MN: What are some of your tips for an effective Indiegogo campaign?
DR: What makes Indiegogo so distinct from other crowdfunding platforms is that it’s totally open and doesn’t require an application to start a campaign, offering anyone with an idea — creative, cause-related, or entrepreneurial – the tools to raise money. Crowdfunding is an opportunity for everyone. Whether you’re a charity or someone who wants to raise money for a specific charity – or you want to raise money for a small business, a film or a new food truck – Indiegogo makes the process of raising money, easy and seamless for anyone.
Below you will find three components to a good campaign and a suggested action plan.
1. Have a good pitch
* Engaging personal video. Video campaigns raise 114 percent more than non-video campaigns. Also, add images.
* Engaging personal copy.
* Offer good perks like discounts, exclusives, or limited editions. Ninety-three percent of campaigns reaching target will have perks, and 70 percent will have three to eight perks.
* Set a realistic goal and deadline.
* Share your social presence (Facebook, Twitter, YouTube, Tumblr, etc.).
2. Be proactive
* Have more people on your team rather than less. A team with four or more people raises 70 percent more money than one person.
* Personal emails with “the ask” are the best.
* Spread widgets on blogs and emails.
* Keep the updates coming. At least one update a week will keep campaign fresh.
* Answer comments and use the dashboard to track who is getting referrals.
3. An audience that cares
*Get off to quick start. The probability that a campaign will reach its goal is doubled once the first contribution is received and quadrupled once it reaches 10 percent of its goal. You’re five times as likely to reach your goal once 25 percent has been pledged.
* Your inner circle (family, friends, Facebook, email list) needs to fund the first 30 to 40 percent. It creates validation.
* Target influencers on the blogosphere, Twitter, YouTube and other digital media.
1. Blast an email campaign out to as many “inner circle” people as possible and have them fund and forward.
2. Be proactive and consistent on social media with updates.
3. Get influencers in organizations, blogs, Twitter and YouTube to push campaign
4. Get press to amplify the efforts
5. Repeat 1 and 2.
You can find more insights every week at our blog
MN: What is the time commitment that participants should expect to make to create a successful project?
Our data shows that campaigns that campaigns that stay within a 40-day time frame raise more money than longer campaigns. Campaigns that run for less than 40 days are six percent more likely to reach their goals than those that are exceed 40 days. Shorter campaigns tend to build a sense of urgency and encourages your audience not to wait to contribute.
MN: How do you generate buzz for your projects?
There are six key Indiegogo actions that help generate buzz for campaigns. Those that take these actions raise eight times more money than campaigns that don’t.
- Offer three or more perks
- Post media to your gallery
- Campaign less than two months
Indiegogo also has a proprietary algorithm called “The gogofactor”
used to rank different funding projects based on interactions with their Indiegogo pages. It takes into account how many comments and social shares the page has, how many times the author uses the page to communicate, how often they update the page, as well as if the project is actually attracting funding. These factors all determine whether a project is featured on the homepage, as well as in newsletters and other promotional materials.
Have you ever used a crowdfunding site? Any tips you’d care to share?