Anastasia Emmanuel - Crowdfunding Is Not About Money (Darker Music Talks February '14)
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Anastasia Emmanuel - Crowdfunding Is Not About Money (Darker Music Talks February '14)
- 1. Hello! Anastasia Emmanuel uk@indiegogo.com @indiegogoUK | #gogoMusic #DarkerMusicTalks
- 2. Crowdfunding is NOT about Money!!! Agenda • Say Hello to your neighbour! • What is Indiegogo? • Why crowdfund music? • Campaign Fundamentals
- 3. What is Crowdfunding? Crowdfunding is NOT begging, it is the pooling of funds from people who are passionate about a project or idea, to help bring those ideas to life
- 4. What is Crowdfunding? Crowdfunding is NOT begging, it is the pooling of funds from people who are passionate about a project or idea, to help bring those ideas to life
- 6. Why Indiegogo? • • • • • Open Global Flexible & Fixed Funding Customer Happiness Merit Based
- 7. No Application, No Gatekeepers
- 8. Global • • • • 9 Million UMV’s from 190 countries 30% of our business is international 70+ countries contribute each day 5 currencies, 4 languages (En, Fr, Sp, De) • Contributions outside of US increased by 275% + last yr • 200%+ growth in UK last year • 7,000 + active campaigns at any time 150,000+ campaigns created
- 9. Flexible Funding & Fixed
- 11. Customer Happiness – Global & Local
- 13. Protest the Hero Fund Your Album Raised $341,146 Goal $125,000 Toronto, Canada
- 16. Jody Direen Fund Your Music Video Raised $6,600 Goal $6,500 Wanaka, New Zealand
- 17. Dessa Robbery! Fund Your Misfortune! Music Video Raised £33,050 Goal £30,000 Minneapolis, USA
- 19. Benefits of Crowdfunding Engage with your fans Gain Visibility Collect Data Raise Money
- 20. What makes a good campaign? Compelling Pitch Attainable Goal Unique Perks Proactive Communication
- 21. Good Pitch • • • • Who are you? What are you raising money for Why are you crowdfunding How can people get involved? Storytelling is key Be Personal Be Visual Be Creative
- 22. Pitch Video • Keep It to 3 mins or less • Be Honest and Authentic • Be Creative, Have Fun, Be You! • Be creative! Have fun! Be You!
- 23. Attainable Goal 87% of campaigns that reach their goal exceed it by an average of 32% Expect to raise 20-30% from friends and family
- 24. Enlist a Team Enlist a Team Campaigns with teams raise 80% more money Protest the Hero
- 25. Unique Perks • Thank You Tweet/FB Shout out • Exclusive merch: hoodies t-shirts. • Skype Lessons with band • Autographed stuff: drum heads, set list • Digital/Vinyl copies of album • Experiences: roadie for day, Meet & Greet • Free entry to shows • Listening/Sound Check Party • Thank you in liner notes
- 26. Update Update Update! Campaigns posting 1 – 5 updates a week raise 218% more
- 27. Be Proactive! Tell people about your project constantly Attainable Goal
- 28. Indiegogo Resources • • • • • Campaigners Field Guide Indiegogo Blog Insights Blog Indiegogo Music Campaigns http://bit.ly/indiegogomusic Our Customer Happiness Team is always here for you support@indiegogo.com UK@indiegogo.com @IndiegogoUK #gogoau | @indiegogo
- 29. Thank you! @indiegogoMusic | #gogomusic
Editor's Notes
- Today’s Agenda:What is crowdfunding?Benefits of crowdfundingWhy people contribute?Fundamentals of a successful campaigns
- No application processItshould be up to the crowd to decide which projects get funded, not the platform. This is why Indiegogo doesn’t subjectively choose the campaigns that are allowed or arbitrarily decide who gets featured on the homepage.
- No application processItshould be up to the crowd to decide which projects get funded, not the platform. This is why Indiegogo doesn’t subjectively choose the campaigns that are allowed or arbitrarily decide who gets featured on the homepage.
- Flexibility (funding and perks) Indiegogo offers two funding options: “Fixed Funding” where money can only be collected if your entire goal is met and “Flexible Funding,” which allows you to keep the money that you raise, even if you don’t reach your funding target. Most other crowdfunding platforms, only support “Fixed Funding.” In addition, Indiegogo provides flexibility by offering two payment options - credit card and PayPal. This provides contributors with the most seamless experience Perks: Indiegogo also provides perk flexibility, giving campaign owners the opportunity to offer bundles and swap out perks mid-campaign. These options are prohibited on other platforms.
- Customer Happiness. -When we pioneered the crowdfunding movement back in 2008, we realized it wasn’t enough to simply provide a platform, rather we also had to help educate the world on what crowdfunding is and how it can benefit them-Invested significantly in providing support, consultation and educational resources. We have 24hr response times 7 days/week from our team (actual people)-Campaign specialists-Insights (data scientists)Happiness team offers an unmatched level of service, answering any question within 24 hours and resolving any concern that may arise within 72 hours.-Not only do they provide support but they offer consultation. Our happiness team are real amazing people who not only can help with technical aspects of your campaign, but can give you good feedback on how to improve your campaign
- Tour markets
- Indie artistsArtists out of their dealsProtest the hero -
- Tour markets
- Market ValidationQuirky idea and the campaign proved thatarvhitects
- Market ValidationQuirky idea and the campaign proved that
- Market ValidationQuirky idea and the campaign proved that
- Crowdfunding is revolutionary.SAY GOODBYE TO RIGID PRICING-Engage with your consumers according to their passion-Transform the casual purchaser into a loyal supporter
- 1. Market Validation - You put your product in front of an audience to see if there is a demand for your product, this can lead to your product. The success can lead to additional funding from investors, vc & backs that was originally denied2. Testing your Market – What does your audience want? Maybe your audience wants to see your product in different colors, or has a strong demand for accessories that you didn’t think of. Two examples – stick n find (from just back to multiple colors) & misfit shine (necklaces, wristbands)3. Evangelism – Now you have a fanbase, a group of ambassadors who will speak to your film, product, cause beyond you.4. Capture Data - Know where your fanbase is, are they all over the world? Or just in a particular area, this data can help you understand where your base is and target to them5. Money – fulfill your dream!
- 1. Market Validation - You put your product in front of an audience to see if there is a demand for your product, this can lead to your product. The success can lead to additional funding from investors, vc & backs that was originally denied2. Testing your Market – What does your audience want? Maybe your audience wants to see your product in different colors, or has a strong demand for accessories that you didn’t think of. Two examples – stick n find (from just back to multiple colors) & misfit shine (necklaces, wristbands)3. Evangelism – Now you have a fanbase, a group of ambassadors who will speak to your film, product, cause beyond you.4. Capture Data - Know where your fanbase is, are they all over the world? Or just in a particular area, this data can help you understand where your base is and target to them5. Money – fulfill your dream!
- This includes a pitch video –campaigns with videos raise 114% more than campaigns that just use images.The video is one of the most important elements of your campaign. It should be approx 3 minutes long only, be about the campaign and get to the point quickly. Also you need to be in it. Include what you are doing and where the money is going to, also mention some of the perks. Transparency here is key,Do a detailed breakdown if you can. data shows that
- Pitch VideoShould be approx 3 minutes, no longer, people will not watch a long video. Nor should it be a long rambling band promo video, it should be about the campaign, what you are funding and what you get in return. Use the word “contribute” not donate.Have fun with it, be you! if you is a beer swilling , cursing lead singer then by all means feel free to portray this in your video!
- The biggest question I am always asked is, what should my goal be? My answer is to choose a goal that would be the minimum amount you would need to make your project successful.Be conservative. Contributors very much take notice of the green bar on your campaign page that shows what percentage of your target you have reached. People want to fund things they see as being successful. Going over your goal does not stop fans from funding but seeing a campaign with no funding does. Ask yourself what do you need to get your project off the ground? Divide your goal amount by 100. This is a rough estimate of how many people need to give to your campaign in order to meet your goal. Do you have that many friends? If the number seems too high or too low, adjust your goal to fit.Tips:‘Break down goals into small pieces: higher goal doesn’t mean more $$87% of campaigns that reach their goal exceed it by average of 32%Expect to raise 20-30% from friends and family
- Campaigns with teams raise as much as 80% more funds than those run by an individual. Make sure your team members individually sending it out to their networks (not just your common network) to expand your reach and touch more people than you could on your own alone.
- -At Indiegogo we allow you to add perks in middle of campaign. We encourage it -$25 and $100 levels are key, the best selling is usually $25 and $100, always include that level-Ask your fans what they want!!!And now David The campaign whisperer - is going to talk about promoting your campaignPut images in pitch deck – engagingOnly available through camaign not after
- Keep your campaign active to increase your Gogofactor & the likelihood of reaching your goalStart raising funds immediately85% of successful campaigns start raising funds on the day they launch their campaignPost frequent Updates on your campaign page, and new videos or photos in your GalleryCampaigns that post updates once every 5 days raise 218% more than campaigners who update less often..Write personal emails or letters asking people to support youContributions made in response to an email are 34% higher than contributions from other forms of outreach
- .Create a Schedule Ahead of TimeOnce your campaign page is launched you will need to keep it active. Plan an action item each week, such as send out an update, add a new perk (this is a great way to invigorate your campaign) or even start a referral contest (see below)Keep it ActiveSave a couple of perks and add them in through the campaign life cycle to keep it fresh and the interest going. Send out weekly updates through the life cycle to update fans on what’s going on. Campaigns that send out weekly updates make about 4X more moneyReferral ContestThis is a great way to keep the excitement going. Offer the contributor(s) who refers to the most amount of people a special perk. Our dashboard gives campaigners access to the fans’ names and amount of people they have referred the campaign to.
- PioneerWe can help you!QuestionsYou can only fund an album on pledge – this you can fund for everything Were here to help you – ukcustomer support