Keys to Crowdfunding Success on IndieGoGo

Whenever I find myself sharing the same tips or ideas with project after project on IndieGoGo, I realize I probably have something worth sharing with everyone!  So here's the latest I-probably-should've-posted-this-when-I-first-wrote-it entry :)

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Keys to crowdfunding success on IndieGoGo include:

1.   Great Pitch Clip: 

The difference between interesting ideas and fundable ideas is *The Pitch.* 

People contribute to people they know, so create pitch clip as your Primary Video to provide a peek into the who, what, where and why of your project. 

Make it clear why your potential funder will be better when your project comes to life than if it stays just an idea!  Here are some great examples.

2.   Creative & Unique Perks: 

If the result of your project has a tangible product (e.g. if you're writing a book, making a film, or doing a photo-documentary, designing a line of crafts), pre-sell copies of the book, DVD, photograph or hand-made sweater as VIP perks.  Give people an incentive to "pay now versus later" by:

      •  Offering a discount (i.e. a financial incentive)

      •  Adding a personalized touch like signature or personal note inside the product (i.e. emotional incentive)

      •  Limiting the number available (i.e. scarcity incentive)  

Whether your project has a tangible result or not, you can also offer fans experiences and special access that they couldn't get once the project is done (e.g. a visit to your studio, funder-only updates or a special credit on your website).

And don't leave money on the table: offer VIP perks at different levels ($10, $100 or $1,000) to match your fans' varying levels of interest and size of pocketbooks!  See Want Ideas for VIP Perks?

3.   A Specific & Transparent Use of Funds: 

Funding campaigns for projects with a specific result or end-product work.  Funding campaigns for a general purpose don’t.  Have a specific use of funds, and show people exactly where their money is going.  If you have a large goal?  Break it down into mini-goals and attack one at a time, making sure each mini-goal has its own tangible result. For example, if your project is to publish a compilation CD, raise money first to secure the rights from the artists, then to pay for studio time rental, and finally manufacturing costs.

It's easier to raise $5,000 4 times for 4 different pieces of your project, than $20,000 once for just "general expenses." See The Value of Transparency & Specificity in Fundraising for Art. 

4.  Fun and Frequent Updates: 

Projects who are eager to share pictures, videos, and progress updates with their fans and who are industrious in using tools like twitter and facebook do the best job of:

      •  Finding fans

      •  Drawing them to their pitch page on IndieGoGo, and

      •  Mobilizing them into funders. See Audience-Building 101.

 

5.   Outreach to Influencers...

...like bloggers, admins of linkedin/facebook groups, directors of organizations or forum discussion leaders. Identify where your potential fans and future funders are online.  Reach out to the people who influence your future base and share your project with them. If they like what they see, ask them to share it with their followers via blogs, e-blasts, or discussion topics.  We've given you the widgets and other share tools to make that easy!  Also see How to Market to Bloggers.