Crowdfunding 101 in 2015 & 10 Tips to Succeed with Your Crowdfunded Campaign
-
Upload
keith-boswell -
Category
Marketing
-
view
183 -
download
1
Transcript of Crowdfunding 101 in 2015 & 10 Tips to Succeed with Your Crowdfunded Campaign
![Page 1: Crowdfunding 101 in 2015 & 10 Tips to Succeed with Your Crowdfunded Campaign](https://reader034.fdocuments.in/reader034/viewer/2022051414/55aec1831a28ab5d4d8b47cd/html5/thumbnails/1.jpg)
by Keith Boswell, Chief Strategist, Percep8nt
Crowdfunding 101 Best Prac*ces & 10 Tips to Succeed
![Page 2: Crowdfunding 101 in 2015 & 10 Tips to Succeed with Your Crowdfunded Campaign](https://reader034.fdocuments.in/reader034/viewer/2022051414/55aec1831a28ab5d4d8b47cd/html5/thumbnails/2.jpg)
![Page 3: Crowdfunding 101 in 2015 & 10 Tips to Succeed with Your Crowdfunded Campaign](https://reader034.fdocuments.in/reader034/viewer/2022051414/55aec1831a28ab5d4d8b47cd/html5/thumbnails/3.jpg)
The crowd’s here & they’re not leaving.
![Page 4: Crowdfunding 101 in 2015 & 10 Tips to Succeed with Your Crowdfunded Campaign](https://reader034.fdocuments.in/reader034/viewer/2022051414/55aec1831a28ab5d4d8b47cd/html5/thumbnails/4.jpg)
I’ve worked in & with: § Web design & so=ware integra8on § Display adver8sing & tracking § Search & email marke8ng § Social media marke8ng § ACribu8on & analy8cs § Crowdfunding (2 campaigns in development)
My Background
Kent ISD
![Page 5: Crowdfunding 101 in 2015 & 10 Tips to Succeed with Your Crowdfunded Campaign](https://reader034.fdocuments.in/reader034/viewer/2022051414/55aec1831a28ab5d4d8b47cd/html5/thumbnails/5.jpg)
My Background
20 years in Digital Marke:ng & Opera:ons: § Desktop publisher § Founder of a web design firm § Project manager § Account manager § Internet Strategist § COO of Search Marke8ng Agency
(acquired)
§ Director Account Services § Director of Digital Marke8ng & Social Media Strategy
(for a $48 billion dollar non-‐profit)
§ Author & Co-‐founder of Publishing Company § and now…
![Page 6: Crowdfunding 101 in 2015 & 10 Tips to Succeed with Your Crowdfunded Campaign](https://reader034.fdocuments.in/reader034/viewer/2022051414/55aec1831a28ab5d4d8b47cd/html5/thumbnails/6.jpg)
My Background
I’m a shared resource Chief Digital Officer
![Page 7: Crowdfunding 101 in 2015 & 10 Tips to Succeed with Your Crowdfunded Campaign](https://reader034.fdocuments.in/reader034/viewer/2022051414/55aec1831a28ab5d4d8b47cd/html5/thumbnails/7.jpg)
My Background
I fix broken digital businesses & improve successful ones.
![Page 8: Crowdfunding 101 in 2015 & 10 Tips to Succeed with Your Crowdfunded Campaign](https://reader034.fdocuments.in/reader034/viewer/2022051414/55aec1831a28ab5d4d8b47cd/html5/thumbnails/8.jpg)
What is Crowdfunding?
crowd·∙fund·∙ing /ˈkroudˌfəndiNG/
noun noun: crowdfunding; noun: crowd-‐funding the prac8ce of funding a project or venture by raising many small amounts of money from a large number of people, typically via the Internet.
![Page 9: Crowdfunding 101 in 2015 & 10 Tips to Succeed with Your Crowdfunded Campaign](https://reader034.fdocuments.in/reader034/viewer/2022051414/55aec1831a28ab5d4d8b47cd/html5/thumbnails/9.jpg)
Why Is It Important?
![Page 10: Crowdfunding 101 in 2015 & 10 Tips to Succeed with Your Crowdfunded Campaign](https://reader034.fdocuments.in/reader034/viewer/2022051414/55aec1831a28ab5d4d8b47cd/html5/thumbnails/10.jpg)
Why Is It Important?
![Page 11: Crowdfunding 101 in 2015 & 10 Tips to Succeed with Your Crowdfunded Campaign](https://reader034.fdocuments.in/reader034/viewer/2022051414/55aec1831a28ab5d4d8b47cd/html5/thumbnails/11.jpg)
Words of Wisdom
If I do my job today, my hope is you won’t end up…
![Page 12: Crowdfunding 101 in 2015 & 10 Tips to Succeed with Your Crowdfunded Campaign](https://reader034.fdocuments.in/reader034/viewer/2022051414/55aec1831a28ab5d4d8b47cd/html5/thumbnails/12.jpg)
Words of Wisdom
making .0000486% of your goal.
![Page 13: Crowdfunding 101 in 2015 & 10 Tips to Succeed with Your Crowdfunded Campaign](https://reader034.fdocuments.in/reader034/viewer/2022051414/55aec1831a28ab5d4d8b47cd/html5/thumbnails/13.jpg)
Some Film with Actresses Kickstarter Page
This aspiring writer’s dreams… deflated by “The Crowd”.
Words of Wisdom
![Page 14: Crowdfunding 101 in 2015 & 10 Tips to Succeed with Your Crowdfunded Campaign](https://reader034.fdocuments.in/reader034/viewer/2022051414/55aec1831a28ab5d4d8b47cd/html5/thumbnails/14.jpg)
Four Types of Crowdfunding
§ Customers & “Rewards” § Equity § Peer to Peer loans § Dona8ons § Today’s focus Reward & DonaQon campaigns
![Page 15: Crowdfunding 101 in 2015 & 10 Tips to Succeed with Your Crowdfunded Campaign](https://reader034.fdocuments.in/reader034/viewer/2022051414/55aec1831a28ab5d4d8b47cd/html5/thumbnails/15.jpg)
Types of Crowdfunding
Crowdfunding Customers § You get the money raised if you reach your goal… § Customers pre-‐pay for your product before it comes to market
§ Companies using it for launching, marke8ng, tes8ng product feasibility, and more
§ Funding windows typically from 7 to 45 days § Inherent risk you won’t deliver
![Page 16: Crowdfunding 101 in 2015 & 10 Tips to Succeed with Your Crowdfunded Campaign](https://reader034.fdocuments.in/reader034/viewer/2022051414/55aec1831a28ab5d4d8b47cd/html5/thumbnails/16.jpg)
Types of Crowdfunding Crowd-‐Funding Equity § Michigan one of the first states w/The MILE Act
— Michigan Invests Locally Exemp8on — Sweet spot is small, local businesses
§ Can raise up to $11k annually from investors with less than $1.5 million in assets
§ Funds must stay in Michigan and create jobs here § Plajorms are available to help with investor screening, inves8ng, etc. (RECOMMENDED)
§ Contact me if you need more info, I can help connect you to the right resources
![Page 17: Crowdfunding 101 in 2015 & 10 Tips to Succeed with Your Crowdfunded Campaign](https://reader034.fdocuments.in/reader034/viewer/2022051414/55aec1831a28ab5d4d8b47cd/html5/thumbnails/17.jpg)
Types of Crowdfunding
§ Peer to Peer Loans — GoFundMe – personal funding campaigns — Kiva -‐ microinvestment
§ DonaQons — Online giving for non-‐profits
§ American Heart Associa8on Jump-‐a-‐thon § Girl Scout Cookie’s § ALS Ice Bucket Challenge
![Page 18: Crowdfunding 101 in 2015 & 10 Tips to Succeed with Your Crowdfunded Campaign](https://reader034.fdocuments.in/reader034/viewer/2022051414/55aec1831a28ab5d4d8b47cd/html5/thumbnails/18.jpg)
Stories Sell the Crowd
§ Focus & refine your story — Some campaigns have been in development
for a year or longer — Seek feedback & demonstrate you’ve listened — Study similar campaigns with vigor
§ Your ask should inspire & be realisQc § A compelling video is REQUIRED
— Hit highpoints by 30 seconds — 3 to 5 minutes is ideal — Show your personality and BE HONEST! — Experts and outsiders sharing opinions help
validate for the crowd
![Page 20: Crowdfunding 101 in 2015 & 10 Tips to Succeed with Your Crowdfunded Campaign](https://reader034.fdocuments.in/reader034/viewer/2022051414/55aec1831a28ab5d4d8b47cd/html5/thumbnails/20.jpg)
AcQvate Your Network for Success
§ Preview with them – work the circle out by 8me — micro, small, large, larger, etc.
§ Take their feedback § Can you get an expert endorsement? § Give your audience something worth sharing.
— What does it say about them? § Prepare a markeQng blitz
— PR, shareable bits, news & influencers § Ask them to support & spread at launch § Keep them enthused & communicate o=en
— Weekly updates at minimum during campaign — Collect email addresses separately
![Page 21: Crowdfunding 101 in 2015 & 10 Tips to Succeed with Your Crowdfunded Campaign](https://reader034.fdocuments.in/reader034/viewer/2022051414/55aec1831a28ab5d4d8b47cd/html5/thumbnails/21.jpg)
Gebng Coverage
§ Research the plajorms you’re considering § Who covered previous campaigns?
— Blogs § Iden8fy the influencers
— Who do you read? — Who do your poten8al customers trust?
— Forums § Can be most acQve community § Be an ambassador and observer pre-‐funding ask
— Google Image Search — Events — Trade Magazines
§ Make the pitch personal
![Page 22: Crowdfunding 101 in 2015 & 10 Tips to Succeed with Your Crowdfunded Campaign](https://reader034.fdocuments.in/reader034/viewer/2022051414/55aec1831a28ab5d4d8b47cd/html5/thumbnails/22.jpg)
Simple Way to Research Sites to Pitch
![Page 23: Crowdfunding 101 in 2015 & 10 Tips to Succeed with Your Crowdfunded Campaign](https://reader034.fdocuments.in/reader034/viewer/2022051414/55aec1831a28ab5d4d8b47cd/html5/thumbnails/23.jpg)
When it works…
Flow Beehive for Honey Collec8on
§ Funded $70k Goal in 8 minutes
§ End of day one $3.2 million
§ Currently just under $5.9 million
§ Days remaining 24
![Page 24: Crowdfunding 101 in 2015 & 10 Tips to Succeed with Your Crowdfunded Campaign](https://reader034.fdocuments.in/reader034/viewer/2022051414/55aec1831a28ab5d4d8b47cd/html5/thumbnails/24.jpg)
When it works…
![Page 25: Crowdfunding 101 in 2015 & 10 Tips to Succeed with Your Crowdfunded Campaign](https://reader034.fdocuments.in/reader034/viewer/2022051414/55aec1831a28ab5d4d8b47cd/html5/thumbnails/25.jpg)
Transparency Rules
§ Honesty is everything with the Crowd § Detail the Risks & Challenges
— Challenges post-‐funding are real and happen everyday
§ Everything said lives on § Conversa8ons will spread § Be prepared to engage
![Page 26: Crowdfunding 101 in 2015 & 10 Tips to Succeed with Your Crowdfunded Campaign](https://reader034.fdocuments.in/reader034/viewer/2022051414/55aec1831a28ab5d4d8b47cd/html5/thumbnails/26.jpg)
Timing
§ Layout project 8ming as far out as you can § Include con8ngency 8me up front § If things change, share it immediately § Prepare for fulfillment
![Page 27: Crowdfunding 101 in 2015 & 10 Tips to Succeed with Your Crowdfunded Campaign](https://reader034.fdocuments.in/reader034/viewer/2022051414/55aec1831a28ab5d4d8b47cd/html5/thumbnails/27.jpg)
Rewards & Perks
§ Tiers of support — Giving “Thank you’s” for limited support — Custom gi=s for high-‐end backers — Offer as many 8ers that make sense for you — Think of NPR style contribu8on levels
![Page 28: Crowdfunding 101 in 2015 & 10 Tips to Succeed with Your Crowdfunded Campaign](https://reader034.fdocuments.in/reader034/viewer/2022051414/55aec1831a28ab5d4d8b47cd/html5/thumbnails/28.jpg)
Support Levels
§ Almost all have a $1 – 10 “Thank You” pledge § Accelerated Delivery or Early Bird Pricing
— First backers pay less (limited number) — First backers get first deliveries
§ Combo’s or Mul8ples § Behind the scenes tours
![Page 29: Crowdfunding 101 in 2015 & 10 Tips to Succeed with Your Crowdfunded Campaign](https://reader034.fdocuments.in/reader034/viewer/2022051414/55aec1831a28ab5d4d8b47cd/html5/thumbnails/29.jpg)
Social Currency aka Bragging Rights
![Page 30: Crowdfunding 101 in 2015 & 10 Tips to Succeed with Your Crowdfunded Campaign](https://reader034.fdocuments.in/reader034/viewer/2022051414/55aec1831a28ab5d4d8b47cd/html5/thumbnails/30.jpg)
Web & Email
§ Have a presence before you start — Look professional and be ready to update
§ Build an email list as soon as possible — Work with a provider like MailChimp or Constant Contact
— Update when needed, you must engage
![Page 31: Crowdfunding 101 in 2015 & 10 Tips to Succeed with Your Crowdfunded Campaign](https://reader034.fdocuments.in/reader034/viewer/2022051414/55aec1831a28ab5d4d8b47cd/html5/thumbnails/31.jpg)
Social Networks
§ Facebook is a must at minimum § See the Tim Ferriss blog post at the end on how to value your network
§ YouTube & Video updates § Specialized networks like Instagram, Vine or others depending on the product
§ Give your crowd something worth sharing § Make sharing easy
![Page 32: Crowdfunding 101 in 2015 & 10 Tips to Succeed with Your Crowdfunded Campaign](https://reader034.fdocuments.in/reader034/viewer/2022051414/55aec1831a28ab5d4d8b47cd/html5/thumbnails/32.jpg)
Updates & Engagement
§ Let the crowd know things as you do § Ask the crowd to spread your word § Behind the scenes material can go a long way § When you update, update everywhere § Send reminders § If you add new goals, support levels, rewards, etc. do another round of marke8ng to blogs, forums and any other trade related sources
![Page 33: Crowdfunding 101 in 2015 & 10 Tips to Succeed with Your Crowdfunded Campaign](https://reader034.fdocuments.in/reader034/viewer/2022051414/55aec1831a28ab5d4d8b47cd/html5/thumbnails/33.jpg)
Project I backed that funded Day One
The Melty Misfits “Garbage Pail Kid” Parody Cards
![Page 34: Crowdfunding 101 in 2015 & 10 Tips to Succeed with Your Crowdfunded Campaign](https://reader034.fdocuments.in/reader034/viewer/2022051414/55aec1831a28ab5d4d8b47cd/html5/thumbnails/34.jpg)
Reward Project Funded on Day One
![Page 35: Crowdfunding 101 in 2015 & 10 Tips to Succeed with Your Crowdfunded Campaign](https://reader034.fdocuments.in/reader034/viewer/2022051414/55aec1831a28ab5d4d8b47cd/html5/thumbnails/35.jpg)
Giving Goes Social
§ ALS Ice Bucket Challenge — Over $115 Million raised to date — Tripled their research budget — Hard to replicate (right as FB video launched) — Drew cri8cism for how it skewed “giving”
§ Social is the layer to amplify any org’s message § There has to be something in it for people to share — What does it say about them or their POV? — How does your story fit theirs?
![Page 36: Crowdfunding 101 in 2015 & 10 Tips to Succeed with Your Crowdfunded Campaign](https://reader034.fdocuments.in/reader034/viewer/2022051414/55aec1831a28ab5d4d8b47cd/html5/thumbnails/36.jpg)
Not Funded, Keep Working!
§ Keep your audience engaged § Use your email list to solicit feedback
— What could have been beCer? — What are they looking for?
§ Dust off and come back, improvement and persistence will pay off
§ The 3rd 8me’s a charm…
![Page 37: Crowdfunding 101 in 2015 & 10 Tips to Succeed with Your Crowdfunded Campaign](https://reader034.fdocuments.in/reader034/viewer/2022051414/55aec1831a28ab5d4d8b47cd/html5/thumbnails/37.jpg)
The Coolest Cooler
The Coolest Cooler – Original Kickstarter Page
![Page 38: Crowdfunding 101 in 2015 & 10 Tips to Succeed with Your Crowdfunded Campaign](https://reader034.fdocuments.in/reader034/viewer/2022051414/55aec1831a28ab5d4d8b47cd/html5/thumbnails/38.jpg)
Funded, Now What?
§ Prepare for the bumps, there will be a few § Keep the crowd informed as milestones met § Solicit feedback from backers § Deliver an excep8onal product or service § Ask for honest reviews, never a good review § You have a track record now, what’s next?
![Page 39: Crowdfunding 101 in 2015 & 10 Tips to Succeed with Your Crowdfunded Campaign](https://reader034.fdocuments.in/reader034/viewer/2022051414/55aec1831a28ab5d4d8b47cd/html5/thumbnails/39.jpg)
The Coolest Cooler
![Page 41: Crowdfunding 101 in 2015 & 10 Tips to Succeed with Your Crowdfunded Campaign](https://reader034.fdocuments.in/reader034/viewer/2022051414/55aec1831a28ab5d4d8b47cd/html5/thumbnails/41.jpg)
10 Tips for Crowdfunding Success
1. Your story is cri8cal 2. Seek feedback early 3. Collect email addresses 4. Put thought and value into your Rewards/Perks 5. Transparency rules 6. Be prepared & realis8c, do your homework 7. Your video can make or break you 8. AcQvate your network 9. Have marke8ng & PR ready to go 10. Communicate regularly & keep audience engaged
![Page 45: Crowdfunding 101 in 2015 & 10 Tips to Succeed with Your Crowdfunded Campaign](https://reader034.fdocuments.in/reader034/viewer/2022051414/55aec1831a28ab5d4d8b47cd/html5/thumbnails/45.jpg)
AddiQonal Resources
§ Crowdfunding.com (provided by GoFundMe) Top 10 Plajorm by traffic, Alexa rank & funds
§ Tim Ferriss’ Blog Post (including templates) Raising 100k in 10 days
§ MILE Act overview Downloadable PDF
§ Top 10 Crowdfunding Sites Good background, overview & fee info
![Page 46: Crowdfunding 101 in 2015 & 10 Tips to Succeed with Your Crowdfunded Campaign](https://reader034.fdocuments.in/reader034/viewer/2022051414/55aec1831a28ab5d4d8b47cd/html5/thumbnails/46.jpg)
Q & A
QuesQons today? This deck will be posted online at: hCp://www.slideshare.net/keithboswell QuesQons later? § Web: hCp://percep8nt.com § My eBooks: hCp://www.master-‐succeed.com § Email: [email protected] § Follow me on TwiCer: @keithboswell