Are you an aspiring entrepreneur with a great idea but lacking the necessary funds to turn it into a reality? Look no further than Kickstarter, the world’s largest crowdfunding platform. With millions of backers ready to support innovative projects, Kickstarter provides an excellent opportunity for individuals to unlock the cashflow they need. In this article, we will explore 10 key strategies for making money on Kickstarter.
1. Develop an Engaging Project Page
The first step to success on Kickstarter is to create an engaging project page that clearly communicates your idea and its potential. Use captivating images, compelling videos, and concise yet informative descriptions to grab the attention of potential backers. Remember, first impressions matter!
Begin by explaining the problem your project aims to solve, followed by how your unique solution addresses that problem. Share your passion and enthusiasm to engage potential backers and make them believe in your idea.
2. Set an Achievable Funding Goal
When setting a funding goal for your project, it is crucial to strike a balance between ambition and feasibility. Determine the minimum amount required to bring your idea to life, considering production costs, marketing expenses, and miscellaneous fees. This meticulous planning ensures that backers see your project as attainable, increasing the likelihood of their support.
It’s worth noting that Kickstarter operates on an “all-or-nothing” basis, meaning you only receive the funds if your project reaches its funding goal. Be cautious not to set a goal beyond reach, as failing to reach your target can cause disappointment among backers and damage your reputation.
3. Offer Attractive Rewards
People love to be rewarded for their support, so make sure to offer enticing rewards to your backers. Think creatively and consider what would genuinely excite your target audience. Exclusive merchandise, early access to your product, or personalized experiences related to your project are all examples of rewards that can entice backers.
Additionally, offering tiered rewards at different pledge levels allows backers to choose how much they want to contribute and what level of reward they desire. This flexibility increases the appeal of your campaign and makes it accessible to a wider range of potential supporters.
4. Develop a Compelling Video
A video is a powerful tool to captivate potential backers and convey your passion for your project. Use this opportunity to share your story, demonstrate your product, and inspire trust in your capabilities. Keep the video concise, engaging, and professional to maximize its impact.
Showcase the problem you’re addressing, explain why your solution is unique, and highlight the positive impact your project will have on people’s lives. Make your video shareable, as backers often share compelling projects with their network, further increasing your chances of success.
5. Promote Your Project on Social Media
Don’t rely solely on Kickstarter’s built-in audience to discover your project; take matters into your own hands and promote it on social media. Leverage platforms like Facebook, Instagram, Twitter, and LinkedIn to create a buzz around your campaign. Share updates on the progress of your project, engage with potential backers, and incorporate visually appealing content to pique interest.
Collaborate with influencers or industry experts to amplify your reach. Seek out relevant communities or groups where your target audience gathers and actively participate in conversations related to your project. Building a strong online presence is crucial to unlocking Kickstarter’s cashflow.
6. Leverage Early Bird Rewards
Early bird rewards are a compelling way to incentivize potential backers to pledge their support early in your campaign. By offering limited-time, exclusive rewards or discounted prices, you create a sense of urgency and encourage backers to take immediate action.
Highlight the unique benefits of these early bird rewards in your project page and promote them prominently in your marketing efforts. Early momentum is essential for a successful Kickstarter campaign, and these exclusive rewards can be a catalyst for generating excitement.
7. Engage with Your Backers
Show your backers that their support is appreciated by actively engaging with them throughout your campaign. Respond promptly to messages, comments, and inquiries. Regularly update your backers on the progress of your project, sharing behind-the-scenes glimpses, and expressing gratitude.
Building a rapport with your backers helps create a sense of community and loyalty. Some backers may even increase their pledge amount or become vocal advocates for your project, increasing its visibility and attracting more support.
8. Collaborate with Complementary Projects
Identify projects on Kickstarter that are complementary to yours and form mutually beneficial collaborations. By cross-promoting each other’s campaigns, you can tap into each other’s audience base and reach a wider pool of potential backers.
Collaborations can take various forms, such as featuring each other’s projects on your project page, sharing updates and endorsements on social media, or even creating joint rewards that incentivize backers to support both projects simultaneously. Together, you can unlock new cashflow opportunities.
9. Seek Media Coverage
Harness the power of media coverage to generate widespread awareness about your Kickstarter project. Craft a compelling press release highlighting the unique aspects of your project, and pitch it to relevant journalists, bloggers, and influencers in your industry.
Offer exclusive interviews, behind-the-scenes access, or early access to your product to entice media professionals to cover your campaign. A well-placed article or interview can significantly boost your project’s visibility and attract potential backers who may not have otherwise discovered it.
10. Follow Through on Your Promises
Finally, and most importantly, follow through on your promises. Deliver your rewards on time and ensure the quality meets or exceeds backers’ expectations. Maintaining transparency and open communication, even after your project is funded, is essential to building trust and securing future support.
Remember, Kickstarter is not just a one-time funding opportunity; it can also serve as a platform to cultivate a community of loyal supporters for your future projects.
Frequently Asked Questions
1. Can I change my project goal after launching my Kickstarter campaign?
It is generally not advisable to change your project goal after launching your campaign. Backers may feel misled or lose confidence if they see the goal shifting mid-campaign. However, you can update your backers on any unexpected changes or challenges you face during the campaign through regular project updates.
2. How long should my Kickstarter campaign last?
Kickstarter campaigns typically last between 30 and 60 days. It’s important to strike a balance between giving your project enough time to gain momentum and not dragging it out for too long, which may lead to campaign fatigue among potential backers.
3. Can I offer equity in my company as a reward on Kickstarter?
No, Kickstarter prohibits offering equity or financial returns as rewards. The platform is primarily intended for creative projects, not for raising investment capital.
4. What happens if my project doesn’t reach its funding goal?
If your project doesn’t reach its funding goal, no money changes hands, and backers are not charged for their pledges. It’s important to analyze your campaign and learn from the experience before considering relaunching or exploring alternative funding options.
5. Can I run multiple Kickstarter campaigns simultaneously?
Yes, you can run multiple Kickstarter campaigns simultaneously. However, it’s crucial to ensure that you have the necessary resources and capacity to manage and deliver on all your projects effectively.
References:
– Kickstarter Creator Handbook
– Kickstarter Blog
– Forbes: “How to Launch a Successful Kickstarter Campaign”
