Succeeding on Kickstarter | Joel Malone | Skillshare
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18 Lessons (3h 8m)
    • 1. Trailer

      1:15
    • 2. Crowdfunding: What is it? What are the best uses?

      16:20
    • 3. Risks, Schemes, Ideal Projects, Different Platforms

      19:36
    • 4. Project Homepage + Video

      15:15
    • 5. Additional Media

      15:51
    • 6. The Goods, Fulfillment Date, Shipping Costs, Goal

      19:53
    • 7. Stretch Goals

      4:57
    • 8. Timing + PR

      11:01
    • 9. Blogs + Advertising

      11:36
    • 10. Social

      12:47
    • 11. Website, CRM, Feedback

      12:45
    • 12. First Day + Backers

      8:52
    • 13. Partners + Project Updates

      4:37
    • 14. SEO Tips + Final Day

      5:36
    • 15. The Morning After, Fulfillment, Fulfillment Issues

      10:45
    • 16. Shipping Tips, Database

      5:09
    • 17. Underfunded, Overfunded

      10:42
    • 18. Thanks!

      0:45

About This Class

This course will serve as a guide for a successful crowdfunding campaign. This class is based upon past experience of myself and other projects creators plus data collected from over 50,000 projects.  

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How to Succeed at Crowdfunding is a class that analyzes the driving factors of why some projects raise millions and others raise zilch. Insight from over 40 interviews with project creators (that have raised a combined total of over $8,000,000) has been included.

What You'll Learn

  • Introduction to Crowdfunding. We'll help you sift through your best ideas and determine which would be most ideal for launching a crowdfunding campaign
  • Project Plan. We will determine you campaign's pitch, which media will be required, what rewards/perks should be provided and at what prices, how to decide the campaign length and whether or not stretch goals should be utilized.
  • Marketing Plan. We'll discuss how, when, and to whom the project should be marketed.
  • Execution. We'll cover what to do each day once the clock starts ticking and the campaign is running.
  • Closeout Phase. Regardless of whether or not the funding goal was met, we cover exactly what should be done the following day and in the following months.

We will cover the following topics in 17 video lessons (over 3 hours total):

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What You'll Make

You'll create a time sensitive plan for a crowdfunding campaign. Your investment in this course should result in an additional $5,000, $50,000 or even $500,000 when you launch your campaign.  If you implement the techniques and methods that are presented, you will raise more $.

Upon analysis of the data, we have made this Kickstarter infographic.

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The infographic was designed by the amazing Anna Bryant.

Transcripts

2. Crowdfunding: What is it? What are the best uses?: - welcome to how to succeed it. - Crowdfunding. - So this course is a overview of crowdfunding plus and in depth strategic plan to be - successful at a project. - I am Joe Malone. - I am a serial entrepreneur in crowd funder, - personally raised around $300,000 on Kickstarter. - I've just been fascinated by crowdfunding ever since I heard about it a few years ago and - plan on using it again in the near future. - I think it prepared a great course. - I've used my experience that I've had. - Plus, - I've added tips and tricks from other people that have been very successful through - crowdfunding and also from interviews of people that have had projects that completely - bombed. - So I've also act image. - I'm not affiliated with Kickstarter Indiegogo, - so I can provide unbiased viewpoint on a nose, - and the course is broken out into five different sections. - So first just got the untrue kind of going over. - You know what exactly cut funding is and such? - Then we've got the project plan in the marketing plan or section two and three. - So those air gonna be both the sections that you do before the campaign actually begins - just before you ever launch online for anyone ever season the clock starts. - So those air all year all your prep work and broken out into two different sections, - Then we've got section for which is the execution. - So this is actually the while the campaign is running. - So from the time that clock starts, - the time of the clock ends, - you know, - what exactly should you be doing? - And lastly, - we have a closed out section. - So once oclock ends, - what do you do at that point? - To completely finish out your project? - And you know, - if you're going to be moving forward with something or if it completely ended that point - kind of over all of that and again, - I'm Joel Malone. - My email addresses is right there. - Joel A. - Malone at gmail dot com. - And you know you can feel free to contact me with anything. - You know, - I love to get any kind of class feedback on. - Like I said, - I do a lot of crowdfunding. - So if you need advice on upcoming project of your more than happy toe, - give you some. - If I could help you, - I'll let you know. - And if I can't, - I'll let you know that as well. - First section we've got is the intro to a crowdfunding. - So we're gonna go over what exactly it is we'll go for best uses of crowdfunding. - You know what? - What can you do with those funds? - Different schemes that people have tried and to be wary of ideal project. - So what project will actually be able to raise the most money? - What what components do you need to have a really good successful project? - Also, - the different risks that come with launching something through crowdfunding versus maybe - traditional investment methods also just the different platforms. - So we will do a side by side comparison of Kickstarter and Indiegogo and we'll end it some - of the others. - But those are the two that will really dive into. - So let's get started before we start talking specifically about crowdfunding out to get - great thing to do is to talk about traditional investment methods to show. - The difference is that crowdfunding now offers traditionally most common methods Air - friends of family credit cards, - banks which would be loans or s b a loan. - Small Business Administration angel investors, - which are wealthy individuals, - tend to specialize in one field, - whether it's someone that made their money in the medical industry. - Or maybe it's in the Internet or law, - so they tend to invest in that similar industry. - And so they're investing smaller amounts on fewer businesses and deals usually ranging - 250,000 to a 1,000,000 or two. - And then you have venture capitalist veces, - which are institutional money. - So these people are similar to hedge fund managers and in regards to they are tasked with - investing OPM Other people's money best kind of. - So what they do is they approach, - let's say, - a large university and with with their endowment fund and asked to manage that for them. - So their job is just to invest in many deals. - They're large fund and to seek really high returns. - So when they invest, - they tend to strive to take a company public or sell it their acquisition as quickly as - possible. - They just want extreme rapid growth on just 0 to 60 real quickly. - So no, - but these air, - you know, - all of these about tend to be, - you know, - more So the DBC angel stuff s b A loans. - Banks are larger amounts after a few sources. - This is even with credit cards, - this is where you're getting an amount of you know. - You may take out $20,000 in your credit card. - Max it out for your for your business or for your project. - And these tend to be in exchange for equity. - Other than, - let's say, - friends and family and credit cards aren't quite that way on credit cards or alone. - Friends of family, - sometimes with gifts, - sometimes alone S B A loans air actually backed, - usually some sort of collateral. - So if your business wanting to expand, - you need the funds. - If you are, - let's say, - buying a new building, - the back it using the building as collateral. - But then they don't need equity. - But angel investors veces definitely and equity transaction. - So what exactly is crowdfunding? - Crowdfunding by definition by Matt Inman A successful crowdfunding. - He defined it as crowdfunding is using tons of people to pay for things that you couldn't - previously raise money for. - I love how you put things. - So he is actually, - um, - had a couple campaigns through Indiegogo, - um, - some slightly controversial, - But it's pretty cool because he sells a story. - You know, - he's not about selling products. - Uh, - or albums or films, - but it's usually getting behind something that he just strongly believes in. - And, - uh, - you know, - I really respect that about him. - So crowdfunding, - as opposed to traditional Bell Smits. - This is many sources providing small amounts. - So this is, - you know, - thousands of people providing $10.20 dollars, - $50 verses, - people providing you with $30,000 or a 1,000,000 or two veces or, - you know, - providing multiple rounds of, - you know, - $20 million on the low end. - And sometimes you know hundreds of millions on the higher end. - So with crowdfunding, - you tend to be providing a promise of goods or services and for for their capital in their - money instead of equity. - So this is in the form of any kind of, - uh, - a star is good. - It could be a specific product. - It could be T shirts. - It could be stickers, - you know, - Whatever is related to that project services could be different from if it's a band I'm - doing. - Using crowdfunding. - The service could be performing a concert or writing a song for somebody, - but like I said, - these are not equity transactions. - However, - things are currently changing Obama signed the Jobs Act, - and it's going into effect, - Um, - where it's going to actually expand the possibilities of crowdfunding. - Historically, - returns for different assets have been, - um, - I have been very different. - So savings account stock market are generally pretty love 69%. - However, - Angel investments have been averaging close to 27% so that's a return. - It is obviously much higher than the average average middle income people can gain. - And due to, - um, - current laws in the US you have to be a accredited investor trees. - You have to have a certain amount of income, - and you have to go through a process to be certified to invest. - So it's it's being restricted to a few people so they couldn't middle class, - couldn't access this type of investment. - Uh, - however, - like I said, - things are changing. - So with um, - part of the Jobs Act there are is titled to Entitle three. - Title to is expanding accredited investors. - So these are people that they're redefining what an accredited investor is in there, - explaining that to slightly lower brackets than currently are there. - So that's supposed to add an estimated $20 million to investments on your future that's - annually. - And, - um, - for Title three is when they're actually going to allow non accredited investors to to - invest in these deals, - and that will really expand it. - So basically, - that will allow virtually anyone to invest in these these equity deals that were once - restricted to accredited investors. - It will be based on income. - There's not necessarily an income requirement, - but the more your income, - the higher your income, - the more you can invest. - So it's kind of a it's kind of a percentage breakdown. - So So someone making $40,000 can invest in these things. - And I'm just a smaller amount to someone making 50 year, - 75 or 80. - But also, - uh, - this Jobs Act is allowing four deals to be, - um, - to be solicited online, - uh, - to the mass market, - which they weren't in the past. - So that's something else that's really changing with that. - So the capital from Crowdfunding this kind of best uses here, - you know, - Like I said, - it's a lump sum. - You know, - it's not like the investment rounds at a milestone base that you see with BC and Angels, - where they say, - Okay, - we're gonna give you $250,000. - Build out your software, - approve your concept, - get a couple customers and then we will then give you another 1,000,000 or two to develop - it further once you reach a certain revenue level will give another five million to grow it - . - That kind of thing, - that's all. - Milestone based, - Um, - so from crowdfunding, - you know it's It's in advance. - Um, - you know, - people are giving you money before you've done anything proven. - Proven your idea before they've seen a product. - When it's just, - it's just annoy idea. - That's all it is. - So it's it's it's faith based money, - and it does create an opportunity. - Let's say if you're creating a product, - you're manufacturers most likely gonna have minimum order quantities. - So you know, - they may say that you have to order 500 units of your widget that you're creating before - they manufacture anything so that can create a big burden. - You need a large amount of capital of fried, - so also, - if they say you know you have to make, - you have to order 500 before we make any, - they may say that maybe $2 per unit, - But if you order 1000 will drop it to a dollar 50 if you order 2000 will drop it to a - dollar. - So that's the other thing with crowdfunding it. - Since it's such a large lump sum and your in a sense kind of pre selling those, - then a lot of times you can take advantage of that quantity based pricing and, - uh, - and drive the cost down. - Also, - you know, - Thies, - this lump sum is helpful if you need two written on a recording studio. - Do software programming film the movie? - Because these are things that obviously also require a lot of money up front before - anything is produced and before you actually have a commodity, - whether that's an album or a movie or some form of software. - So the other advantage of crowdfunding um, - you know, - you retain the equity and creative direction, - so retaining the equity, - you know, - if you're looking at creating a business, - this is obviously huge is this allows you to get off the ground while without losing any of - the potential upside of your business. - So, - um, - if you're like a film director, - you keep the creative direction you don't have, - um, - you know, - these producers breathing down your neck, - wanting Teoh. - See clips all the time and look over your shoulder and see you know what's been happening. - You know, - it's completely still up to you. - Um, - you gain exposure by being on these platforms. - Um, - you know, - it's a place to drive people. - I wouldn't say just because you're on there, - you're going to get a lot of exposure, - but you will get a little a little bit and, - you know, - through your PR stuff, - reiterate that soas faras saying that you won't get any for being on there. - You will get some if you're on there through all of your strategies. - Just if you just put a campaign on there and didn't do anything, - you won't get exposure. - People think that it's just a magic machine that if you're on Kickstarter, - you're on any go go. - There are thousands of people constantly just looking at your project and wanted to give - money, - and that's not the case, - and we'll we'll go more into the depth into that a little bit. - Also with crowdfunding, - it really serves market research, - So if you've got a product idea that you know you don't know if it's gonna be good. - People are gonna want it. - Um, - you know, - putting it out there on crowdfunding. - You haven't invested heavily in it. - You know, - you may have made a prototype. - You may have paid someone takes photos. - You know, - you put together your project, - but, - um, - your investments very minimal, - and you're able to test market the product now. - So if people turned out not to like the product, - you didn't spend the time to make it. - You know, - you didn't pay for a quantity. - You you're not stuck with your house full of boxes of products that you have nothing that - you could do with. - Also, - You know, - your product may have just needed some feedback from people that you're going to get - throughout the campaign. - They may say, - I like we're going with this. - I wouldn't buy it in a current state, - But, - you know, - if you tweak it in this direction, - then it might be something I'd be interested in. - So, - you know, - that's direct feedback that you're gonna get from people. - That's really helpful as well. - Um, - Scott Wilson, - I got a quote over there on the right side. - Hey, - said it makes buying the inventory and thinking about retail a lot easier. - He had the lunatic, - which was a hey, - watch, - um, - kind of a watch case. - So it fit the iPod Nano in the last generation. - And so it turned the iPod Nano into a watch. - And it was the, - you know, - leading crowdfunding campaign with over $900,000 for the longest time, - the most funded it sent Its been broken by many campaigns, - but it was at the top for a long time. - And, - um and that's just kind of another insight into what it can do if you are trying to make a - product, - um, - just allowing him toe by a lot of majority. - And and it also creates a lot of leverage with retailers because now they've seen that a - people want their product and they start calling you rather than you having to solicit them - and be a sales person 3. Risks, Schemes, Ideal Projects, Different Platforms: - risks of crowdfunding in the pains of cross on it. - Um, - risk of failure. - Obviously. - You know, - the time you put in this campaign is gonna be heavy. - You're gonna put in a lot of time, - and you could put a little bit of money. - Probably. - Um, - so you know, - that's one of things that you're going to consider into if it's worthwhile for you. - Um, - public image. - You're gonna feel like it could be stained Just a failure out there. - You know, - most of these campaigns are kind of internalized. - Indiegogo has taken down some campaigns that have failed. - Kickstarter leaves everything on there forever, - so people could always find it again. - So if you think it could hurt your image in the future, - I mean that that is a potential possibility. - Um, - it is very, - very stressful. - Don't be surprised if you would lose sleep over it. - Um, - you know, - it just you're gonna be staring at it 20 hours a day and just constantly refreshing it. - Um, - it could put strains on relationships. - When you launch your campaign and you start telling friends and family. - Hey, - this is what I did. - You're not necessarily listening them, - but it can create awkward situation when they're like, - OK, - well, - am I supposed to give to them and my not, - um, - you know, - they're gonna feel pressured to and you know, - you're gonna try to answer them. - Is I hate It's all right, - it's not. - You don't have to support me on here, - but it creates. - Ah, - weird situation. - Um, - also next point, - there is no nondisclosure agreement. - So if you're putting out, - um, - a product solution if your if your project is one of those, - um and you're concerned about someone stealing it, - then craft findings Pride? - Not for you. - No, - it's better for things that you have the competitive advantage on. - If someone else just knowing your idea with a little bit advance notice could do it better - than you, - then they're the person to do it in the first place. - So, - um, - you know, - this is more relevant. - Maybe with some with AP ideas or software, - things of that nature that could possibly be completely replicated in a very short period - of time, - like during your campaign. - And people on the Internet aren't quite as forgiving, - patient or illogical as you would hope. - If you've ever gone to YouTube, - you realized this comments are 99% negative and 1% positive. - So if you know if you go through crowdfunding, - you're going to realize this very quickly that it's people say things on the Internet that - they won't never say in person, - and you will get unfiltered feedback. - This is can be very stressful. - But you know, - it is very valuable. - Being able to get that authentic feedback that you can't really get in other places is - easily so. - There are some schemes out there that people have tried. - Um, - so the first of which is when you know that a big debate is whether or not you're legally - obligated to fulfill the the rewards or the perks of your campaign. - Um, - because there is a sense of risk. - Do it. - You know, - if you if you raise this kind of money and to make the product to make an album to film a - movie, - whatever your project is and you weren't successful in doing it, - do you have to give the money back? - Um, - so, - you know, - there have been instances where people have raised money, - nicked up, - made up excuses and try to just keep the money. - They were thinking no one would ever see him potentially or they just, - you know, - they obviously thought they'd get away with it. - However, - there has been an instance. - Where have at least seen one? - That bunch of your pledged very small amounts, - Uh, - and then finally a class action lawsuit against somebody and then having to file bankruptcy - . - And it was a big mess. - Um, - being honest, - have integrity, - don't tryto rip people off. - Um, - other thing posting projects on multiple sites is back to my point of Just because you're - on Kickstarter Indiegogo doesn't mean you will get a lot of exposure for the sake of from - the second being on there. - Um, - if you look at how many projects they've had to have thousands of projects and they're - constantly thousands of projects out there, - um, - so posting years on both sides doesn't necessarily help you or even more sites. - On top of that, - you're better off sticking with one. - Choose the one that works best for you because it really does divide people. - You know, - people hear about your project are interested and they realize you're on both. - They're gonna be very confused. - They're not going to know what to do. - I'm pretty sure it violates the terms of service. - I haven't checked because it's not necessary to check because I think it's a stupid idea. - Anyway, - you will lose all credibility and no one will support you. - Here's an example. - Um, - I don't want to speak to their project per se. - I'm not saying they had that project. - I'm saying they posted on both and you go, - go and kick started with overlapping timelines. - And you know, - that was the results. - Both of them. - They feel so of components of an ideal project. - This is, - you know, - prime my favorite slide that we're gonna go over on the entire course. - I think it's just the most relevant. - Um, - you know, - you really need a compelling story If people don't know why they should support your - project. - And if your product doesn't scream to them. - Hey, - I really should be involved in this. - I should support this. - Then it's gonna be really tough to get anyone to do anything. - Um, - if your project is mass market, - So when I say components a media project, - I'm talking about ideal for raising a lot of money So, - you know, - if your project is something that you're like, - Hey, - I don't need a lot of money need for $5000 that's fine. - You don't necessarily need all of these things. - Um, - mass market would be the one that's probably not relevant two years, - But I'm approaching this from the point of, - you know, - just trying to make the largest financial impact. - Just so you know, - so mass market, - um, - thes platforms are in international states. - You will get supporters from around the world. - Um, - I did one product campaign for me. - We end up shipping products to I believe it was over 80 countries. - And, - um so you know, - it's international, - very diverse viewership. - And if your product is your project is a project that appeals to the mass market. - Not just a small niche, - not one specific type of person, - but it's it's kind of open to a lot of people. - Then you will have more blawg opportunities. - There would be more bloggers that might be interested in your project. - Um, - the next thing is a popular category film, - video game, - and product design projects have raised the most money. - Statistically on, - um, - Kickstarter and Indiegogo. - So you know, - you know, - just by mathematics, - if you use one of these, - you know, - these are the type that people are at their current currently liking to support and a - strong team kickstart actually run the numbers on this. - Two or more people have raised 80% more money. - Four more people, - on average, - 138%. - So that's very significant. - Uh, - and I think it's because it doubles or triples in size your network if you have two people - , - um, - the amount of people seeing your campaign, - senior social posts and stuff like that are gonna obviously be double. - You know, - just if you build a strong team, - you know, - when you're building your team focused on people that can, - uh, - fulfill where you lack know your strengths, - know where you're not so strong, - and find people that you know help in that area, - there are many different platforms obviously mentioned kick starting in any go go. - They are by far the most popular. - Um, - you know, - it's pretty much a two horse race at the moment. - It may change. - It doesn't look like it will in the near future. - Um, - first we're gonna talk about Kickstarter. - However, - Kickstarter is larger. - Um so naturally in many articles when people are talking about the two, - they say that Kickstarter you know, - it has been the leader and then you go came along and you know, - they, - um I gained a lot of traction, - but they haven't done as well. - However, - any go go was here before Kickstarter so salted so Kickstarter they like creative projects - . - One thing you learn about Kickstarter Indiegogo is Kickstarter is more particular about - what they allow on their site. - They really wanted to be a platform for creativity. - They don't like businesses. - Eso if if you want to launch a business which I have launched a business through - Kickstarter before you get creative about what you're doing. - So it has to be a project. - They want projects with specific ends and goals. - So, - for example, - if you want to start a sock company, - you're gonna make really cool socks that no one's ever seen before. - You're bringing back the tube sock. - I don't know, - um, - your your project per se that you're gonna be saying you're doing a Kickstarter is, - uh you want to manufacture a sock? - It's something that you could say. - OK, - I need $50,000 to make up my, - uh, - order first order of of socks. - So there's a specific end goal if you raise the money, - you're ordered socks. - You made socks, - you know, - afterwards, - after the project ends on Kickstarter, - you have a stock business, - but you're gonna have to kind of spin your idea a little bit if you're trying to start a - business and you want to use Kickstarter. - Kickstarter does not like causes. - They don't like funds to go towards, - um, - not for non for profits, - not for profits and charities. - They don't want you to launch a charity or not. - Excuse me, - non profit on their, - um, - I've run into some of this before, - and they're very particular on this there. - Reasoning that doesn't make much sense is that if they have a cause on their one campaign - is they're putting, - um, - giving nets to Children in Africa to protect them from malaria. - And the next campaign is someone, - um, - over here in the U. - S. - Trying to produce their first music album. - They think that no one will support the music album. - Personally, - I completely disagree with them, - but that that is their viewpoint. - And they're very particular on that. - So they do filter out campaigns, - and they look at at them pretty stringently, - but they let up a little bit on their process. - It used to be much more time consuming to get approved and get on there. - But things are going a little easier. - They do all or nothing. - I'm sorry. - I skipped. - Must fit in the category. - Yes. - Your project must been one of the categories. - They have a list, - and if it doesn't fit that, - it's not something they want. - So, - you know, - keep that in mind looking there category list? - Um, - they do all or nothing funding. - So you set a goal? - Uh, - because your project needs a certain amount of money toe happen. - So, - for example, - your sock company, - if you said set out to raise $50,000 What you're saying to people in communicating is that - I can't make, - um socks without $50,000 because that's what's gonna be required of me up front. - That's what it costs to make my project happen. - $1 lesser, - one cent less. - And I'm not going to do my project. - You know, - I kind of understand where starters coming from on this. - Um, - so I can't disagree with them on this part. - Um, - so that's something to keep in mind, - because if you ask for $50,000 you raise $49,999.99. - You will ultimately not get a penny when that clock runs out. - Backers are charged at the end of the campaign, - so people are pledging that amount. - But their credit cards are not charged until the end, - so people will change their pledge off around. - But you have to have at least reach your goal at the end to get any money at all. - On it is the largest crowd funding site, - with total money raised of nearly six times Nico go, - uh, - so Kickstarter has a success rate of right on 44%. - That's really really good. - Especially considering their all or nothing funding. - Uh, - and their fees are, - um, - 5%. - If the project succeeds and they go straight to Kickstarter and then you also have 3 to 5% - from Amazon payments and that fee can change depending on the quantity on and and the total - amount that you're actually running through there. - So that's just a credit card processing free fee. - And, - um, - act it those feezer not really negotiable. - So any go go few project restrictions? - Um, - the restrictions were pretty much limited to what is illegal. - So, - um, - you can put on there pretty much whatever you'd like. - Um, - this is a resulted in a lot of projects on their It also has resulted, - I think, - in a lower success rate, - 9.3% they do fixed or flexible funding. - So fix funding is like the all or nothing funding that Kickstarter has. - If you don't hit your goal, - you don't get any money. - Flexible funding, - uh, - is different. - Flexible funding is regardless of how much money you raise, - uh, - you will get that much. - You will get that money. - So if you set out for $50,000 and you hit $24,000 to $2000 whatever you will get that money - as well, - I think it kind of makes the whole point of the coal useless. - And it's kind of confusing Teoh potential backers saying, - You know, - you need $50,000 but you're fine with $20,000 still make it work. - Um, - another difference is contributors are charged immediately. - So, - um so that's something to keep in mind that it's a little different. - So your ultimate support will very less with the knee. - Go go with Kickstarter, - especially if you run a longer campaign. - If you did two months, - 60 days, - a lot of the people that pledged in the beginning their credit cards may have expired by - the end. - Um, - or maybe they just forgot that they pledged to you, - and all of a sudden, - now they're gonna Overdrafts of funds aren't gonna go through, - so you're gonna have a lot of failed transactions. - Starter still charges you that fee based upon the total support that you should have - received. - So there could be some issues there. - Uh, - and for any go, - they do encourage you to be successful in their fees. - It's 4% if you reach the goal and 9% if you're unsuccessful with flexible funding. - So I didn't mention this with kick, - sir. - But if if you don't hit your goal and you don't raise any money, - there are no fees within you. - Go, - go. - If you do the fix funding. - Excuse me, - if you do fix funding and you don't reach your goal, - there are no fees. - But if you flexible funding and you don't hit that $50,000 mark that you set out to raise - and you reach 20,000 they will take 9% of your $20,000 that you get. - So you're definitely still encouraged to reach your goal. - Um, - and the 9.3% success rate is based upon projects reaching their goal so and flexible - funding campaign that raised $40,000 when they're asking for 50. - It's counted as he unsuccessful campaign in those figures. - So now, - side by side success rates I mentioned a couple times can I wanna touch based on you know - why? - I think this is because if you just look at the success rate, - you're like, - why would I want to go with an ego? - Um versus Kickstarter got a much better chance of success. - I don't think necessarily the case. - I think it's because, - you know, - flexible funding of Indiegogo does make the goal kind of arbitrary. - If you pledged on that campaign we talked about and it's up to $40,000 their goal was - $50,000. - Um, - but they're doing flexible funding. - They're gonna get the money regardless. - And that's gonna happen. - And you're gonna get your perks, - no matter what, - there's no motivation. - You know, - all the motivation is gone, - and, - um, - just kind of removes the whole point of the goal, - in my opinion. - So, - um, - I think a lot of these campaigns and projects that could have been pushed over the goal - just don't reach it because of this. - Uh, - there's also kind of a lack of quality control with any Go, - go. - You know, - Kick starter is very specific on their categories there more specific on their categories, - and they are quality. - But any go go will allow, - Just like I said just about anything. - If you want to post something on there and say that, - Hey, - you just you just want people to pay your rent on your sort of project to raise money for - everyone to pay you rent. - From now on, - um, - you could do that. - And no one is going to support you, - and your project will fail, - and then you will contribute to that 9.3%. - So, - um, - I think a quality project. - I think the success rate for you would be the same on Kickstarter or Indiegogo. - I think it's I don't think it's about the project. - I think it's about the pool of projects that they currently have on their platforms. - So we just finished the first section of Introduction to Crowdfunding. - So now we're going Teoh in the next section, - go over kind of the first part of the project plan. - You know, - the things that really make up the project and what people see the potential backers from - the Project home page to the video and other media and stuff like that, - so that so you can expect the next one. 4. Project Homepage + Video: All right, so now for the project plan. So here we're going to start by talking about the project home page. What? You should put on it. How it should look. Also the video. You know, how can you make a great video? What do you need in a good video? Different tips and stuff on how to do that cost effectively. Um, and you know, just without breaking the bank. Also, just any additional media that you may need for your project. So things that were relevant beyond what the obvious are as far as a photo of the team. And you know the video for the project also dive into the reward specifically, and your fulfillment date. How do you choose that? How far out should be, how close? How does that impact your potential funds your race? Also, you know what your shipping costs. What's the best way to calculate that? Do you expect more to be local? Do you expect to be far away? What about international and how does that come into play? Also, your goal. How do you set your goal where you know should be higher where you raise more If it's higher do you make it less ambitious, More realistic? You know, different strategies for setting that are things that we're gonna discuss and also stretch goals. There's a big debate out there on whether or not people should you stretch goals and how they impact your backers. And your project as a whole will go right into that as well. So there's a great section, and I think you'll learn a lot. So the project Home Pages is the hub of your project. It needs to be 100% complete. You don't launch before you've completed the whole thing. You know, brands, projects, cos everything always needs to be seamless. It seems there where else and you start looking at professional on people and you lose credibility and people stop trusting you, you need to answer three critical questions. Who are you? What are you doing? Why should I care? Everything you know is related to those three questions. Anything beyond that is, um, too much information are unnecessary information. So, uh, which in the Why should I care? Question is by far the most important. Whether this is, you know, I should care, because you're doing something really cool you doing something really thoughtful. You're helping mankind. You are making really cool products that I want to own. You know, I'm cold and I need a hoody. Um, that kind of stuff. So on the product title, you know, it needs to be concise, and it really describes the what you're doing. And why in this instance, air right here on the right, you know, they're making a city on their making Hiti to last a very long time. Um, so they want to make a quality hoody, And they didn't mention who they are in the title, as I recommend, because looks like Jake Bronstein on no offense Jake Bronstein. But I don't know who he is. Chances are you probably don't either. And because his name, if his name was in the title, that's not gonna make you click on it. If your celebrity, then it might be worthwhile. But otherwise people are more concerned about what you're doing and why. Um, the description is goes right underneath here. Its every stitch tells a story, a premium sweatshirt designed for life guarantee for a decade and backed with free mending . So this is where you can expand on the Y and mentioned the reward. So there, you know, they elaborated on it, gave you a little more details and, you know, it just it just makes it more compelling. Um, and then in the text body is when you really start elaborating on this description and you can also go into you know who you are on a kind of background on your project. Um, I'm gonna show you other parts of the home page. So, you know, obviously you have your video upfront. You have a static image that you have displayed on there that you choose for when the video hasn't been played yet over to the right. You know, it's the number of backers they've had so far. Their goal is listed there underneath on the amount pledged. Typical on how much time is left on the funding period. I'm on Kickstarter page, obviously, and he goes, they're very similar here. It's everything about the project owner right underneath and at the top. You've got updates, backers and comments so updates or anything you send out to people you can usually choose between sending that update. Teoh everyone, the public or you consider it to only the people that have supported your project. Uh, you know, backers is just a list of people's profiles that have supported this project. In the comments or anything, any of the backers leave. Um, And when we go down on the right side, you have your rewards. It goes the same way they they're called Perks on Indiegogo site and they're usually ordered by the pledge amount. So they started $1 they go to 10 to $89 so on. On knees, they show how many people have supported each of those each reward package on. They detailed the rewards. They say when they're going to be shipping estimate delivery on where they will ship. Um, And if the whole ship outside of the U. S. As you see on the $10.1 you have to add feet. You can also do limited rewards or perks where if a certain tell a certain number of quantity for that reward is hit, then that one has sold out at the $89.1. There you can see that they limited that 1 to 2000 backers and they still that of those. So then down the middle of page on the left side is your just your whole project page. Everything under the video in the description is is the body of the page. So there you can at photos, words, imagery, you know, whatever. Whatever you want to support your project all the way down to the bottom. I have a really long project. They elaborated on the team throughout the fine print, and then something Kickstarter started for risks and challenges. Uh, this is to combat the potential scheme that I mentioned before of people running off the people's money. Excuse me, but also just letting people know that there is potential for this to fail. And sometimes that happens where they seek out to do something and, you know, but they raise a lot of money and they try to do it. But they're just not successful, and therefore they weren't able to provide any rewards in these instances. You know, for a project owner standpoint, you would have to be honest if you're honest, forthright, and, um, she was provide transparency, the whole situation and show how it went bad and and how you did everything you could and you know, very apologetic, You know, most people believe will be understanding. Some people will be upset, but but that is kind of part of of the whole crowdfunding thing. It is a risk when you're supporting a project. So those things do happen. So at the bottom, for risks and challenges on Kickstarter page, each product creator will add, You know what risk that they foresee in the future and the challenges of the campaign, then F a. Q is a great place, for if anyone asks any questions and you're going to see a question over and over again, you can kind of put it down there. All right, so the video videos, um, are critical to your campaign on, and they are a driver of success, I say critical to success. If you don't have a video, yes, that you will be successful. Statistically, you're less likely for pick starters statistics, it's It drops from 50% success rate with the video to 30% without, um, you know, playing Devil's advocate here. You can also argue that that's because that 30% that failed without a video, those people weren't really committed. If they were committed that would have made a video, um, if they weren't committed. And they pride in try very hard throughout the campaign without a video. Anyway, To hell with videos. Try harder. So regardless, I think videos air very helpful. Um, they, you know, they do set the tone for your brand or your project, and they can really just kind of humanize your project. I think it's a great idea for project creators to star in the videos on there. Just a a media that can make people more engaged than they would be otherwise, you know, There, you know, it takes a lot more for someone to read a paragraph of text on, get emotional about something and really start caring. But when you see it, when you watch a good video with a really good message, it's got good music behind it. It can make a big difference in regards to setting the tone for your brand. I think it's very relevant that you're that everything lines up with this. So, for example, if you're, um, project is, um, something dealing with humor, Um, if you're making something goofy or, um your goofy people, then I think your video should be the same way. It should be funny and should be goofy. If it's if you're raising money for a cause or a nonprofit, then I think your video should be serious. Um, so it just really needs the lineup. Also post the video on YouTube. It's great for surgeon marketing. Um, YouTube is owned by Google, and therefore your video will rank well on the search engines for that. People searching for things. Um, and it provides another access point for media s. Oh, this is for but media I'm talking about, You know, bloggers, journalists, those people that may need to learn more about you or may want to link to some resource is eso. This just makes a little bit easier for them. Also, keep your video short. Viewership, as you see in the chart, I have to the right, um, it declines dramatically. You lose on average 1% of your audience every second of video for the first minute. So, in other words, at the end of the first minute of video, 40% of people are still watching. So, you know, I like to keep videos at around a minute. Um, you know, you know, crowdfunding is a little different. It is something that people are really trying to seek out to learn more about you. So, you know, a minute and 1/2 2 minutes. Who's okay? I would try to keep it under that for sure, though, Um, no one wants to watch a 456 minute video. Um, but also, um, you know, the data on viewership can lead you to another point, and that's that. You need to get your message across very quickly because not only eyes important, um, to try to make your video engaging. But if If you're losing your viewership so quickly and this is just gonna happen, no matter what, then you want to make sure they that you got the information they need to hear to them very quickly. So, you know, right up front, you need to answer those questions of why should they care And what are you doing? You could spend the rest of the video getting creative and stuff and elaborating on that. If they want to hear more, they'll keep. We'll keep watching. Um, but you need to hook him right up front. As I mentioned keeping it short? Um, very, very relevant Here. Um, what the content. Determine the length, not the other way around. Don't set out and say All right, we need a four minute video. We need a three minute video. We need a one minute video. If you've got good quality content, then let that determine the length of your video. But you still want to keep a shorter background. Music makes a dramatic impact. It really does. If you, um if you could watch ah feature films and they just take off the musical to send, it's gonna seem like it's a homemade picture. It just makes a huge impact on professionalism and and how it could set the mood, especially if you're doing something serious. If it's cause related, Um, it's very, very helpful. Um, a static image needs to be intriguing. So aesthetic images I mentioned previously is the image that is displayed when your video has not been played yet. So our example on the right for woollen prints, you know, they have their logo, a static image. They are a brand making dress, shirts for men, and they are trying to be hiring. So I understand the logo on everything, and I think they're static. Image fits. I don't think it's the most intriguing, but I think it fits their brand of all. Um, they had a fantastic video. Uh, you know, I think you should definitely watch if you haven't seen it. Um, you know, the what they did was they made a dress shirt that could be worn over and over again. Uh, didn't after you wash and have to be dry cleaned and didn't get wrinkles and insert smelling? I mean, it's just good quality shirt that last and naturally, what they did for their video. Very humorous. But it is. She showed the quality. Very well. Um, the guy that camp with a shirt actually was a war a shirt for, I believe, 150 days straight. And you started walking around town asking people to smell his shirt and tell him what what they thought and said, Hey, you know, how's my shirt smell And everyone says it's most fantastic. And he's just walking around asking people. It's just a great video and, you know, it showed off the project product well on. It worked very well for their project Hey, got a lot of PR for it and moralist stories. You got to do something very relevant to yours, but also make it to your project. But make your video intriguing and interesting to people. Do something to a friend. 5. Additional Media: - as far as graphics and media Don't If you notice whenever on the, - um the 30 project a second ago looking at their home page, - they had a lot of imagery. - They did very, - very well in their campaign. - And if something could be explained in an image, - uh, - do that people prefer images over words any day. - Um, - and also, - your main cover image for your project is what will display in searches. - So this is if someone goes to Indiegogo or they're gonna kick starter and they search for a - project up there in the search box. - Um, - you know, - if they search for your city, - they search for Los Angeles up their project. - Any projects from Los Angeles pop up the little Icahn image will be your main image. - So it needs to be something that people want to click on. - Um, - having a team picture is great. - People want to see who they're supporting. - There is much more connection with crowdfunding. - There is through other things, - as far as, - like, - retail and stuff. - So, - um, - people you know, - people like to get personal. - Um, - make sure your photography in your imagery is quality. - Um, - especially if your product is based on a product. - If you're giving if you're selling something in a sense on you've designed a product, - you know the imagery quality photos will sell it. - Um, - I've seen projects where people were giving away T shirts and stuff, - and there's not even a photo of the T shirt. - It's not gonna make anyone want something by saying, - Hey, - we've got a T shirt with sequel to shirt, - then they want it. - Um, - you can always find semipro portfolio building photographers. - It's not hard posted an ad on Craigslist or just about anywhere you could call a local - photography school or a local college photography program and tell them what you're doing. - They would love the exposure, - so you should be able to get someone pretty inexpensively that can take good photos on. - The other thing is, - if in those instances, - a lot of times you can just get people that don't even charge you. - If that's the case, - you could always get a few people. - Andi, - choose the photos you like the best on just be forthcoming with them about what you're - doing, - Um, - infographics. - I love him elemental sense. - I will if I see an infographic on. - Um, - cardboard is made. - I would want to read it, - read it and stare at it for 30 minutes. - I mean, - it just they're just super interesting. - And I think there Ah, - fantastic way to display your different support levels of your rewards in your parks. - Um, - because a lot of times, - like on this project we've got over here on the right side, - where do they have 1234567 11 12 14 or 15 different levels? - And if you had to read the description for each of those that air detail ing everything, - it's in those. - It's going to be 30 minutes, - but you can very quickly see with a, - um, - infographic. - You know, - the difference is in the in the different levels and what's included, - so definitely do that, - especially if you're if your rewards are complicated, - if you've got a lot of things in each of them. - If your project will remain in existence afterwards, - you'll need a logo. - This is if you're a band, - and you know your band's gonna keep performing after the end your project. - You're an artist going to keep producing art or you are starting a business. - You're making a product, - and you're going to sell it afterwards. - Uh, - then you will need the logo. - Um, - if it's a one time project, - then I wouldn't worry about it. - I would, - you know, - find a really good, - enticing image and just post that around. - But otherwise you should really work on a logo. - And, - you know, - I think it's worth investing in, - especially if it's gonna be used long after the campaign ends. - You might as well um, - pony a up front and get a good one than you would afterwards. - Unless you are only going to do the project if it does well, - so in other words, - like the sock company I mentioned, - if you're going Teoh, - start a sock company. - Uh, - regardless, - if crowdfunding fails and you're still gonna make yourself company investing Loga, - if you're gonna if you're test marking your sock company Hey, - I don't know if you don't want to my socks. - If no one wants my socks and it fails and crowdfunding, - I'm not gonna start assault company. - In that case, - I wouldn't invest heavily on it. - Um, - expensive options are like crowd spring. - It's cross from dot com. - It's really cool site. - I think it's about 253 100 bucks right now, - and you can actually get a lot of designers. - I think most of them are overseas, - will design logos, - and you will get more designs thing you would ever expect to get. - It's crazy, - but you can also do it aeration so you can tell you give him each feedback and say, - Well, - um, - you know, - I really like it can make a couple tweaks in this area or I really hate it. - You could do a complete redesign. - Um, - so you have a lot of creative flexibility there and complete creative direction. - Um, - so that's really cool on. - And, - you know, - it's it's pretty inexpensive, - and ultimately you just choose the design you want. - And that's the one you award the funds to, - um, - Freelancer works very similar. - What I would you know just urge you to do is to pay for results. - I've made the mistake before. - Hiring graph Desire paying $1500 is on your logo. - Um, - you're gonna get a couple designs, - maybe, - or they're gonna design one logo for you. - Um, - if you don't like it, - you're out 15 air bucks and you're back at square one. - So this way with crowds spring freelancer, - you're able to see a lot of options. - And you only pay for something you like, - so leaves everybody happy. - An hour to the goods. - I'm sorry. - We're not We're still at additional media 2.3. - Um, - crowdfunding thrives off the bandwagon effect and moment. - Um, - so I think it's a really cool idea to put a map up. - Show your different backers and supporters contributors, - whatever you wanna call him, - depending on your platform. - And just so where they're coming from, - you know, - when people see that a lot of other people are are supporting projects, - you know, - they want to jump on the bandwagon and, - um, - projects air just thrive off of momentum. - Um, - so, - you know, - you need to always emphasize that a lot is happening and create the sense of community, - especially people see pinpoints in their city, - or even the office of they say, - Hey, - no one's done it in Dallas yet. - I'm gonna be the first person in Dallas. - I want to see a pinpoint in the graph. - Um, - so, - you know, - use any other graphics and media that you think of that can, - um, - make things more engaging. - Um, - you know, - as many photos and videos of the processes Utkan take and use them in updates, - it's really helpful. - Um, - also, - you need to think about any other relevant media to your project. - You know, - if you're doing product design, - you know, - people like CAD drawing, - especially if you're trying to say you made a quality product Quality products don't really - start by you walking down the street to some random manufacturer and just kind of doing 1/2 - way job and just kind of trial and error type of thing. - It's usually done you no more mathematically cad drawings, - more using engineers, - stuff like that. - Yeah, - chances are you may have not done it, - but it just getting cad drawings of Even if you did the prototype down the street, - take the prototype, - get CAD drawings made. - It adds to your whole essence of quality, - and people are going to trust the product a lot more. - And currently, - Kickstarter now does not allow product renderings. - They do allow images of prototypes, - but no rendering. - So, - ah, - lot of times people understand the difference between renderings. - CAD drawings. - Just so, - um, - cad drawings. - You know, - they look like a drawing on a paper. - It's obvious that that is not an actual product. - It's not a physical product. - Product renderings are win. - It's a it's a computer design. - Um, - that results in a three D image of a product. - Apple uses product renderings, - and in most of their ads it looks exactly like an iPhone. - But it's actually a computer image of an I found it's not in existence. - It wasn't a photograph. - So if you have a prototype your product, - you can take pictures of it. - You can use CAD drawings to show how is made, - but you can't show product renderings. - And this is just, - um so that, - um, - let's say you were gonna make your own phone and you did a product of rendering of it. - It looks like a real phone, - and people are supporting you, - saying I want that phone and then you come out and say later, - your project fails and you say, - Hey, - we weren't able to make the phone and they're like, - What? - What about all those photos of the phone? - No cell phones. - I know they were able to make phones. - It's so that that doesn't happen because you never cell phone as a phone, - you saw just a rendering of a phone. - So what they don't want is renderings that look like the product they can't look that - similar. - I don't want people to be confused about what state your project is in at the beginning. - They just want it to be completely transparent. - So I think I think it's a good thing. - I don't know how many projects I've seen, - though, - this time of relevant media that I've seen product by musicians and they don't have any - kind of music list that they don't have a link to go hear some of their current stuff. - It's really hard to sell film without a trailer. - I mean, - uh, - that's one thing that I think if you're gonna if you're gonna make a film and you want to - raise some money, - I think you need to first financially invest yourself and make a trailer for the film - unless you have a cult following, - which we've seen with a couple Franek. - Amar's um um you know Spike Lee had a following. - So whenever he decides to make a film. - He gets the support without trailers, - but otherwise people haven't heard of you. - You're gonna need to trailer. - That's what's going to sell your film. - Now we're on the goods. - So the goods are ain't the rewards in the perks. - Whatever. - You're actually giving people sometimes its services as well. - Um, - this is arguably the largest driver of funding as far as talking about projects that have - just raised a lot of money. - So, - um, - you know most of the highest products of either giving people a video game copy of a movie - or a physical product. - It hasn't been, - you know, - cause campaigns. - They haven't been nonprofits. - Um, - some of the best projects have failed with poor decisions in this area. - On I think the opposite is true as well. - Um, - so I just think it's very important to have half really good rewards and perks. - Then there's there's a big debate out there on on whether or not you need good rewards and - perks. - Um, - you know, - some people think that it's a lot of people call it a donation. - I don't think it's a donation. - I like that quote. - I got at the bottom from Spike Lee. - He recently raised about a 1,000,000 1/2 for his next film. - And you know, - it says it's not a donation. - You make a pledge and you get something. - Um, - someone asked him, - you know, - about why do people donate so much money? - It's not that, - you know, - I really don't think it is that way. - Um, - if you've got if you've got a cause, - you know people are gonna be giving you more than they're getting At times, - they may be willing to do that. - Generally they're not. - So just, - you know, - keep that in mind. - And analysis of most funded projects will reveal amazing rewards time and time again. - And people do like only opportunity items. - I like this project. - I could have your own the writers on a rocket hub, - the lunar orbiter immune recovery project. - So, - you know, - they raised $62,585 which, - um, - for rocket, - Others on the most funded campaigns. - If they were on Kickstarter Indiegogo, - I think they would have done a whole lot more. - But I think they still did very, - very well, - especially for being on rocket up. - Did isn't quite as much traffic. - But what I love about them is their is their reward options. - You can see down here on the right For $50 you're able to get these microfilm images that - were taken, - uh, - from a lunar orbiter stir getting images of the moon down for the $250 you're getting a - bite in images with, - um, - with verification that they were authentic authentication letters of, - you know, - different missions. - They were taken. - I mean, - really, - really need idea on there. - Definitely one of a kind of rewards that I've never seen any royalist and definitely beats - things like T shirts. - So, - you know also stressed that this is the only time people we'll to get those those items and - those rewards or their parks after the campaign is we're not giving those away. - So I mean, - it really motivate people to support your campaign. - Unique. - Crazy Off the wall rewards are great PR opportunity. - So good creative. - Um, - you know, - people tend to really get creative, - especially in the higher and things for $10,000. - Or do you get to do I think Spicoli actually, - did you get to go to a Knicks game with them any take you to dinner and you hang out with - him for the night. - Um, - don't look a lot of fun doing it, - so, - you know, - get creative. - Um, - sometimes the crazier your ideas, - the more likely someone's gonna want to talk about him and try to keep the items universal - . - Um, - this is something that, - um, - doesn't necessarily help for your for raising money, - but it will definitely help on the back end if if you're like, - hey, - we're gonna do T shirts and people love T shirts. - I'm not saying T shirts or bad. - I've done T shirts before and they're very effective. - People like him. - But if you decide to do, - um, - let's say you're going to three different designs or hey, - we want people to choose if they want our shirt and black, - red or white. - Okay, - that's only three different shirts, - right? - But if you're gonna have to do and you know an extra small a small medium, - large excel double Triple XL, - you got seven different sizes of three different shirts. - Now you have 21 different inventory items that you're gonna have to purchase, - and you're gonna have to purchase extra because people are gonna want to exchange sizes, - and they're gonna be issues with how they fit. - People actually ordered the wrong size, - and then you're out additional funds for shirts that you do not want or need. - So keeping them universal makes things a lot easier. - Um, - also different size shirts weigh different amounts, - and they take of different months of room. - So you may have to use different size boxes for your words, - so keeping things universal is very helpful. 6. The Goods, Fulfillment Date, Shipping Costs, Goal: - the wording on your rewards in your project plane is a whole. - Your project home page is the whole should be simple. - Keep it minimal. - Um, - especially on the rewards. - When? - If you're gonna have a long list of, - um, - you know, - if you want a $1.5 dollars 10. - 25 fifties have you have 100 so on. - People don't want to have to read through pages and pages of text to understand your awards - before they can. - Finally, - then go back and say, - OK, - I think I was leaning towards thes three. - Any to read, - um, - against which they are like the differences you're gonna lose people. - People are gonna come your site, - and they're gonna leave before you know, - they ever make a decision because it was too complicated and they didn't have the time or - they were bogged down by all the text. - So you got to make it simple, - so they can very quickly see what they're gonna want and the differences between them. - Uh, - the infographic, - I think, - helps very dramatically in this one. - Um, - pricing the rewards, - actually, - back to the wording fast. - I got that quote in the top right. - This is from Amanda Palmer. - She on her first campaign raised $133,000 for her music project. - To think she was gonna be touring the West Coast, - if I remember. - Right. - So it's for music to her. - Um, - she said in the in the pitfall what we learned for next time department. - We should have been a little clear with some of our wording. - Um, - one thing that they, - uh they I made a mistake on WAAS in their text body she mentioned, - um, - Kickstarter backers were gonna get the first opportunity to purchase concert tickets. - So after the product ended, - concert went on sale. - She sold the tickets to the general public and got a lot of flak from the Kickstarter - backers. - You're saying why did she offer them to them first? - Well, - what she meant was that she actually had a couple packages at the higher reward level. - I think there were $500.1000 2000 something like that. - Those included tickets for our tickets to some of her concerts. - Those are the ones he was referring to. - That if someone backed her at that level, - they have to first they'd have those first tickets. - She wasn't referring to them having the first cell in the future toe all of her backers. - So that's one thing that she could have been a lot clear on and, - you know, - would have made things a lot more smoothly. - G on her second campaign, - actually praising. - I believed it was a little over a $1,000,000 for a next door. - So she's done very well through crowdfunding pricing. - The rewards, - Um, - you know, - for a rule of thumb, - I like to have a 50% margin. - You know, - you know the point of your project. - You know, - obviously you need profit to do your project to create inventory or, - you know, - you're gonna need a buffer. - You need profit for whatever your project is. - So I like Teoh. - Figure out what my margin is overall on each reward package and make sure it's at least 50% - . - So you're gonna need to keep in mind your reward cost. - Whatever those actual physical rewards are, - um, - your fees from the platform credit card processing, - that kind of stuff, - whatever shipping is gonna cost you packaging. - Um, - hopefully you can keep these things down. - I will go over later on how to keep these things down. - One of my favorites now is that you know a lot of people doing comics or books, - cookbooks, - novels, - um, - films, - music there. - So they're giving digital stuff. - That's a PdF MP three or and P for Meg Peg for whatever for a film. - Just a digital file. - So that way it can be emailed to you. - You have it instantly. - It costs him nothing in a sense toe. - Reproduce it, - and it saves them on shipping packaging. - So something you mind if you can do things digital, - do it. - You can always sell physical hard copies of things at a premium. - That's a hard copy book or an actual blue ray disk or something, - or even a vinyl. - If you're doing music, - so and if you do, - I don't make this clear as I can. - I'll read it first. - Project costs should be based on quantity pricing at their project goal. - So when I mean by that is if if your project is to make socks using my sock example, - it's simple. - People understand it. - So let's say you set your goal at $5000 and your cost is they're gonna charge you, - Um, - a dollar a pair. - And they're making you order 5000 pairs. - So you need $5000 to make your first order. - It's a dollar a pair. - You set your goal of $5000. - You need to price each pair at, - um at a 50% margin based upon you just hitting that goal on based upon them costing you a - dollar a pair. - So that way, - if you end up raising $10,000 or $50,000 your costs prepared drops because you're ordering - a lot more from your manufacturer, - your margins just get better. - Don't say all primaries 50 grand's. - It'll probably only cost me 25 cents a pair because then when you raise $5000 your and your - major margin there really small because you thought you're gonna raise a lot more money and - you thought your cost to be a lot cheaper. - Now you're not gonna make squat. - Your margins are gonna drop so bad, - and you're gonna make no money at all. - So, - you know, - just based your product costs, - um, - off of your goal amount. - So then you know you know, - it's just as they say. - It's all gravy. - If your goals exceeded in your margins just get better. - So you got a plan for playing for your dole. - Um, - and people do expect rewards to be priced similar to retail or better. - Um, - you know, - this was something that was misunderstood. - Whenever cut funding started, - could people still thought things? - These things were donations. - So people were putting things on crowdfunding sites and asking for more than retail because - they were thinking, - you know, - yeah, - people want this reward. - Plus, - they want to support us. - Um, - you know, - it doesn't really work like that. - People expect to pay what they would retail. - Uh, - but they you know, - if you really want to Seoul, - they love a discount, - especially for the first run of products. - If you're making a product in you, - um, - you know, - you say, - hey, - you know, - on Indiegogo we're offering this product for $50. - After the product ends at retail, - you know, - we're gonna be pricing a $75. - Um, - you know, - it's a big motivated for people. - Pre retail discounts are very effective and provide opportunities for all support levels. - You know, - Kickstarter really pushes this. - Um, - you know, - on their stats page, - they mentioned that projects with the reward of $20 or less succeed 45% of the time. - But if if if you don't have one a $20 or less, - the success rate has only been 28%. - You know, - I I'm not concerned about 26 success rate. - I think it's more relevant because I love offering a $1 reward even if they don't get - anything. - But, - you know, - a a virtual high five. - Because what you're doing is you're allowing someone access to all your updates. - What they're doing is they're paying you to be on your email list in your newsletter. - You typically pay for that. - And now they feel a part of what you're doing. - Even though they're only a dollar engaged, - they're a fan of yours. - They may promote for you. - They may ultimately spend more money and get something. - So I mean, - you're basically they're paying you a dollar to become a customer of yours. - So, - you know, - allow everyone opportunities. - Teoh, - engage with your project, - the more the better. - Uh, - so the quote I got at the bottom was from a film director who, - actually, - I believe he's done three or four films their crowdfunding now, - one of which raised about $12,000 he says. - It's easy to kid yourself into thinking that people will support your project because they - really like you or because they believe in your project just as much as you do. - But the end of the day, - they want stuff. - So back to my point of, - you know, - no, - these aren't donations. - Um, - and if they were there, - so many products out there, - why would they donate two years so they would choose one that, - you know, - is is the most compelling and pulls at the heartstrings on So, - you know, - keep us in mind. - Rewards are very important. - So your fulfillment date is the date at which you sell people that you will be able to - deliver their rewards or the perks. - So that's something that you're gonna really need to think about. - You know, - I've heard that, - uh, - from I believe it was Kickstarter that said that less than 50% of projects actually deliver - on time, - so don't become one of those. - So plan for the worst, - which is a huge success. - What I mean by that is, - if you know you're planning on making wallets and you ask for $10,000 you're like, - OK, - 5 $10,000. - You know, - I'm gonna make my Walter $10 apiece. - I'm gonna make 1000 wallets. - Manufacturers is it'll take a month. - I'll get myself another month ship. - He's out. - So I could deliver him in two months. - So what I say is planned for the worst, - a huge success. - Because what if you end up, - um, - you know, - raising $10 million? - So now you're gonna make a 1,000,000 wallets, - and you told everyone you're gonna deliver them in two months. - That's gonna be a problem. - So, - um, - you better off saying $10 million might be a bit much, - but, - you know, - better off saying, - Hey, - what if I end up raising $200,000 or $300,000? - How long is it gonna take me to produce that many wallets? - And if you're like, - OK, - that will take me 3 to 4 months. - Um, - put your fulfillment date out there three or four months. - And, - um, - you know, - this create creates an opportunity that If you raised less money, - then you know you'll just be praised for delivering early. - So, - you know, - it's kind of a win win at that point, - cause then if if you end up raising a lot of money like you planned on, - you know, - you plan fulfilment for, - then you deliver on time. - So whether you're earlier on time, - people are gonna be completely thrilled with you because 10 people that back projects in - the back a lot anyway, - so they're used to people never delivering on time. - So, - um, - one thing that I haven't really seen anyone exploit well on really leverage. - Um, - it's 1/4. - Pull it down. - Indiegogo is flexible. - Funding campaign. - Flexible funding feature allows. - Um, - you know, - people are charged on their credit card as soon as they pledge their contribution to your - campaign. - So, - uh, - one thing that I think this creates is if you do a flexible funding campaign, - people are going to, - um I mean, - that money is there, - regardless of what you end up at. - So I think you could potentially start shipping your awards as soon as that first - contribution is made. - And if you do that and people are getting the rewards that early. - If you're able to actually have their some of the rewards or all of the rewards before your - campaign starts that you can ship these, - those people are gonna become huge advocates for you, - and they're really going to be talking about your campaign and you're gonna blow people out - of the water. - So if that's something you can do, - I think that would be awesome. - I'm still waiting for someone to try that out. - Um, - alright, - shipping cost. - I'm gonna try to make this a simple Asai can, - although I think I made it complicated, - but I really did so for your benefit. - So, - um, - domestic costs should be included. - Domestic shipping. - Um, - people don't wanna have to add extra fruit for the shipping of domestic. - It just kind of Ah, - you know, - a standard people have set for online shopping or anything of this nature. - Um, - it's OK for international. - Be additional. - It's expected people are used to it if they order a lot of stuff from the US or their order - stuff international. - Um and you just you can't incorporate that enterprising. - It's just it's too costly. - I don't guess on what this human costs will be. - Actually figure it out. - So take your different war levels that you've created make an actual package for each of - them, - and then you're gonna need to go and figure out what the cost is that for that package. - So let's say you've just got a package. - It's a T shirt. - Take that T shirt the post office put in actual box and, - um, - asked them, - Let's say you're I'm here in Dallas. - Sold based on that. - So I would then say, - All right, - what's this gonna cost me to ship this to Austin? - Not too far. - Um, - So then they're gonna Let's say they say $5 then I must. - All right, - what's going to cost me to ship it to New York location across the country. - This is location being now I'm talking about There's alright, - it's $10. - Okay. - What's going to cost me a ship? - It to China. - They say All right, - it's gonna be $20. - So you're gonna use those three figures to figure out what you're expected? - Shipping costs are so I kind of creative formula here to help you with this. - So you needed then? - Um you know, - plugging those numbers into this formula, - and then that's the number that you're gonna want to incorporate into your expected costs - on your awards, - so that will help you price out your rewards. - So if you're a locally focused project, - So this is something like, - I am starting a farming coop here in Dallas. - If that was the case, - it's very locally focused. - People around here are gonna be supporting me more than people in New York. - Um, - so if that's the case, - I say you're gonna take your your costs of the location close to you, - which would've been my shipping to Austin for $5. - Add it to my shipping to New York. - That was $10.15 dollars. - I would divide by 2.25 and that's the number I would use. - And that's what I would expect my shipping costs to be. - And I would use that figure for my domestic shipping. - Um, - so that just leans a little more heavily towards towards the Dallas Austin shipping unless - to the New York side. - So if your project I wanted it as if a mountain made in Montana and a Floridian retired - woman would equally care about your project. - You're expecting shipping costs is dysphonia, - so this would lean more towards just being completely widespread. - So if I'm starting a like my wallet company, - as I mentioned, - if I started a wallet company selling wallets, - I don't think someone in Dallas or Austin is more likely to purchase my wallet in someone - in New York. - So if that's the case, - then use that former Take your take my $5 Austin Shipping added to my tender or New York - chipping and divide by 1.8. - And use that as my general shipping for my domestic for international. - Take your delegation there was on the office is out of the world. - So when I said you know what's going to be shipped to China, - they said to take 20 bucks. - I would take that. - Multiply it. - Times 1.2 gives me $24. - So, - you know, - I based International off of the furthest, - which is gonna be the most expensive, - and I added a little bit of a buffer, - and that's because shipping international is a pain. - You have a lot of issues. - Things are gonna come back. - Addresses air really complicated they may be in another language. - Um, - sometimes you're going to re ship things and you have to pay for international shipping - multiple times, - So you got to make sure that you come out on the right into that. - So that's why I price international shipping kind of high. - I think you should do, - depending on the size your packages. - You may or may not have Hawaii, - Alaska and Canada fallen domestic. - Or you may have to decide Teoh that they have to pay international shipping. - But you need to make this evidence they know to look for this when they live in Hawaii, - Alaska or Canada. - They're used Teoh looking for this on a page whenever says shootings included. - They still look because they know that a lot time, - with the exception of that rule. - But if it's if you get really small packages and it won't cost you much more for Hawaii, - Alaska, - Canada, - I think it could really open up some opportunities for you. - If you can afford toe, - leave it in the domestic and not charge additional. - But you don't really want to say, - you know, - add $24 for international shipping at $5 for Hawaii. - $7 for Alaska, - $10 for Canada. - I mean, - you're just gonna brought people down, - keep it simple. - So choose either make them pay for international or keep it domestic. - So on setting the goal, - you really just first off need to determine how much capital will take to complete your - project. - So what did you seek to do? - What did you What do you want to accomplish? - And how much is it gonna take to do that? - What's your minimum order? - Quantity. - What's the recording studio going to charge you? - What? - Your film production estimate, - um And then ask yourself So if you said that, - all right. - You know the recording, - Susana cost me $5000. - That's going to charge me, - make my album. - So I want to send my goal at Are you willing to eat, - sleep and breathe your project for $5000? - So because you're gonna have to go through a lot of prep work, - as you're probably seeing Minute, - Teoh, - prepare for your campaign. - You got to go through the entire campaign promoting it day and night for however long you - set your goal or set your duration and then afterwards, - you have to complete it. - You have to ship out rewards. - That's gonna take you a month or two. - I mean, - it's you're really gonna have to put a lot of work in. - This is gonna take a lot of time, - a lot of sweat equity. - So you decide. - Is it worth it for that same $5000? - If you say no, - I don't want to deal with it. - If I'm still only making the $5000 even though I'd have to money to record the album, - you know, - I would do it if I'm able to record an album and then do a small tour. - So you say, - Alright, - How Some said to go $25,000. - So you gotta figure out what it will take for you to be happy about the project and not be - kicking yourself afterward and say, - Why did we do this? - So make it worthwhile for yourself. - Um, - but, - you know, - you gotta be realistic, - but you can't set. - You just can't set it lower than what it would take to complete the project or you're - really asking for trouble. - Um, - and also for setting the goal compare similar projects. - If you're an unknown band trying to raise money, - um, - to record the album and do a tour and you're wanting $25,000 you start looking at local - bands and really raising, - like, - four or five grand chances are it's not gonna happen. - So you have to be realistic. - So compared, - similar projects and see what you can expect. - Also, - you gotta evaluate your network. - Are you very well connected? - Do you know a lot of people with money? - Do you think a lot of people will give to you? - Um, - you know, - any go recommends spending 25 or 30% expecting 25 to 30% of your total funding to come from - your network. - I think this really varies. - I don't think it's a good baseline. - It's very dependent on your product category project category. - If you are a band, - I think this number could be higher than this. - I think you need May need to expect about half of it. - Um, - so these are people that probably already know your banner of heard of heard about you. - Um, - if you're making if you're making wallets, - um, - I think it could be different because its people are gonna be wanting. - You're running your product so things things might change and might be lower than that. - You can expect more from outside sources. - But don't kid yourself into thinking, - you know, - setting a really high goal and you have no connections and thinking that it's just gonna - actually come true. - So you sell these different figures that we talked about on this page and and final that's - attainable. - Um, - that is enough to actually complete your project, - and it is worth your time. - But Robert Hirsch of Exit It Well, - it's not about magic. - It's hard work. 7. Stretch Goals: - Lastly, - what about stretch goals? - So a stretch goal is a milestone that people create in addition to the main project, - to encourage funding beyond the main goal. - So that's just ah, - definition I made up that I think, - I think, - describes it well, - so So this is whenever you sought out, - we'll go back to the music example and you said you for $25,000. - We're gonna go on tour and recording an album. - And let's say you hit that $25,000 to get like, - 10 days, - like in your campaign. - You say All right, - well, - I'm gonna tell people that I'm going to give them an extra T shirt if we raise $50,000. - So that's what a stretch goal is. - You know it's not an official goal because your official A 25,000 is going to stay there. - But you could add in your in your project description and the body and stuff. - But that's what a stretch goal is. - You keep it's it's people use it to encourage additional funding beyond it, - um, - my experience, - my opinion. - I've used it for helping people encouraged to increase pledge amounts. - And it's worked out very well for that. - Um, - I had one campaign that had a lot of small contributions around the $2025 range, - and I felt like I had a really, - really good rewards starting about the $40 mark. - Um, - and what I did was I created a stretch goal that everyone at the $40 up pledge amount would - get something additional. - And with this, - what this created was, - ah, - scenario, - everyone wanted to be at the $40 up mark. - So I had a lot of people jump from the $25.20 dollars and they all just in one day. - I was like, - management next to it. - Two grand in the couple hours, - and it was all people just increasing their pledges. - So, - um, - so it was very useful for that. - I've never heard of anyone else mentioned using it for that purpose, - but, - you know, - it worked out very well for me. - Kickstarter hates it. - He started hate stretch goals. - I blogged about it. - They don't want people to do it. - They don't restrict it, - but, - you know, - but they just they think that it's a lose lose for everybody. - But if you'd like to read more about that, - it's a It's a very long topic and I'll create. - I'll put the link in. - The additional resource is but but it's it's a complicated situation. - Indiegogo thinks that it's a great way to maintain momentum, - which this is what cracks me up that you know, - they're both doing the same thing and you go on Kickstarter. - And yet they both have complete office that opinions. - So I just think that I don't think it's simple, - Um, - but bottom line stretch goals will be effective if they benefit future and current - contributors. - This is kind of part of kick starters opinion of lions A lose lose because they think that - when someone contributed your campaign to help you raise your $50,000 market and help get - you there and then now you're worried about another goal that kind of feel like what the - heck, - where's the celebration? - We just did this, - like when? - This the whole point. - They kind of feel like they're gonna be disappointed at that point. - When you're not even concerned about that anymore, - it's almost like you're not concerned about them anymore and what they helped you achieve - wasn't wasn't good enough. - Um, - so you know you need It needs to benefit current and future contributors. - It needs to provide additional features rewards that are desired. - So if you create a stretch goal that gives people craft they don't want and it's not gonna - be effective, - let's say you're creating a If you're making a video game, - we'll keep it simple and say You're making a video game and you sought out to make 20 - levels. - Um, - and your stretch goal is Hey, - if we reach $60,000 we're gonna add another five levels were $70,000 for about another five - levels. - You know, - that's something that people are clearly gonna want if they if they care about that video - game. - Also, - you know the stretch goals need to be realistic. - I've seen some stupid ones out there where campaign was about $5000. - Hit it at a couple days left, - they said if we reach $500,000 we're gonna buy a Mercedes and demolish it on a live stream - . - I mean, - sure, - that's funny and interesting, - but I don't know it's not realistic. - I think it kind of just detracts from their campaign. - So we just finished our project plan. - Now we're gonna go specifically into the marketing side of things. - So you know, - your PR your blog's your advertising, - you know? - Timing what? - Time and day to start the project. - Exactly. - And how does that impact, - um, - your ultimate funds raised in the end? - Also, - feedback that you receive throughout CRM, - which is customer relationship management. - So what what do you do with CRM software? - And how can that benefits you during the campaign, - but also after the campaign ends? - Andi also social outreach. - It's such a big part of any campaign. - So we will give you strategies for doing it with Facebook and Twitter and others and, - you know, - just best uses and best practices for using those software. - So first up will be timing. 8. Timing + PR: - So we just finished our project plan. - Now we're gonna go specifically into the marketing side of things. - So you know, - your PR your blog's your advertising, - you know? - Timing what time and date you start the project. - Exactly. - And how does that impact your ultimate funds raised in the end? - Also, - feedback that you receive throughout CRM, - which is customer relationship management. - So what What do you do with CRM software? - And how can that benefits you during the campaign, - but also after the campaign ends and also social outreach. - It's such a big part of any campaign. - So we will give you strategies for doing it with Facebook and Twitter and others and, - you know, - just best uses and best practices for using those software. - So first up will be timing. - So when I mentioned timing, - I'm actually talking about two different things. - You talk about the project duration, - how one you're actually gonna have the campaign running, - you know, - from the you know how long you're gonna allow people to give you support? - 30 days, - 60 days, - five days. - Whatever you decide to do. - Other form of timing I'm talking about is actually like when you decide to start the - campaign started six PM four PM What you gonna do? - So first, - we'll talk about duration. - Kickstarter claims that projects less than 30 days have a higher success rate. - Um, - you know, - I personally think that they say that because they want turnover of projects. - They don't want things to become stale. - They want things to be fresh and always have new projects on their side of feeling they're - motivated. - Ah, - little selfish down that one. - Indiegogo recommends 40 days. - Neither one is really provided much, - many statistics behind it to try to prove what they say. - But I think it's really interesting that Kick starts is less than 30 and ego says 40 and - you know similar platforms where they clearly have very different results. - The recommendations on length are also there broadened their not category specific. - So, - you know, - I think the category urine is very relevant. - How long your campaign will be running on how long you should make it run ESA researcher - category. - See what works for what you're doing. - For example, - if you're doing music, - art or dance, - I think you can anticipate more of your support coming from your network, - not coming from random donors and contributors throughout the world more Most of the time, - it looks like a larger percentage of that is from your network. - So if that's the case, - Mom doesn't need 60 days to donate. - Your friends don't need 60 days to donate. - You know, - I think you can stay within the 20 to 35 day range and I think they'll be plenty of time - consumer products. - Or if you're doing something that's really out there and you're really relying on a lot of - PR and blawg support and stuff like that, - you may need more time. - Eso You know, - I'd recommend 30 to 45 days for things of that nature. - So this allow you time so that, - you know, - bloggers can hopefully notice what you're doing and notice your project will pick it up - because it may take a couple weeks. - So you want to make sure you do have enough time, - but you don't want to long regardless of what you're doing. - Just because, - like I said, - it becomes stale and, - um, - you know, - it loses all moment. - Um, - and you know, - people are just ready for it to end. - So the start time. - The most important thing about it, - I think is that actually determines when in. - So if you say I'm to do it for 30 days and you started at 4 30 PM it's gonna into 4:30 p.m. - 30 days later. - So, - uh, - you know, - you want to make sure that that in time of day works out very well because the last day is - very, - very crucial. - Um, - you know, - a lot of times, - um, - you know, - the first day is a big day for campaigns, - but statistically, - like the last day is the largest. - So you want to make sure that it ended a good time. - You don't want it to end at two AM or four AM because the people today before still feel - like they have a lot of time left, - and then they wake up the next day and they missed it. - So you want them to feel like a sense of urgency. - So the way I like to look at is if if you think your product to me big internationally, - you have decide, - is that gonna be in the U. - S. - And Europe? - Where do you think that'll be more U s and Asia. - So if you do U S and Europe, - you probably do morning time in the U. - S. - So if you do that, - you'll get in Europe in the evening and us an evening with Asia in the morning. - You can't get all three. - So, - you know, - you'd really have to choose if you're not concerned about, - um, - you know the international markets and you're really focused on the U. - S. - Then I recommend ending around 4 30 Eastern. - If you under a 4 30 Eastern, - you know, - Central and Pacific, - it's gonna be a little bit earlier than that 3 32 30 whatever 1 30 And that way you know - that anyone hearing about your campaign will most likely be a computer. - There's still a work, - Believe or not, - most people do other things that work big surprise. - So people are always browsing and doing other stuff. - And, - um, - you know, - Facebook has spikes during the daytime when people at work and so does Twitter and stuff. - So you know that allows everyone to be a computer on. - Also, - it gives them all day. - There are long worked. - It feels long and feel dragging along. - But they see your clock ticking down. - You know, - they may start their day and realize, - Hey, - you know, - they got six hours left, - you know, - a couple hours today. - Okay? - They got four hours left. - You know, - they come back from lunch like I only got, - like, - an hour and 1/2 left to donate to their campaign. - So they're going to see it multiple times because they're bored at work, - so it works out very well. - This is what I've liked to dio ended around that time. - And, - you know, - I've always been happy with the results. - All right, - PR. - This is arguably the, - you know, - the biggest impact to your campaign. - So first off, - I would recommend drafting a press release. - So, - you know, - this is a longer document. - This will, - you know, - describe everything about what you're doing so that it can be approached from all different - angles. - If a blogger wants to write about one angle of your of your project that there'd be enough - information for them or if they want to another angle, - that would be sufficient in that way as well. - So, - you know, - the press release would also be placed on your website. - If you have a website and what kind of address sampled it, - But, - you know, - it really is an exhaustive document. - Uh, - so the next area of PR local news, - they will care about what you're doing. - So submit your story through local news outlets, - you know, - focus on the things they would care about. - So focus on what you're doing in the community, - how you're hoping to employ people, - your background in the community, - that kind of thing. - They don't care about your rewards. - They don't care about other aspects of your projects like that is mentioned. - They do about how it impacts the community as a whole podcast. - Find relevant podcasts. - You know, - this was something that I kind of fell on whenever I was contacted by one in a campaign I - did where they asked if I had come on and speak. - So you know, - that's another good way, - because there do You have ah, - base and of, - uh, - listeners. - And you might build, - make a guest appearance and, - you know, - pitch and it's ah, - it's a good connection cause it's almost like an infomercial, - but it's longer. - It's as long as you're on there and you come across like a friend, - usually very quickly, - and people trust you, - and it builds fans very quickly. - Forums. - So I, - uh, - with one product that I launched a Kickstarter used forms a lot. - It was a highly technical product in the outdoor industry. - And we, - um we're using the forms to target that people that were really extreme into that hobby. - And I just introduced myself, - Start talking. - Hey, - I love to know what I'll think about my product and really just been open and humble about - it, - and it was really cool to get their feedback. - You know, - at first they're always like, - You know what? - I know it's better. - But through kind words and being humble, - it works out very well. - And you start this friendship with them and they will ultimately, - you know, - I realized that you're cool person and they want to support you, - and they do. - In that campaign, - we had over $10,000 race from those forms alone, - so it works pretty well. - Also, - it's great for criticism because the fact that informs everyone is a know it all, - and they will tell you what they think about your product or your project, - whatever it is, - and I love that. - It's a great way toe. - Get that criticism you gotta Yeah, - filter in the good Onda, - remove the bad. - But, - you know, - it's just it's very valuable tool user generated news. - This is what I call it, - cause I don't know what to call it. - I'm talking about Read it. - You know, - it's something that is curated by the users and the readers so they determine what news is - there aren't political things going on with your typical fox CNN NBC stuff. - So, - um, - you know, - it's a great way if you have something that's interesting on other people will care them - and it a little rank well, - so the way I read it works is simple sistemas faras people basically giving things that - thumbs up If they like him, - the thumbs down if they don't and really cool things rises very quickly, - and bad things fail quickly and get no publicity. - So if you're you got something interesting, - uh, - you know, - weaken, - It could work pretty well for you. - I've raised significant funds from Reddit alone. - So, - you know, - back to my point, - if you're doing something different, - you got to do something different. - If you're not, - no one will care. - Uh, - but you got to stand out. - You can do normal things, - but do it in a very unique way. - I love I. - Look what they did it, - who gives a crap? - So they were making toilet paper had it had social responsibility behind it, - but they just they approach it a really unique way. - Used a lot of humor, - bathroom humor if you won't use upon. - But, - um, - he actually decided to sit on the toilet until they raised their goal. - You could live, - stream him at any time and see him sitting on the toilet throughout his campaign. - Um, - you know, - that's just one of those things that you hear and you want to spread cause it's hilarious, - and it's really interesting. - So not that you ever thought, - Man, - if I had a camera and you look at someone on the told that I want to do it, - but you're like, - I want to go see this guy. - So, - you know, - just do something crazy off the wall and you know, - a lot of publicity. - He was all over the place, - um, - and they got a lot of publicity through many different news outlets and big names, - and ultimately they raised over 60 grand because of it. 9. Blogs + Advertising: - all right, - back to the blocks. - So, - um, - you people that follow crowdfunding you know, - people that are on Indiegogo and Kickstarter tend to be tech savvy. - You know, - they like blog's. - They like the Internet. - They they kind of know what's going on in the Web world on these same people tend to follow - Tech blog's. - So you know, - if you can get on those and get on these big blog's, - then you know it'll make it'll make a big impact. - Um, - that outdoor industry product that we launched a Kickstarter I mentioned a minute ago. - We, - um, - we were hounding the blog's day and night, - and we were making some ground. - I think it was about a week and 1/2 2 weeks under a campaign all of a sudden, - uncreative dot com. - If you don't know, - it's a it's a blogger for gear and cool gadgets that appeal to men. - So it's all cool stuff for men, - and they featured us, - Um, - and within within the next day or two, - maybe 24 48 hours, - I think from that block alone we raised about $30,000. - So, - you know, - blog's make a big impact and when the big ones pick it up all the small ones due to So they - just tend to look at the big guy and copy what they're doing. - Um, - so, - you know, - you gotta be kidding. - You got to get picked up by blocks and you gotta get creative when you're trying to appeal - to them. - So, - you know, - I got an example here that I think is a great way. - Teoh, - show what I'm talking about. - So it's, - you know, - the last round bullet down there. - Um, - my example is if your project is to manufacture an innovative jacket for men in your - hometown of Golden Colorado, - Uh, - what blocks will you will you try to appeal to? - So I think with that you're making a jacket. - You can appeal the general fashion blocks. - Uh, - it's a men's jacket. - So you know any blog's about men's fashion? - You know, - you should definitely writing them letters, - outdoor blocks. - It is a jacket, - um, - made in the U. - S. - Blocks making in Colorado. - They might be interested. - They're more interested in your company that I understood and how technical the thing is, - But there's happy that you're gonna be employing people in Colorado and using people in - Colorado to manufacture it. - Um, - gear for men in general, - it may not be specifically about fashion or clothing or apparel, - but, - you know, - they just want cool stuff for men like un create how I mentioned local blocks talk. - Just talk about what you're doing and golden, - you know, - mentioned the jacket, - but don't go in depth on that. - Go in, - depth on. - Hey, - this is where we're gonna be, - this building we hope to buy. - And we're gonna try to employ this many people and, - um, - you know, - then they may pick it up. - So you really gotta get clever about how toe how to spin your project. - And don't think, - Don't think spinning your product is a bad thing. - These are all things that air truthful about your project there just your highlighting - certain aspects when you're when you're talking to them. - So you're gonna You're in a propel. - The prepare email drafts there will appear Appeal man. - Excuse me. - Prepare email drafts that would appeal to these different bloggers. - So you know, - each you email does need to be unique. - Don't write one email and send it all of them You know, - I tend to write emails for specific categories. - So, - like that made in us, - I may have kind of a form email for any made in US blog's or or men gear blog's or the - fashion blog's. - But then you still Taylor those to the individual blocks, - so you get a good starting point. - So you're not rewriting a brand new email every time, - but it is different. - So a lot of times, - if I was writing Teoh, - let's say I was writing to UN create in this example. - And you know, - they're not heavy on the apparel or the fact it's a jacket or outdoor just kind of. - It's cool for men. - So that's what you're going to talk about. - And, - you know, - I may say, - Hey, - I noticed on your blog's the other day you had a really cool hunting knife, - and it got a lot of response. - You got a lot of likes, - and we had a lot of comments and shares and tweets, - and, - um, - you know, - it was a knife that was designed for the outdoor industry. - I got a product I'm launching in the outdoor industry specifically for men, - and you know, - if they love that knife, - I think they also love my jacket on and then kind of go in your spiel about the jacket. - But, - you know, - you really want to start off that way with something about their blawg, - and it shows that you're not spamming them, - and you're actually reading They're block and you care about what they're doing. - So that really will help. - It'll open doors and you won't go to the junk box. - And people might actually respond even if they don't want to. - They realize you wrote a personal letter and you may get a personal response even if feel - like, - hey, - you know, - thanks for your comment. - Thanks for your suggestion. - I just don't think good fit, - but, - you know, - you know, - you gotta keep trying. - And then in those emails, - you came pretty short. - Just a few paragraphs, - you know, - enough to give a teaser and give me a taste. - And if they like it, - they may ask for more and they'll seek out information. - But include leaks to your campaign, - your social sides, - Facebook, - twitter, - which everyone's. - You decide to use your website on your video. - That was your promo video. - You created Put the link to YouTube, - um, - so that from there they could they could even embedded. - Or they can link to it in addition to your campaign attaching images. - So think through. - Don't attach the same images to every email. - Think through it again. - So if there if you're doing the local blog's attach images of your building attached - balloons, - years face stuff like that of the team outside are in town. - Um, - and if you're doing fashion bloggers, - it better be a bunch of photos of the jacket. - So, - um, - you know, - just the more things you give them, - it makes it as easy as possible for them to write about your project. - But you don't want overwhelm them, - either, - so you know they don't need to see a three page email. - You know, - I mentioned Taylor into the blog's, - followed that example, - following the example. - You know, - fashion talk about the jacket outdoor talk about how it's technically superior, - innovative, - made the U. - S. - The manufacturing process facilities. - If it's a blogger about gear for men just talking about how cool it is, - local block, - just how it's going to support community increase to create jobs so announcement - Exclusivity. - This is giving someone the first dibs at at blogging about your project and saying, - Hey, - you won't believe what's new one Indiegogo or Kickstarter or wherever you decided posted. - So you're gonna be approaching some blog's. - So once you, - Frank till the top blog's by viewership and you're like, - All right, - here's on. - Create over here. - We got on this slide, - all right. - I'm create, - I think is the best fit for us. - They've got a lot of viewers. - I think they can make a big impact for our campaign. - And, - like, - you know, - our our project is just perfect for it. - If that's the case starting Milton a couple weeks before And, - uh, - you know, - emailing every few days and just say, - you know, - hey, - like the email mention before we think this is perfect, - you know, - upon looking at other things, - you know, - everything I said before. - I don't repeat it'll for your sake on time. - But, - you know, - draft that email and say, - Hey, - you know, - I haven't I haven't read any other bloggers yet. - I think I'm creates perfect for us. - I would like to give you exclusivity tour announcement. - I want you to be the first. - You know, - if you want a time this on the day that we launch our campaign, - we're gonna be launching it on June 1st. - Then you know, - I love to give you that opportunity. - If you want to pass on it, - I approach someone else, - but just let me know because, - you know, - they may do it on. - If that's the case. - You have a blogger lined up already for when your campaign goes live. - So I would try that for a little while. - Start contacting them, - emailing them. - You don't hear anything. - Try the next one on your list, - see which the next one is. - That would be a good fit. - But, - you know, - like I said, - the blogosphere is really well connected. - So if you get a story in the top block, - everyone else is just gonna pick it up. - It's weird when you go to Google when you start for your project and you've got like, - on the day you launch, - you have two or three links, - and then you get one big blogging you like. - All right. - Now I'm gonna have three or four. - You got one more and then you look the next day and, - like, - Wait, - I got to 50 lengths. - It's all these bloggers. - You never heard of their tiny, - but they help. - They had a paid advertising. - I don't recommend it. - You know, - you're already losing percentages. - You're giving people a bigger discount. - Then you would have it retail. - Um, - you know, - I tend to talk about products because it's the easiest metaphor. - So you know, - if you're using that jacket for an example, - let's say you're selling the jacket for 150 bucks on there, - you would say you said them SRP your retail price after the campaign would be $200 to be. - We're getting $50 discount. - So if it's your general $200 afterwards, - chances are it cost to you about 100 bucks or maybe 75 50 to $75 your wholesale cost is - $100. - Um, - so if you sell it on your website for $200 you know, - now you're making pretty good margins. - However, - if you're paying money to advertise your crowdfunding campaign, - your your margins are gonna go down because of the advertising dollars. - Plus they're buying it cheaper than they would have on your website. - Now they're buying it for 100 and $50 and then on top of that, - you're losing, - you know, - nearly 10% to someone like Kickstarter, - 5% from them and then your credit card processing fees. - So you know your margins are just worse. - You know, - you probably through in a bunch of other swag, - too, - so I wouldn't recommend advertising your crowdfunding campaign if you're if you think crowd - herb something like AdWords or Facebook ads or you know any of the above, - like search engine marketing paper click campaigns would work well for your project are - more so your product or whatever it is you're doing afterwards, - just save it, - do it, - do it once it ends and make those better margins. - So you know this during your campaign, - advertising paid advertising may work if you have something with very high margins. - Today I saw a new campaign on Kickstarter that is a call to brew Ba. - It's a beer kind of a luxury item for people that want a brew beer. - Um, - it's just a a system that's designed to work off an iPhone. - People can schedule and kind of handle the whole brewing process. - They start to mainly go and put in things like, - You know, - your grain in your hops and stuff. - But, - um, - it's a real fancy looking machine. - I think it's about twenty five hundred three grand if I remember right. - That's one of those things that might work for paid advertising, - because you may spend a few $100 to get enough traffic there before someone buys it. - But you have those kind of margins and something that expensive on cheaper things, - like a jacket or something you won't so you can afford to spend a couple $100 toe get your - first sale. - So you know, - if yours is a cheaper price point, - then I really wouldn't recommend paid advertising. - If you do it, - do something that Google AdWords or Facebook ads. - No commitment, - and it's really cheap, - and you can throw 50 bucks at it and see if it works, - and if it doesn't then chalk it up toe experience. - But actually, - now I remember right you mentioned shit. - Google doesn't allow you to advertise your cat. - Funny, - um, - that simply because you can only advertise to Google AdWords to sites that are your own so - that they're very particular on that, - but Facebook will let you 10. Social: all right. Social outreach. You know, this is all about the buzz. Each social network is kind of a pool of potential supporters, and you gotta look at it that way. So not everyone is on every social network. So you can't just say I'm on Facebook. I'm I'm reaching everyone. I'm on Twitter, every Children, or even say, Facebook and Twitter. If you do Facebook Twitter, you have quite a few people. But there there are still people that air hard core instagram or tumblr or whatever you want to look at and just read it or whatever. So the more networks you use, the better and the word uses highlighted. I'll mention that again more in a second. Elaborate on that when you do create thes social accounts, you want to get the vanity, you or else Vanity URL is a custom mural that you decide. For example, facebook dot com slash cool jacket. You know, like, if you're making that jacket so initially, it's gonna be like facebook dot com slash 123 a c 65 l or something like that. Once you hit a certain number of likes, I think that feel like the numbers been going down that they require. I think it maybe around 20 or something 15 to 20. Then they let you choose vanity URL. So, you know, do that once you hit that number of likes as well. It's a lot easier to tell people and to actually write it out in places rather than just just being able to link to it. You do want to plan out your posts, your tweets. You know what you're gonna be doing on the social sites so you can schedule them through platforms such as Hoot Suite? Ah, love hoot suite. It works very, very well. Um, you know, they've got a free option that is still pretty robust. Allows you to do everything will probably need to do. You could schedule everything out. You could type in a post, and it'll tell you, you know, you can choose where it's gonna go exactly on. And you know what? Count your characters and all that stuff. You can attach photos and you could say Schedule it or you can even do automation scheduling. Where they will posted at the time they feel is most would be most optimized. So who tweets recommended. It's also okay to include a short link at the end of some of your posts. Uh, you know, don't spam. You know your link on every post, but do it on some doing on the ones. It's relevant because obviously, your goal is to drive people to your campaign, but you don't want to be looked at like spam or advertise for constantly Betley dot com or Google geo dot geo. Our link short ners even type in a URL, and they will spit out a new rear oil that is very few characters. So this is very relevant on Twitter. When you're limited on characters, you can type in, you know, 30 character. Your l on have much room left to right. Anything else? So, you know, take advantage of those two free Ah, on average, 15%. Your followers will see each post what people are like. Well, I posed it on Monday. You know, a problem doing until Friday. I don't want to become a spammer. Realistically, people, not everyone sees your posts unless they're really engaging. So if you have a really good post, you get like 200 likes and 50 comments and stuff, then you don't need a post quite as often. If your poster are that good and you're doing so well, If your posts aren't getting much engagement, then you can post more often because people won't see him. Everything is ranked by the amount of engagement you actually get. It's been excellent. Engagement increases exposure. Eso the more comments likes retweets. Whatever posts get, more likely people are going to get and don't decide to post at any specified interval, even though I say you could post often everything you post or do or tweet needs to be something that brings value Teoh potential supporters. Don't just say something because you're like I don't see anything in a while. I need to say something only say something has value. That's what matters to people, and that's what makes it interesting where they see, Um, hey, this project posted again, I can't wait to read what they wrote. That's how they will feel if you always postings a value. If you post things that air, just spammy and say supporters and Kickstarter check us out on Kickstarter over and over again, they're not gonna care, and they will stop reading your posts or they will completely follow you all together and you know you. And here are my chips. Little icons. I used the animation next line. Facebook strategy. Specifically, uh, like I said, posting to provide value. Um, things that worked really well on Facebook. Starting start conversations, you know, ask questions. Specifically, it really gets people they want to answer. People love to share their opinion, especially online. If you don't have any kind of anything interesting as faras articles or media, at times you can always link to others. Nothing wrong with that. But if you do have photos and videos attached, those they were really popular. If you look at that chart, I've got on the right side. Statistically, photo posts by far outperformed just regular text post by 820%. It's not 20% more that's over double the engagement that you will get from posting a photo overseas. Posting some words and albums are almost triple the amount of engagement 180% more. So, um, you know, keep those things in mind. You know, these air statistics, which means they statistically work, so use them and you don't need in depth, Qualitative analysis on what you're doing that you know your project isn't that big of a deal? You Sorry to bring you go down. But I mean, if you were someone like Wal Mart or Target and you're monitoring your social networks, you can do it quantitatively because you make a post and millions of people see it. And, you know, based upon that sheer amount of data, you can look at things and quantify them and see what's working for you. Um, unfortunately, you're not gonna have that many people following you, so you can't really do it quantitatively. Sure, you can go out there and pay for even find some free, qualitative reports that will tell you what's working, what's not. But realistically, it's not gonna be real consistent just cause you don't have that much data and you don't have that many followers at this point, so s I wouldn't I wouldn't worry about that. I would just look at what's worked in the past. Things like photos, questions, albums, things of that nature. Um, also down there, shorter posts are statistically better. People see a paragraph and kind of tune it out emoticons Statistically, do better. Uh, and don't forget to call to action. Just asking people Teoh share this post like this post on Facebook is increased shares and likes dramatically would be very surprised. Just putting the idea in their head really helps. And for Facebook, Thursdays and Fridays are best. That's when people seem to be on their the most. They're getting tired at work. I don't know. All right, Twitter, Um, for starters, Twitter's a little harder to build it feel like just because you don't have this large friends list already that you could just send it out to, But, you know, follow people that you know first in in the industry, any industry experts that might care a lot about your project. They tend to have large followings anyway, so, you know, if they hear about what you're doing and they care about it, they may tweet out about it and grow your following organically. If you're posting things of value and of a sound like a broken record, but it will grow more people will follow you if you have things that people like and want to read, and they get something out of rather than we launched on Kickstarter. Second, we can kick started over 10% of our way to our goal. You know, we fit 80% that people don't care. Sorry to tell you, tweets fanning is loathed. Um, I find this interesting because I follow accounts on Twitter sometimes, And I see that they posted a post something tweet. Excuse me? Every, like, 10 minutes on. Then you see people that post every couple of days. I definitely prefer people that are not tweet spamming. And most people in there, actually on Twitter are the same way. They don't want to log in and see their their feed just packed with the same person. Eso so don't do it. Also don't just mass follow people. It's prohibited on by that, I mean, it's not allowed by Twitter. So if you just go out there and follow thousands of people every day, you will be banned from Twitter within the first week. So don't do that either. People like to be followed back, so, you know, another good technique is just follow back. Um, anyone that follows you has a structure ego when their their followers grows. Um, Hashtags, um are something that big buzz if you don't know about him yet, they are for people to categorize, um, tweets by topics. So, you know, if someone clicks on the hashtag or searched by a hashtag, they will find anything that has that hash tag in it. So people are searching by hashtag. So add relevant hash tags to your tweets. Still, people find you, Um, and don't be a never ending infomercial. So for Twitter, what works Saturdays and Sundays? You know, these were some of the worst days for Facebook, but they're the best days for Twitter. Um, pictures get twice the engagement tweets with hashtags, Get twice once, you know, using one or two hashtag gets a lot better, and it quickly drops. After that, people use more than two. You know, statistically, those those tweets don't work nearly as well. Tweet in the evenings, evenings and weekends. It seems like people use twitter when they go out and then go out to you or whatever. They want to take a picture and send it up, Um, and asking for people to retweet this kind of back to one point on including a call to action. But this is this is a staff I looked at multiple times. It just blows me away. But when asked people or 12 times as likely to retweet just putting the word retweet in there and I mean, actually spelling it out. We'll make people retweet your tweets 12 times as often. It's just crazy. So you need to do that pretty much every time putting our tea in there, which is the abbreviation for retweet Got a fraction of this. So spell it out and put it in there about every time. Alright. Creating an account is a commitment. If you aren't going to update Facebook or Twitter, don't do it. Don't create the account. Uh, this is a quote by really smart version. Yeah, I wrote this, but, um, you know, I can't stress this enough. So many businesses will go out there and they'll create all these accounts have kind of recommended for you Facebook. Twitter instagram will do everything YouTube, lengthen, tumbler, dig, whatever. Um and the problem with that is they can't keep up with it all. So people are going to be asking you questions on Facebook will send you Facebook messages . Those in comments under your photos on the post. In your timeline on Twitter, people will retweet You're the leaving. Reply your tweet. They'll send you direct messages on their numerous ways to interact with people in all of these networks. So if you can't keep up with it, um, a certain one, you know, don't create an account on it because people will be messaging you and they will expect a response. And you will quickly lose credibility and professionalism if you're not responding. So you know, it's okay, toe start off on Facebook and you're like, All right, I think I could take another one on, then add Twitter. You know, if you think you take 1/3 went on to do that. But, you know, uh, if you're falling off and you're having to apologize all the time for not responding to people, it's alright, Teoh. Close one down. You're better off doing that, then making people unhappy with you 11. Website, CRM, Feedback: all right. The website. So if you're gonna, your project will create some entity afterwards. Um, whether that's a band, um, you know that you're just raising money for an album or you're an artist and you're gonna keep making art or you're gonna create a company. Um, so any kind of entity that's gonna be remaining after the end of the project really needs a website. So just go indicated before, Um, once the project ends, this will be the central hub for all online activity. So you know you're gonna be linking their from your Kickstarter page afterwards on everything else will link there, and ultimately this will be ranked higher and google for when people search for you. Um, Kickstarter projects tend to rank pretty high because Kickstarter such a popular website. But you will ultimately, over time, overtake it. So you might as well build it beforehand because otherwise and kick started will end are your Indiegogo will end or whatever crowdfunding campaign platform use. And you're all right now, I need to build a website, and you're not gonna realize if you don't know about websites, it may take you a couple months. Um and then there's gonna be, like, a two month gap there where people are wondering what happened to what happened to that band. What happened? That artist, Can I still buy that product? And they're not gonna have any information out there. And you're still going to get a lot of buzz right after the end of your campaign. And if your campaign is good, so people will be looking for you and you want to be able to funnel into the website and you want to capitalize on that on that buzz. So just make the website beforehand. You're gonna be really excited to get your campaign off the ground and started. But, you know, it's okay to push the brakes on. The more prep work you do, the better. So it also does build credibility to your brand. Vander Project makes You will realize you're gonna be sticking around. People prefer things that are going to be sticking around afterwards. So here's some recommendations. I have just try to give you some low cost options that are pretty easy to use. Um, so for domains, you know Go, daddy, go. That's a good one. Um, you know, they're pretty inexpensive. They work well with others, have designed their software that way. Um, hosting Blue host or go Daddy are both good for that. They both integrate with WordPress, which is good for a website platform. So these air, um CMS, um which is content management systems with gooey switches, A graphic user interface. So in other words, like, uh, something that you know you don't have to be a tech was to use. You may need some guidance on they tend to provide it, and they provide it well, so feel free to contact them if you have any questions. Website themes for WordPress Theme forest is one of my favorites there. A lot of sites out there, most of them look like crap. But theme forest has a lot of great ones. I did a sort things by popularity, and you will very quickly find really cool themes. And it just kind of plug and play thing into WordPress To be able to use that, uh, if you need e commerce, three D cart or of illusion are sites that are pretty robust and have a lot of options for doing e commerce. Thinks if you're selling a lot of different products and stuff. I would recommend one of those, you know, on top of this, something else have recently been using more of that that I would like to mention is Wicks w i x dot com. It's ah, it's another, um, as a great gooey and you can really drag and drop. There have been a lot of sites in the past that have tried Teoh, create websites, allow you to create websites with Gu Ys, where it's Dragon drop and there were either had a lot of functionality and really easy to use and had terrible templates and themes where the your rights. I just looked utterly, but you could easily build it or it was the opposite. And you're like, Man, this website's gonna look great. But I spent many hours. I can't figure out how to do anything. Wicks is the 1st 1 I've seen. That does both very well. I've been very impressed with them. You know, I've been able to throw websites within 2.5 3 hours on dso someone completely new to it. I think I think could do it pretty quickly as well. They have a lot of additional APS and stuff and plug ins that work well with it. If you want to add some e commerce stuff, they have that. So, you know, I recommend that also, you can even buy the domain straight through them. You don't have to end hosting, so I don't have to deal with you. Don't deal with all these different players, so check out weeks dot com wx Um So if your project objective is to manufacturer product, though, you will need that e commerce site to go live at the end of your project so that you know, E If you think about your last day how big it is, there gonna be some people that may be trying Teoh support your campaign and the time runs out, and then it doesn't let them finish. So you want these people to not be completely disappointed. That may have to bear our price for things, but, you know, allow them to go straight to your website. On it goes life right when your campaign ends on and then they can go there and purchase. Otherwise, you know their desire to purchase. That may disappear within the next mother to when it takes you along, no matter how long it takes you to build a site, um, you can also continue preorders. So you know a Sfar as that person trying Teoh. Then go to your website and buy the product. Yankee mind You're obviously not backed up on. You know your crowdfunding rewards and perks on those have to be fulfilled first, so it doesn't have to be necessarily still selling the product on there. But you can advertise in your website that you're pre ordering the product after the fulfillment of your crowdfunding project. Um so, like I said, if you generate a lot of PR in because people will continue to hear about your project and orders were rolling up on the website, all right, CRM customer relationship management, uh, you know, typically Quinn CRM software. There are a lot of different pieces of software out there that do these things. What they do is it's it's kind of a center for collecting people's contact info. It's a digital Roland X, and like I said, people contact you through Facebook through comments and direct messages and posting on your timeline. You also get emails, phone calls and the other social sites for people contact, um, in a multitude of ways as well. So you want toe right off the bat, Have a system ready. You collect all this information and you want to categorize people. I've got them the third ball down there. So you want to separate people out by, you know, custom, whether their customers or supporters. However you want to look at it or even potential ones. Whether this is a partner, it's another business. Thinks you may be able to do something together or if it's a media contact, you know, this is someone saying, Hey, I got a podcast or Hey, you know, I'm a journalist on that Might be interesting writing a story about you later. Um, so this way, if you have categorized later, you can reach out to them in different ways. And you know what kind information? If you do who, Um so you want to start collecting this from the get go? Otherwise, you know, if you put it off, it's gonna be a quite a hefty task that would be pretty difficult to manage so different options. If if you're thinking in the future, you're going to send out things like news letters on e mails. Teoh. These different, um contacts. Mail chimp in constant contact. Her are pretty good ways to go. They both have basically the same functionality and just kind of different packages. I definitely prefer Male chip, so I would recommend that their interface is definitely more modern and nice and pretty. But ultimately what I like that is more modernized and pretty. Are there templates for the emails? Constant contact is not always the easiest to use. It has more functionality, but it could be burdensome, being so robust at times. And also, you know, I just feel like they're templates are very dated. And even if you know some graphic design, it's very difficult at times to put your own template in there. So it's great just being able to use the ones male chimpanzee has. So if you want something that's just serum specific as far as contacts, sugar, CRM and high Riser wants to look at the people who brought your high rise of the once that also did things like base camp. Um, so they, you know they make some really good software is pretty easy to use. I'm a big fan of them. If you want something that let's say you're gonna build a big company after this and this is your campaign to launch it, you may want to go and start off on something more robust. This would be something like Salesforce that gives you a lot more options. Or so, um, And when in doubt, if you know, maybe you're just not real in the tech or, you know, web and Internet in general, and you just don't have to use a lot of this stuff and you feel very overwhelmed by this point, you could always go back to kiss, keep it simple, stupid and just use excel. You know, you could easily create pages and list out contact information and, you know, create columns of people and their phone numbers and email addresses. And, you know, later maybe you can always imported in advance into these things. Things like mail Chairman constant contact are very easy to import contacts with. So, you know, if you feel overwhelmed, just go with excel. I've done that in a couple of campaigns. Um, also, if you do use something like male temper, constant contact you can very easily create a, um, newsletter sign up for him, which, in other words, is really just a sign up for our contact list. Form, um, where they put in the email address where you can make it add more blanks to it, where they have to put in their name and first name, last name, phone number, even address whatever you want to include on there. The less blanks you put, the more likely they'll fill it out. More Blanco. Visit the more information, so you have to weigh those options. You know, if you're doing something, if you're starting in apparel company, you might want to just do like email, address and gender or email, address, gender and age, so you kind of have an idea of what to send them. If your product or products just kind of mass market thing, then you may just stick with email address. But the's sites are these platforms Male champion, constant contact have WordPress widgets. If you decide to go with WordPress, um, you know you can just add a widget, which will be, in other words, all that coding is kind of done already for you and it just throws it on your site. The sign up form also. You know, I mentioned wicks wx dot com. They also have some of these easy plug and play functionalities. I've used mail chimp on work sites I've made and added it pretty easily as well. So run the right I've got Think long term. You know this project will come and go in a flash. So be proactive about content made contact management. Stay ahead of it because it can. It can really equip you for the next stage because your business can thrive afterwards. If you got a lot of contacts ready, you got a lot of potential customers. So, you know, keep this in mind. And now you know that you've kind of finished up your marketing plan. You know, you want to get some feedback since you went through, you know, deciding on your timing in your goals and your awards and PR and, you know, blog's you're gonna try to appeal to and if you're doing advertising and different suffering you on social on playing out your tweets and your posting and you built your website and you've added contact forms and you decided you into contact management. Get feedback. This is proof reading time. So, um, you know, ask friends and family for opinions about your entire project. You know, try and find the people that you know will tell you the truth. You know, my mom has always been the worst person to give you feedback. Way too nice. So my brother is great. He's more realistic and kind of mean, which is fantastic, too. So So sit down, people. Let them see the project home page, the video, the rewards everything. Show it all to him and asked if they support your project and which reward that they would want. Um, so you know, this kind of we'll show you some insight into, um, you know, with what war packages You made her the most appealing to people. You know, I'm often surprised by this in the way I do adverse The feedback I get, You will make changes. If you're open minded and you really listen to people, you will make changes way, tend toe, make these projects often with blinders on. So it za great way to remove those. Um, like I said, choose people will be honest with you. Be open minded. Make revisions That wraps up marketing plan. Next will be execution. 12. First Day + Backers: all right, We just finished the marketing section. The next thing we will do is actually execution. So this will be from the moment you launched the project and it actually starts running. What do you do at that point? What do you do on the very first day? You know, then you know backers. Who are they? Where do they come from? Why are they giving money to your campaign? So you know, we'll dive right into that as well. How do you best use project updates? When should you update what should be included? Things of that nature are things we'll also talk about. Seo tips. How toe make your project search engine optimized while you're campaigns running. You know, these sites will tend to rank higher on Google than your personal website. So you know, you need to make sure it's optimized so that the right people are finding your project. And also, you know, what do you do on the last day of your campaign? There are completely different things you do in different days, and you're gonna really need to know what that is. First day action, What you do on the first date first thing, I would recommend news update all of the links. You know, when you've been building social pages, you know, your profiles and social accounts on Facebook or Twitter on your website. You know, any other places you've been posting? You've been wanting to post links. You may not have had the exact link that the project is gonna have the exact girl. So now you can go around and put that girl on that link and those profiles, you put it on Facebook, Twitter, the website. All those, um then begin sending all the emails to the bloggers that you were preparing. Um, you know earlier that they learn about your campaign and more likely will write an article . You know, I like to say they're journalists don't like to publish old news. So, you know, there are only two times that the bloggers I really want to write about your campaign. Um, and that's, you know, right at the beginning, right before the beginning, Or, like, right at the very end. Kind of like a last chance. Look what they've done with more of a results. The end at the beginning. Obviously, it's more of an announcement. So then start posting on Facebook, Twitter and others. You know, if you ended up putting like a making a block side versus just sustained a website, go ahead and start blogging on there as well. You know that content will help write a personal email to friends and family. This works very well. Just to tell him about your project, let him know what you're doing. Um, and, you know, make it personal. Um, and it's also a good time to mention that they are not obligated Teoh to support your campaign and that, you know the support isn't expected. Yes, you do. You know a support from friends and family, but you may have some that you know, I can't afford to really don't need the rewards you're giving. It's no way relevant to them, you know. So this just gives it an option. Teoh makes an option for them so that they don't have to, but those that want to still can on I love this chart over here on the right. You know, throughout the campaign, that kind of showed you know what they did from the little icons. And you know, the support they got so you know, it's it's directly attributed Teoh what you're doing. So so who are your backers? Exactly? So they always fit in three buckets. They love your story. You know, you just completely sold him on what? You're all about what you're doing. Um, or they want the rewards. You know, they may not care about why you're doing what you're doing. Why you're making the world's best messenger bag. I don't know. Best backpack. They may not be minute care. Why or why you think the other backpacks in the world aren't good enough? But they may just want your backpack. So that might be a reason why they support you on the last of which is cause or your mom. So they either know you the liver story, they want the rewards. So the thing is to keep that in mind, um, whenever you're building a whole project, um, the third of which that that they know you isn't is relevant. When you're building your project cause you make a really bad project, the price support you regardless. Um, but, you know, the other two are very, very critical. So how did these backers find you? Hopefully from blog's forums, news outlets, podcasts. Um, you know, if your project is very interesting, you will get a lot of you get a lot of buzz, and that's where people will find you. If not, they're gonna be from your network. Um, there's this misconception out there that if you're on these platforms of Kickstarter Indiegogo, especially Kickstarter, since it's the biggest and people to see big dollar signs when I look at it, they think that there's they have this misconception that there are these very wealthy individuals that air just searching on there and by the thousands of them looking to give money to any project that's asking. That's not the case, as you'll see if you just go Teoh the projects that are ending soon you're gonna see a lot of projects with no money, literally. You'll see projects with $0 raised, and it just it just shows this. But so so don't kid yourself into thinking that regardless of what you do, these these rich count crowdfunding trolls are out there and they'll give you a lot of money. It's about your hard work in your networking and your how interesting your product is and whether or not people want to talk about it. So right now you can start focusing on building your network, stay in contact with old friends and meet new people you know, just kind of grow your network on. You know, since social such a big aspect of your campaign, you know, be active on it now. So, um, you know, you need to think about what you condone potentially raise for your network when you're analyzing if you're you think you have a attainable goal. I love this quote on the right. He is the author of Lessons From a Floundering Kickstarter Project. His project just tanked. He was under the impression that there were these rich crowdfunding trolls. Um, on just that it was a lot easier than it. Waas. So here's the quote. As a general rule, take everyone you think would definitely contribute and multiply that by 5%. Hey, talks about how he got feedback from friends would say, Oh, yeah, I love your campaign. Oh, this is the reward I would buy for sure you'll spend $60 on this and ah, lot of those people are. Most of people were people that never even contributed. So, you know, he just realized that, you know, you got to be very cautious as faras your expectations. So have realistic expectations on and use the bottom up approach, not top down. So what this means is, too often people will say, especially in business. They say, I'm going to start a berry And let's say there is, um, $500 million worth of alcohol sales in the state of New York and that's where you're starting. Your very you were saying, All right, there's $500 million worth. Uh, there aren't that many breweries. You know I can open and you finally get 10% of the market. You know, I'm making making $50 million a year in revenue. You know, I can easily a 10% and give one out of every 10 beer sold. Realistically, it's not that easy. So and using. So that's the top down that's taking the giant pie, looking at it and saying I could get a piece, Um, so top down is just is a very bad way to do things. So you know you have to have really realistic expectations and always look at things from the bottom up as faras. How many people am I going to be able Teoh message Having people might get a sent emails to , So, you know, if I send out, um, a message to everyone on my friends list? That's I have 1000 friends on Facebook. How many people are going to join my page talking about my project, You know? Okay, maybe, like 100. So, you know, out of those 100 people you talk to are actually join your page. You know what percentage those people are actually going to contribute to your campaign. You like? All right, maybe 5% sugar. All right, so now you know, 55 people out of your 1000 are going to actually contribute to your campaign. So I mean, you got you gotta look at what you can physically do versus, you know, just is this top down approach 13. Partners + Project Updates: - partners projects. - All projects have stakeholders. - Stakeholders with anyone that cares about the outcome of your project. - So you need to keep in mind who these are. - You know, - if you're making a product, - these are, - you know, - it could be a manufacturer. - Uh, - if you're a band, - it could be the recording studio. - Or, - uh, - if you're an artist, - you know, - um, - and maybe you're giving a percentage of your profits to a non profit or a cause That - nonprofit is a stakeholder. - They care about it. - So, - um, - you know, - you have to keep mine the stakeholders, - because they want you to succeed. - Um, - not as much as you do. - But if you succeed, - they succeed. - So, - you know, - you need the leverage that and ask them to be promoting as well. - So keep in mind, - partners are very valuable, - and they need to be cheerleaders for you as well. - You know, - if you're doing, - if you're doing a project and you're supporting a nonprofit and they aren't helping you - promote, - you know, - I would reconsider that relationship. - I mean, - they're a lot of nonprofits out there. - All right, - project updates. - Um, - I'll start with this quote on the right by Yancey Strickler. - He is a co founder of Kickstarter. - He's backed over 800 projects. - Um, - and his quotas, - It humanizes the project. - And I've increasingly found that the human element is exactly what sparks me to pledge. - So, - you know, - he's talking about project updates and, - you know, - project updates can can definitely humanize your project. - If you are a very transparent and you show photos you showed video, - you show real life things. - Don't try and put on a front. - Um, - you know, - that's something for your business later on. - Kickstarter and uh, - Indiegogo or any crowdfunding camp platform are the opportunities Teoh help people get - engaged with you people. - Yeah, - may support because they want your rewards, - Um, - or because you've sold them on your story. - But it's because they feel relation all to you, - and they want you to succeed. - They feel an emotional connection. - So project updates Also, - they help keep the project from feeling stale. - They keep people engaged, - informed. - Every time you send out a, - um, - update, - people get an email. - So, - you know, - you know, - that helps remind them about your project. - Um, - so use as much me as you can as many photos video, - Um, - and also there's a section and started for recently updated projects. - So every time you have date you, - your project could public in there and that, - you know, - it's more traffic that way, - and you might get some people that are out just browsing projects. - Um, - good updates include photos of the project's progress. - People want to see what's happening. - I think find videos air a lot of fun because I think they're really neat. - And they were very visually engaging. - Um, - for the average person who doesn't know anything about video, - they could still make a very visually engaging on vine on its such a short snippet that you - don't need any editing or anything like that. - So do vine videos when you can, - Um, - And now Instagram has the same thing. - You could do that as well. - Uh, - you know, - send out reminders to complete the surveys. - You know, - you need to do that often. - Make sure you do that. - Start that early on those reminders you'd hate Teoh. - Never send a reminder until you realize that you're ready. - Slap labels on boxes and you never sent reminders. - You only have 60% of surveys back. - It's just going to screw up your whole fulfillment process. - So it's not reminders early on. - Also, - request send out requests for address dates. - Um, - you know, - I try to do these like, - a couple weeks before I'm gonna start shipping and then maybe a few days before actually - ship, - because from the time you launch your campaign to the time you ship a campaign could be a - month. - It may take you another two or three months to prepare the rewards. - So if you know, - they started at the beginning there, - looking at 3 to 4 months, - people move a lot. - So, - you know, - the address could change and there will be updated addresses. - So if you don't ask for it, - they won't remember to give it to you because they're not thinking about that. - Four months later and you're gonna send it to wrong place, - they're going to send it back. - You're infallible, - getting pay for more shipping. - So, - you know, - just stay ahead of that, - make it easier on yourself. 14. SEO Tips + Final Day: - all right. - Search engine optimization tips I mentioned before, - but crowdfunding projects rank well in Google. - Um, - you know, - because the fact that now your project is being connected to a, - um a very highly trafficked site that's Kickstarter or Indiegogo. - And, - um after the campaign's over, - your title will remain in Google. - So you want to make sure your title has good keywords in it, - so that whenever people search for projects or anything similar to your project, - they find they find your project. - Um, - so you know, - you need to make sure that, - you know, - you plan that out well and use the right words. - Also, - the search function on crowdfunding site is based on your title and description. - So this is a little trick that I learned that, - um, - that I don't believe you would have seen anywhere else. - You know, - it was actually a project I was running. - I was doing it during time Veronica Mars Project and make sure I was doing really well. - And I was able to add some words that were very similar to it that were still relevant to - my campaign. - And what happened was so changed the title to include words that were like that words that - people might be searching for their project for and that resulted in people finding me - whenever they were looking for that project. - So, - for example, - if there's an uber popular Smartwatch, - you know it seems to always be in your projects for a film. - If you add in your description things like, - watch it, - you'll be able to watch in the theater or watch our trailer below. - Um, - you know, - if anyone's on that site and they just go up to the top in the search box in the search - watch, - they might find the watch and your project. - So you know, - if it's really highly trafficked and that cites really popular, - Um, - you know, - you might get a lot of people that way. - You know, - even if your project isn't related to it at all, - they're going to see the watching the film, - and if you're you're really engaging photo, - people might click on it. - So when I did that recently with 5% patrol funding, - um was attributed to this technique so pretty cool. - It's another little small thing you can do toe to tweak your campaign and your product home - page on result in some success. - All right. - Final day, - um, - of your campaign, - you can almost take a breather, - but you got to do a lot of pushing things. - Day is a lot of adrenaline, - and things move very quickly and rapidly. - People are motivated by urgency. - So, - you know, - the U. - S is filled with procrastinators. - So when you start mentioning things like this is your last opportunity, - this is the last time we will ever offer um, - you know, - these rewards or things of that nature, - it motivates people, - and more people will support your campaign because it so you need a remind procrastinators - that this is their day to support you. - All those people have been thinking about the whole time. - You want them now to do something. - So, - um, - posting on social sites hourly and 45 times in the final two hours is recommended. - This may sound over work, - but you really need the exposure at this time, - and their post will be the most effective. - And this is the only time. - Hopefully, - you would have posed this much, - so people shouldn't be too annoyed, - but still keep the post interesting. - Don't just end of the same thing over everything also, - you know, - today or the yesterday. - So the day before your final day, - eyes time, - I would start really heavily pushing the blocks again. - You know, - mentioned, - You know, - we are at day 59 of 60 in our campaign or day 29 of 30 and we've had great results. - Um, - you know are really close to reaching our goal. - And, - you know, - it might be really relevant interesting to those journalists they like Teoh, - like toe blogged about things on the final day so they can report progress. - Also on your home page is depending on the platform. - Some of them lock up the home page. - So in other words, - you can edit your home page. - You can add photos, - video, - whatever change the text all throughout your campaign before while it's running. - But once that clock friends out, - um, - they usually don't let you so in the final minutes. - Eso you need to have your text ready beforehand, - any photos or anything. - But in the final minutes I would change. - You know, - either the description or the very top of the text body so that people know afterwards, - you know what's happening. - So, - for example, - here on on pedal, - just currently the most funded, - um, - successful campaign ever it was crowdfunding. - They added, - Our Kickstarter campaign is over, - but you can still get a pebble head over to our Web site, - and that's a great way to direct people automatically because otherwise people would come - here realize they can't get one now, - and if they're really interested, - they're gonna have to go to Google and they're going to search to find the website. - So this is this is a much easier way, - and more people are gonna be likely to click on it. 15. The Morning After, Fulfillment, Fulfillment Issues: - All right, - So now we're in the close out. - Face eso during this section, - we're gonna talk about everything that happens after your project has ended. - The timer ran out. - So now hopefully the adrenaline has subsided and you're sleeping a lot better than you were - . - It would be very stressful throughout the campaign. - So you know, - we'll start with the morning after. - What do you do right after your campaign ends? - Also, - you know, - fulfillment. - One of the best practices would give different tips on how toe accomplish that Make it most - smooth thing possible. - But this is really where you have to put your money where your my mouth was. - And you know, - before this you were really just selling the project. - You're a salesman for it, - and now you're really having to fulfill everything. - And hopefully you were under promising. - And in this section, - you get over deliver. - So we'll also talk about other shipping tips. - The database of your backers. - You know, - this is a great asset for you. - How do you leverage that in the future? - Also, - if you were underfunded, - you know, - don't be too disappointed and depressed. - But we will analyze what happened and why? - And so you can see what does that say about my project? - But also, - how do I use that going forward toe? - Learn and launch a better project in the future. - Also, - if you're over funded. - Congratulations. - But you need Teoh. - Think about what does that say about your campaign and what do people expect out of you now - ? - You may have promised one thing up front when you're asking for $5000 but if you raise to - five million people's expectations may have changed. - You need to realize that. - So you need to think about what you're supposed to do at this point. - Um, - but let's I brought in last section close out after the campaign has ended the morning - after. - This is, - you know, - the next day, - right after the campaign is ended, - What do you do? - Um, - sending update, - Obviously, - Synovate, - thinking everyone talks about how awesome to project will be. - One thing that's really helpful for yourself is to remind them of when they can expect the - rewards. - It's funny how you think that they would have realized that the shipping date is published - everywhere, - however, - you would receive emails from people a week later asking how soon they'll get him if you - don't tell him. - So go ahead and remind him, - Um, - start repairing the surveys. - Um, - it's good do this early, - because if you just start preparing right when you need them, - you're not Have much time to think about it, - and you are going to forget to include some things that you're gonna need. - And, - um, - I know Kickstarter only laws. - You descend one survey to each person you can't send him again. - So if you don't have all the information you need to ship the rewards, - that could become a big problem. - So plan it out early. - Make sure you think through everything we could each reward think through which questions - you may need. - Um, - don't go over one of the questions either by requiring personal information beyond what's - necessary for the words, - you could offend people so But you could also ask questions that you may need for your own - marketing purposes as faras. - If you're if you made a let's say you're a band and this was to produce your album. - It's a let people vote on the next city, - your concert world tour to or if you made a product. - Ask what color you should add next. - So it's OK. - Include those things. - They are more than happy to provide feedback on that. - All right, - if you kept your award, - simple fulfillment shouldn't be bad. - Um, - well, - shouldn't be too bad. - Fulfillment is overbearing. - You know, - if you think about the sheer number of orders and rewards, - you could have a 21 time versus, - you know, - websites and stuff that so retail they have the time to send about. - They come in little by little. - You have to do everything in one lump sum, - and it can. - It can be overbearing. - So provide status updates to your backers and contributors supporters just to let them know - you know where you are in the process. - It creates transparency, - which makes you seem more credible and honest, - and we'll keep them happy and patient. - Um, - you know, - I mentioned earlier that over half of, - um, - product craters don't send out the rewards on time. - So statistically, - you probably won't either. - Then if those backers had seen my course so hopefully you playing better. - But you know, - if that's the case, - you know, - just stay honest, - provide a lot of updates and transparency on people will be understanding eso after - fulfillment has ended. - You could still post updates, - you know, - although I mentioned in the last section you can't change like your project home page, - but you can still send updates. - You can choose updates for just backers. - You can choose updates for, - um, - viewable by the public s You have that privacy option. - So, - you know, - I would recommend if it's if it's just progress to your entire project and things were - happening afterwards, - leave it public. - Eso people can view that and more content they can read about you the better. - Um, - if you're having issues with fulfillment out pride, - keep those private that those things are not there forever. - But, - you know, - take advantage of still posting updates six months later. - If you turned into a business and you're launching a new product, - send out an update on Kickstarter to your backers or Teoh through unique about your - contributors and let them know people don't want to receive any more updates from you. - The let you know as well. - So if you keep them valuable to them. - Cuban. - Interesting than I don't think I have any problems, - and it'll transition your supporters into customers more so than just the one time - supportive your have your campaign. - So, - you know, - if you did create a company after this, - don't think about having to build a customer base from scratch. - E mean, - you've got to get a good base already. - Also, - companies like T lunch can handle fulfilment for you. - Um, - you know, - this is better. - If you're going to go this route, - you should plan from this from beginnings. - You can analyze your cross better, - cause obviously they're going to take a cut. - But what they do is actually handle all T shirt printing and shipping for you. - All you do is make sure you get the support and basically selling through the campaign. - Um, - also during from filament. - You should have a packing party, - invite friends. - You can even open it up to your backers. - That could be a can of worms. - So keep in mind to think of what you would expect if you do that. - Um, - what about friends and family have been run over by some beer. - Um, - have a packing party go a lot faster. - All right? - Your issues like I'm interesting of shipping is delayed. - Um, - you know, - you need Teoh. - Keep everyone informed. - Um, - you know, - explained why in detail they will be understanding and honest. - You know, - if you could throw in something is an apology like a freebie of some sort that I think - would go a long way Problem could arise through a few. - Uh, - you don't want that to slow down, - make it even later. - So you know, - if another issue that you potentially could ever shipping costs are higher than expected. - Um, - you know, - if you did what I write recommended it actually took a package of each reward up to the - Post officer wherever and looked at what you're posted would cost. - This can't happen. - But, - you know, - if you if you guesstimating, - then it probably did. - So if this does happen, - you know, - you've really quoted a price. - They've agreed to it and already paid. - So I think you have to eat the difference. - You made a commitment in your word. - And you need to, - you know, - keep it if you have to lose money. - Overall, - I've heard of this happening with some campaigns. - Were they just completely underestimated costs. - Ah, - lot of it was production of products and stuff where they end up spending half of - everything they're raised on just getting their prototypes ready and starting production. - So if you lose money overall, - um, - you know my personal preferences, - I think her opinion is that you need to, - um you still need to fulfill it. - I think you need to take the hit if you can afford to do so. - Uh, - you know, - you could chalk it up to a bad decision on a learning experience. - But you know, - your word is is all you have through crowdfunding. - There is no guarantee of people to receive rewards. - So you got to keep your word. - Another potential issue is packages getting returned or they didn't arrive it all. - There will be issues with shipping. - I don't know how many times I've had tracking number saying things that delivery people say - I never got it. - It happened, - especially worshipping this many things. - International gets really complicated, - and you have you been more issues. - So, - um, - you know, - I tend to make sure my margins are pretty good up front of my different rewards with the - expectation that there are times where a year and a loose money on individual backers or - contributors. - So although you may have to re ship things multiple times to some people because they put - in their address wrong, - yes, - it is their fault. - You can point that out and make them pay for shipping again. - And you know you may lose a potential customer, - or you can just lose a few bucks on that one person where you made profit on the others and - keep keep a loyal customer for life. - So, - you know, - I think you should just second up and pay for the additional shipping if they type in their - address, - wrong or, - for some reason, - packages were returned. - And sometimes if things didn't arrival together, - you may have to just send a 2nd 1 You may actually have to double the rewards on certain - people on your out twice as many awards. - So you got to expect these things, - so make sure that he marches nice enough up front so that things don't come is such a huge - surprise and financial shock. - But you really do have to weigh the cost. - So, - you know, - in that instance, - where people may tell you the wrong shipping information or something. - Uh, - you know, - if it's a very small financial loss for you, - I would I would just take it myself. 16. Shipping Tips, Database: - some tips in regards to shipping. - As for these address changes early start. - Start asking for him a couple weeks before you started shipping. - A lot of people won't send it out the first time. - An incident follow ups also included. - Thank you. - Letter. - Don't just send a box of the rewards. - Um, - you don't just throw everything in there and send it off. - You include a thank you letter hand sign is even better hand written altogether. - Fantastic. - That would be extremely burdensome. - Um, - but you know, - anything you do like that to make each reward personalized, - I think, - makes a big difference. - That goes a long way. - Um, - something else that it amazes me, - how many people overlook. - But the way your package looks, - the way you, - um, - package your rewards says a lot about your your brand band company, - whatever you ultimately you're doing. - And, - you know, - I've seen people that say they're high quality products. - They got super beautiful photos on their campaign page and you get their rewards and you - open the box, - and it's just just just ugly packaging with some bubble wrap, - and it's facing in our direction. - But, - you know, - it speaks a lot about about your who you are. - So you know, - if your thing is fun, - you know you get throwing some candy or something. - If that's kind of what your brand stands forward, - something fun or humorous, - you get thrown away because nothing if you always throw in something. - But it says a lot about you. - If all something that will be cushion it. - They opened up together with a vision that says a lot about your brand instantly. - Um, - if you're starting a product design company, - Um, - it's very important to make sure that they open that box. - It looks beautifully laid out. - Everything is facing the right direction. - Nothing moved around. - Nothing shifted around. - You know, - it needs to look good. - Um, - you know, - if you were cause related or, - um, - you know, - socially conscious or green, - you know, - don't waste a lot of money on packaging. - I'm just saying, - like your packaging and your rewards in the way they're received says a lot about who you - are, - and people overlooked us Feel free to decorate the outside of the box is also, - you know, - stick around there something if it's a good way. - Teoh to establish the culture for for you know, - your entity stamps dot com is a great resource I've used before. - I used it on the most recent campaign I did, - and it was It was pretty nice. - They actually do have discounts off of what you get at the post office. - So this is cheaper than USPS. - It's not significant. - It was like 8 to 10% but it's still cheaper. - That saves over time. - You put everything at home, - there are too much of feeds. - So, - you know, - it was really handy. - Also, - you line is the best source for packaging materials that I found there, - the most inexpensive by far. - It amazes me when I hear people went to places like Target or Wal Mart to buy their - packaging materials. - You would think walmart would be cheap on the stuff, - but they still have to be 10 to 20 times the price. - Have someone like you line if you go there to buy some boxes. - Um, - and don't really u haul, - but you lines got everything they've got from both wrap two boxes to tape. - I mean labels. - You name it, - they've got it. - This is what they do all right. - So you've got all these backers or contributors that supported you throughout your campaign - ? - You kept all the info. - You got it all down. - This is your supporter database. - This is a great asset. - This is probably your most valuable asset afterwards. - Um, - you know, - they're your biggest fans. - They've trekked with you all the way. - Um, - if you think about brands that you really like as faras, - let's think of an apparel brand. - Chances are you just went to a store. - You saw a shirt or something, - a jacket or whatever you really like. - You bought it, - and that's about it. - Now you're loyal to that brand. - Imagine how loyal they are to you that they tracked with you through this whole process. - They've seen you make mistakes. - They've seen videos of you. - They've seen lots of photos. - They've read lots of stuff you've written of over the course of months. - The these people are your biggest fans. - They feel a deep connection to you in your project. - So you always keep that in mind that they are your greatest asset. - This database is very, - very valuable. - Um, - you know, - juice over sending out newsletters, - product announcements, - event invitations on and you know they will come. - So if you need additional information for future marketing purposes, - you gotta ask it in those surveys. - Um, - you know, - if your apparel designer you will need to know something like gender, - Um, - you know things of that nature. - If it's really relevant to know some additional information that wouldn't be typically - given than, - you know, - just ask it in the surveys. 17. Underfunded, Overfunded: - All right. - So, - you know, - this is kind of something to think about beforehand, - but it's very useful afterwards. - So if you came out underfunded, - um, - you know, - this is obviously your worst nightmare. - You got to think, - you know, - now what? - And figure out the why If you think, - you know, - you just didn't generate enough buzz. - Um then chances are it was a bad idea. - And by bad idea, - I mean, - not bad idea in general. - Bad idea for crowdfunding. - Crowdfunding operates off of buzz off of driving traffic to the page into your project and - you know a good idea and something really unique and different will generate that buzz and - drive that traffic. - So, - um, - you really need to assess when you know, - is it a bad idea just for crowdfunding, - or is it a bad idea altogether? - If you had a lot of buzz, - you got a lot of bloggers write about even somehow just didn't it didn't turn into dollar - signs. - You got little support then you probably made a mistake in your rewards. - You prayed, - priced him too high, - or people just didn't really want him. - Um, - so that's something you can consider relaunching, - um, - you know, - with better rewards and better prices. - Um, - but you gotta look at that next one if you got a lot of support. - But you missed the goal. - Try to ambitious of a goal or two ambitious of a project. - Um, - I got this example on the right. - It, - um I believe is the most of these. - My words carefully, - most promised money support ever given to ever promise to a crowdfunding projects. - So it looks like $12.8 million to the highest amount you've ever seen on a bait. - However, - it wasn't successful, - and it wasn't even those on Indiegogo. - They didn't do flexible funding. - So no money ever changed hands since they did fix funding. - So it was unsuccessful. - So it can be the most funded project ever. - But it did raise the most I've ever seen. - Um, - however, - it did fail, - I think. - You know, - from a consumer standpoint, - I think that it was too ambitious. - Difficult asking for $32 million eyes. - Ah, - a heck of a lot of money. - Um however, - it could be too ambitious of a project if it really takes them $32 million to develop this - phone. - Um, - and the only raised 12.8 did. - Chancellor. - They probably didn't make it. - Um, - you know, - even though they could sell $12.8 million worth, - it looks like it would be a bad idea. - So that's something you got to think about, - uh, - asked, - you know, - ask around, - ask you why it failed and why they think it did. - Uh, - and you'll probably get better responses and or realistic answers than in your initial - inclinations. - It's a lot harder for us to judge ourselves, - but, - you know, - also, - look at the comments people left. - You know, - they're going to be a lot of people. - That message, - you'd say, - you know, - hey, - I'm leaning to supporting you for the $55 level, - or whatever, - and, - you know, - think about what they said after that and see if they ever did. - But, - you know, - comments really are helpful to look at afterwards to get that kind of insight. - But, - you know, - you were underfunded to your campaign, - did fail and you decide where to go from here based upon the why, - Uh, - but, - you know, - I would issued a he's company again. - All right, - why being underfunded might be a gift from God. - Um, - you know, - it may have saved you a lot of time and money, - you know, - if it didn't work out, - then you know, - then maybe it wouldn't have lasted long in the future. - Anyway, - even if you major goal, - so you gotta chalk it up to market research? - Um, - you know, - and that's that's one of the beauties of crowdfunding is that you didn't invest a whole lot - of money. - Hopefully, - But you did invest a lot of time, - but, - you know, - I got an example of the my ring. - They raised 5% of their goal. - Um, - and then they used the experience and made tweaks to their product on and listen to the - feedback and the comments and everything that they got from people that could have given to - them. - But didn't they just kind of gave feedback, - and so they may change their product on did it a second time and, - um, - raised over 274,000. - So, - I mean, - that's a perfect example. - But you really have to just build on that experience playing your next campaign on don't - repeat the same mistakes. - Um I got a quote over the right says I knew that it would also give us an opportunity to - gain invaluable customer feedback before the product had been made. - It really is valuable if you're making a product. - Um, - you know, - even if you're doing something as simple as a peril not as complicated as their high tech - ring. - Um, - because even with apparel, - you couldn't You can ask which designs people prefer. - And you could even, - you know, - incorporate that into the rewards where people are kind of voting. - Or basically, - they are determining what you're ultimately going to make. - So you don't make the wrong products and then ultimately have to change them whenever they - come to market. - And market feedback says things could be changed. - You do before you ever produced All right, - you were over. - Find it. - This is what you hope for. - Um, - so you know, - now you can sleep well, - and you've got a lot of fulfillment ahead of you. - Um, - so it's gonna be very time consuming. - This is going to be the hardest part of your entire campaign, - and you need to decide what you're going to do from here. - Obviously, - after fulfillment. - Um, - you know, - clearly, - the market showed that that they like your project. - So most likely you're gonna continue it. - You decide how you want to continue it. - You know, - if you were making a product, - do you turn into a company and product design company? - Do you turn into, - ah, - line of those products? - I mean, - you know, - what are you going to do? - Scott Wilson made the lunatic tic tac, - which is the bottom of that image over there, - um, - raised over $90,000. - And it was, - um, - the most funded campaign in the world for a very long time. - You know, - I believe probably a couple of years, - and, - you know, - that was like the model on debt was I feel like this spark. - It was around the time where successful campaigns were raising, - like, - 5 to 10,000. - Agent bloom out of the water. - Since then, - you know, - he's on to other campaigns. - They both done very well. - Um and, - you know, - that's kind of how he decided to go. - You decided to stick with this same style and theme and make other products that are - accessories for iPhones or, - you know, - smart devices and, - you know, - he that's the direction decided to go, - and it's worked out well for him. - So, - you know, - you need to decide. - You know, - the market shown that they like what you're doing. - So where you gonna go from here? - The other option is just to wrap up the project, - pocket the profits, - and you could even do it again. - So hopefully there are a lot of profits that you can use to either pocket or to expand into - something else. - Um, - but, - you know, - if your if your project is something that you don't really want to continue too long - afterwards you could you could do that. - Just you wait for your next idea to strike and do it again. - You know, - I think what I found so far is it's It's not as much about the idea as it is Theo execution - . - Also, - you know there are potential issues with being over funded other than you know, - the giant hurdle of fulfillment. - You know, - this is one that I think it's a really interesting aspect of crowdfunding that it's not - highly publicized. - Um, - but, - you know, - let's say you sought out to make a film your film director and you just needed five grand - to make your film And you raised $5 million. - Where you gonna do now, - you say, - Well, - we're gonna make my film, - But are you gonna make the 5000 or film? - Are you going to make a $5 million like professional motion picture? - Chances are you don't know how to make a $5 million professional direction picture on, - and I would bet that if you tried, - you would end up spending $6 million. - And then, - well, - what happened is you would not be able to produce anything, - cause you probably don't have the extra 1,000,000 to kick in yourself. - That's pretty much what happened with double fine adventure. - So they were raising funds. - They were asking for $400,000 hefty amount of money to make a video, - and what happened was the race 3.3 million. - Um, - so at that point, - they decided they're going to really expand the scope of their game. - You know, - people have, - um, - you know, - showing all the support, - they raise a lot money. - People are expecting a better game. - Eso We're going to make you know their version of the professional motion picture, - and it is really backfired on them. - You know, - if you look at articles that have did have have had interviews with them, - you're gonna realize that the most often quote is we just bit off more than we could chew. - Um, - so, - you know, - I would I would try to influence you. - Teoh. - Stay away from that. - Um, - because it's it's not what you know. - It's not what you said you were gonna dio at the same time. - If you I don't think they should have made the $400,000 game on pocketed. - Three million, - almost three million. - Um, - if they wanted to, - I think that's their right. - But I think that backers would have an expectation that would be different. - Um, - so what I would recommend is if they could have made a $40,000 game successfully, - which is what they said they could do by launching the project. - Um, - instead, - I think they should have made a few $500,000 games because that's a that's a scope. - And that's a project that they they have claimed that they can do, - um, - in the same way back to our film metaphor. - I would say that, - you know, - make a syriza 5000 or films or, - you know you can up your budget, - but don't go crazy. - You know, - you could even, - you know, - save it for films in the future. - You know, - make try to turn your $5000 film into a trilogy and 50 grand a piece and, - you know, - save the rest for future endeavors because realistically, - if they don't get rewards, - they don't care. - If you tried to make the motion picture or the $5000 film, - they're gonna be upset regardless. 18. Thanks!: - All right. - So that was the course. - So I really hope you enjoyed it. - I hope you learned a lot again. - I'm Jo Malone. - My email addresses Joel A Malone at gmail dot com. - Make sure of the middle initial A in there and feel free to email me with any questions I'd - love to hear about the products you're launching with things you've learned from this - course. - So shoot me an email, - You know, - if you need help with a project. - You know, - I have been brought in before on many projects to just kind of consult. - So feel free to ask for any advice. - And I look forward to hopefully interacting with you in the future. - Thanks.