforts
initiated by other people
Why do people contribute?
What Are Perks?
Unit of impact
Anything you can (legally) imagine
Create Unique Perks
• Campaigns with perks raise 143% more money
• 70% of successful campaigns offer 5–8 perks
• Create demand with limited quantities
• $25 perk is the most popular!
• Keep fulfillment in mind
35 | Indiegogo |
• Sent all funders and “favorites”
• Recommend sending 1–2 a week
• Treat it like a blog
• Engage your community
What To Talk About
• Perk promotion
• Media coverage
• Organizational developments
• New/unique content
• Make funders feel special, part
of an exclusive community
Update, Update, Update
Campaigns with updates raise 286% on average
more than campaigns with no updates.
% RAISED WITH UPDATES
1 to 5 6 to 10 11 to 20 More than 20
• Start planning for #GivingTuesday 2014 NOW
• Know your messages and audience!
• Use ALL means of communication to spread the word about your
• Use #hashtags and images!
• Variations on a theme
Amplify existing donors
Spread a message
Engage your Community