Running Kickstarter campaigns seems to be the latest fad among start-ups. It is fueled by the success. For example, the Pebble watch campaign which was crowned as the most funded Kickstarter campaign at $20+M raised in funds.
Furthermore, changes in crowdfunding laws created additional buzz around the phenomenon of “quick money”.
Critical Mistakes Plaguing Most Kickstarter Campaigns:
– Wrong Product: Not all products work. Kickstarter crowd is shoppers. Do your research on past campaigns that did and did not work (Kicktracq): http://www.
– You ignore media before launch: 99% of the Kickstarter campaign success is tied to preparation. You need to generate PR and Media buzz well before the campaign starts. You should have a list of at least 100 top bloggers and reporters willing to hear your pitch BEFORE campaign goes live.
– Messaging and Video are terrible: You failed to test messaging, video, incentives. The video must clearly articulate the benefits to the users.
– You do not have a strong support network: Small email list and lack of followers on Social Media. Build your network, connect via influencers.
– Failure to plan activities during the campaign: You should have all of these lined up and agreed upon before launch: Guest blogging; guest interviews; events; pitches;
– Your incentives are either too high or not exciting enough:
Send me Kickstarter Action Plan
According to the latest Kickstarter stats from Fundable, smaller campaign goals are more attainable:
- Average successful crowdfunding campaign is around $7,000
- Average campaign lasts around 9 weeks
- Campaigns that can gain 30% of their goal within the first week are more likely to succeed
Have you run a Kickstarter campaign in the past? Share your best practices with us using comments
