Friendly Financing: How to have a successful crowdfunding campaign
Crowdfunding has become a viable option for raising money for films as well as start-ups, nonprofits and all kinds of creative projects. Here are a few tips on running a crowdfunding campaign:
- Plan, and plan some more. The most successful campaigns have a powerful call to action and often, great rewards. Spend six months asking for swag, planning the timing of your email blasts and offers, and getting friends and family to come on board to send tweets, facebook messages and emails, and you can take a lot of the agony out of posting your project.
- Change your video and update your funding page several times throughout the campaign. Updates every 1-5 days double the contribution rate. Add new rewards in the middle and near the end of the campaign.
- Crowdfunding is about engagement as much as it is about fundraising. Make sure you thank your supporters, update them on your progress and continue to offer them perks throughout the life of the film.
- 90% of all projects that reach a third of their funding are successful on Kickstarter. Ask your key supporters to donate at specific milestones, especially near the beginning and at about half of your goal.
- Do a 30-day campaign and ask for the right goal amount. Pick the right rewards for each funding level. You can gauge this somewhat by looking at other funded projects with similarities to yours. 70% of successful campaigns have between 3 and 8 reward levels.
- Crowdfunding is an opportunity to do your first marketing campaign. Discover your audience, including blogs, partner organizations and others who might support the film when it is finished and continue your relationship through twitter, Facebook and email.