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Crowdfunding Hardware
- 1. © Copyright Indiegogo. All rights reserved... Crowdfunding Hardware John Vaskis Director, Hardware, Design, & Technology John@indiegogo.com | @indiegogotech
- 2. 2 © Copyright Indiegogo. All rights reserved. Confidential & proprietary. Our Purpose We are the world’s funding engine, empowering passionate people and organizations to fund what matters to them.
- 3. 3 Why Crowdfund? • Validate market • Capture data • Interact with customers • Identify influencers • Raise money
- 6. 6 “Green Bar Effect” People want to give to successful projects. …“Who eats in empty restaurants?” Goal: Higher Goal Doesn’t Mean More Money!
- 7. 7 And they keep on giving! • 87% of campaigns that hit their goal exceed it – by 30%+
- 8. 8 • Answer the who, what, when, where, why, and how • Keep it under 3 minutes • Include a strong call to action • Show use use cases • Show off your team Honesty, Transparency, Authenticity….Brevity!! Pitch Video: Quickey
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- 12. 12 Think Fulfillment • Do the math on perk pricing (your time counts) • Know your margins, and don’t over- discount • Know how you’ll fulfill at 10 and 10,000 units • Research international shipping
- 13. Promotion
- 14. | Indiegogo | Indiegogo Lab14 Pre-Launch Build Layers Team • Campaigns with a team raise 94% more than campaigns that run solo Inner Circle • Friends, family, people passionate about the project • Ask your team and inner circle how much they’ll give • Know where 30% of your funding will come before you launch
- 15. 15 • Only one chance at a first impression • Utilize a soft launch, 30% inner circle DO NOT BUY LISTS • Build out a team • Have a schedule; wait on press! Don’t leave your campaign to chance! Pre-Launch
- 16. | Indiegogo | Indiegogo Lab16 Launch When to launch your campaign • Launch on a Monday or Tuesday in the morning • Think about soft launching • Run your campaign for 21-45 days • Chances are you SHOULDN’T launch on at an event/Demo Day
- 17. 17 Launch Email • Email brings in 20% more funding than any other source • Clear call to action • Put up a vacation responder • Add your campaign to your signature
- 18. 18 Launch Social Media • 22% of a campaign’s raised funds come from social media • If you don’t have a community on social media, don’t promote through social media • Secure 30% before pushing to the public
- 19. 19 Active Engagement Keep up momentum
- 20. 20 Live • Send updates • Celebrate milestones • B-roll from video • New perks • Maximize social media • Tweetchats, Thunderclap • Contests • Referral
- 22. 22 Campaign Completion Finishing Strong • Update frequently until deadline After deadline • Where do you go next? • Customer Service • Use your campaign for marketing • Thank your contributors • Become part of the Indiegogo community!
- 23. 23 Indiegogo is here for YOU! Hardware Handbook: Specialized tips http://landing.indiegogo.com/hardwarehandbook/ Blog: Insights, tips and ideas: https:/go.indiegogo.com/blog/ Indiegogo.com: View successful campaigns: http://indiegogo.com/explore/ Help Center: answers to specific questions: http://support.indiegogo.com/hc/en-us Additional Questions? Customer Happiness Team is here! support@indiegogo.com
- 24. 24 Together Do Anything. John Vaskis Director, Hardware, Design, & Technology John@indiegogo.com | @indiegogotech
Editor's Notes
- Indiegogo’s mission: to empower people to fund what matters to them. Our founder Slava Rubin, tells it best. We’re going to watch a short video created by the Kauffman Foundation which explains what Indiegogo is at it’s core. (Play video by clicking to the next slide)
- You can raise money from an Indiegogo campaign and ALSO: Gain visibility Gauge demand/mitigate risk Connect with your audience Capture data Example: Misfit Shine (next slides)
- 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.
- Which campaign appears more successful? Correct! The campaign on the right appears more successful because it has reached a higher percentage of it’s goal. Contributors want to give to a campaign that appears successful so you should set a goal that is attainable. Contributors are actually deterred from giving to campaigns that have raised a low percentage of their goal – we call this the green bar effect. Later we’ll talk about how to overcome this, but your goal should be smallest amount possible to still move project forward and fulfill perks
- Hitting your goal does not stop people from contributing and you keep all the money you raise which exceeds your goal. Contributors DON’T stop giving after you meet your goal. Take Quikey for example , goal was only $4000 and they raised over $220K!!
- Who is the campaigner? Why is she raising funds? What do you get in return for contributing? Great, so we learned in less than 3 minutes the who, what, when, where and why of this project. Be sure to answer these big questions quickly – if I were advising Kristin I would tell her to do this within the first 30 seconds of her campaign. How would you describe the campaign owner? (after answers): Awesome, yeah we got to know Kristin in this short video – it’s really important that you show your personality and also that you tell your story. I’m a terrible artist and I have no interest in hairstyling, but when Kristin described how she grew up in a small town and moved to a big city, I could relate to her story. I shared her desire to start something of her own and it made me want to give to this campaign. Videos are important! Campaigns with a video raise 370% more versus campaigns with out a video. Average contribution is 12% higher for campaigns with a pitch video. Contributors want fast and easy information To demonstrate, I want to walk you through a campaign video:
- Make sure you have a clear, easy to understand page above the fold. Note the “Featured Perk,” and how this feature didn’t exist during the Canary campaign.
- Include a clear, concise summary of your product very high up, and in text. Ideally, show your hardware.
- Validation Matters, so show this off! Press might send you money, but more likely the logos will help you convert people who are already on the page
- Although we have some campaigns run without a plan, normally they’re unsuccessful. The more you plan out how you will promote and run your campaign the more likely it will be successful.
- Helpful to divide your promotional plan by timeframe Let’s start with your pre-launch promotion Your prelaunch is about building out your layers of support Start with your team Expand to your inner circle Goal is to not leave your campaign up to chance Gaining 30% of funding in the first few days is important for establishing early momentum
- Before you launch, know where your funding is coming from. An “If you build it, they will come” motto won’t work.
- Also helpful to think about when you will launch your campaign and for how long Most successful campaigns will launch on a Mon or Tues in the morning Time when most people are checking emails and your campaign is far more exciting than any work email Optimal campaign time will vary But 21-45 days is where we have seen the greatest success You can run for a max of 60 days but you don’t want your campaign to run too long and lose audiences interest
- Once your campaign is live, how do you promote it? Email has the highest conversion rate on our platform This is why it is important to build out your layers before When you launch let your inner circle now that you are live and give them a clear call to action You can also be creative in your use of email to reach a wider audience Use a vacation responder Or add your campaign to your signature
- Social media is the next best promotional strategy It has the second highest conversion rate and on average accounts for about 22% of the funds a campaign raises Some people get nervous about social media Ask do I need to be on all of the platform? Our advice is pick your strongest platform and stick to it Or the place where you think your audience is most likely to be If you don’t already have a community on social media don’t try to promote through it
- So what content do you use in your emails, social media, and promotional methods? The goal of using any of these strategies is to maintain active engagement Most campaigns look like this This is normal, but really successful campaigns find a way to overcome this dip When thinking about what content to include in your promotion focus on fresh interaction with your audience Add perks Continually engage people through updates Campaigns with at least 3 updates raise 239% more funds Offer a competition or a survey The goal is to make people feel involved in a way that is more than just contributing Campaigns: (HAVE TO REMEMBER) Gosnell Movie
- Use your successful campaign to market your product – a successful campaign can attract more funding from vcs or grants, etc. Stay in touch with your contributors through your campaign, keep talking to them via updates and the pitch text
- The good news is that pretty much everything I said tonight is available on our website Field guide is available in 6 languages including – EN, FR, SP, DE, IT and NL If you signed up for this session on EventBrite we’ll be sure to email you! Thanks!