Last night, BeSpoke hosted an informative event covering the nuances of running a crowdfunding campaign. Andrew Song from Indiegogo gave a short presentation covering the key tips that every startup needs to put in place in order to get the funding they hope to attain on Indiegogo.
In case you aren't familiar with the platform, according to Indiegogo it is the largest crowdfunding platform and supports artists, non-profits, small businesses and other projects.
For more details about crowdfunding, you can check out my recent YouTube covering the background of crowdfunding and how to have a successful campaign.
Below are the ten tips I took away from the Indiegogo presentation:
- A higher monetary goal does not equal more money. In fact, sometimes it discourages potential funders. Known as the "green bar effect", if you have a low percentage of total funds raised, people are less likely to give you money.
- Keep your videos to under three minutes. And if you have a product, show it in the first fifteen seconds.
- Software products do not do well on crowdfunding platforms. Specifically on Indiegogo.
- Be sure to share the unique aspects of your product. What are you disrupting? What problem(s) are you solving?
- Try to raise 30% of your goal within 48 hours. Otherwise, your chances of success plummet.
- Also, wait to send out a press release or do any PR efforts until you've reached 30%.
- Create a simple landing page that describes the features of your product and has an email capture box.
- Focus on growing and communicating with your email list.
- Don't be stealth during the campaign. Share as much about your product as you can.
- Always remember to be honest, transparent and authentic.
And now I'd like to hear from you! Have you ran an Indiegogo campaign- how did it go? Or are you thinking about launching a campaign?
Let me know in the comments below.
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