Crowdfunding 101 in 2015 & 10 Tips to Succeed with Your Crowdfunded Campaign
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Presented first in person on March 13th, 2015 at Grand Valley State University's 2nd Annual Entrepreneurial Women's Symposium. Crowdfunding growth continues doubling year over year and will only keep growing. Finding customers through "rewards", seeking small equity investments, micro-loans and donations have all be labeled as part of "crowdfunding". This presentation helps orient entrepreneurs to the best practices and principles they need to understand crowdfunding for "reward" and product campaigns and charitable donations. Social media and the critical role it plays in crowdfunding is covered. I also cover the importance of your story, video and endorsements, preparation and your transparency to your success with the "crowd".
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Crowdfunding 101 in 2015 & 10 Tips to Succeed with Your Crowdfunded Campaign
- 1. by Keith Boswell, Chief Strategist, Percep8nt Crowdfunding 101 Best Prac*ces & 10 Tips to Succeed
- 3. The crowd’s here & they’re not leaving.
- 4. I’ve worked in & with: § Web design & so=ware integra8on § Display adver8sing & tracking § Search & email marke8ng § Social media marke8ng § ACribu8on & analy8cs § Crowdfunding (2 campaigns in development) My Background Kent ISD
- 5. My Background 20 years in Digital Marke:ng & Opera:ons: § Desktop publisher § Founder of a web design firm § Project manager § Account manager § Internet Strategist § COO of Search Marke8ng Agency (acquired) § Director Account Services § Director of Digital Marke8ng & Social Media Strategy (for a $48 billion dollar non-‐profit) § Author & Co-‐founder of Publishing Company § and now…
- 6. My Background I’m a shared resource Chief Digital Officer
- 7. My Background I fix broken digital businesses & improve successful ones.
- 8. What is Crowdfunding? crowd·∙fund·∙ing /ˈkroudˌfəndiNG/ noun noun: crowdfunding; noun: crowd-‐funding the prac8ce of funding a project or venture by raising many small amounts of money from a large number of people, typically via the Internet.
- 9. Why Is It Important?
- 10. Why Is It Important?
- 11. Words of Wisdom If I do my job today, my hope is you won’t end up…
- 12. Words of Wisdom making .0000486% of your goal.
- 13. Some Film with Actresses Kickstarter Page This aspiring writer’s dreams… deflated by “The Crowd”. Words of Wisdom
- 14. Four Types of Crowdfunding § Customers & “Rewards” § Equity § Peer to Peer loans § Dona8ons § Today’s focus Reward & DonaQon campaigns
- 15. Types of Crowdfunding Crowdfunding Customers § You get the money raised if you reach your goal… § Customers pre-‐pay for your product before it comes to market § Companies using it for launching, marke8ng, tes8ng product feasibility, and more § Funding windows typically from 7 to 45 days § Inherent risk you won’t deliver
- 16. Types of Crowdfunding Crowd-‐Funding Equity § Michigan one of the first states w/The MILE Act — Michigan Invests Locally Exemp8on — Sweet spot is small, local businesses § Can raise up to $11k annually from investors with less than $1.5 million in assets § Funds must stay in Michigan and create jobs here § Plajorms are available to help with investor screening, inves8ng, etc. (RECOMMENDED) § Contact me if you need more info, I can help connect you to the right resources
- 17. Types of Crowdfunding § Peer to Peer Loans — GoFundMe – personal funding campaigns — Kiva -‐ microinvestment § DonaQons — Online giving for non-‐profits § American Heart Associa8on Jump-‐a-‐thon § Girl Scout Cookie’s § ALS Ice Bucket Challenge
- 18. Stories Sell the Crowd § Focus & refine your story — Some campaigns have been in development for a year or longer — Seek feedback & demonstrate you’ve listened — Study similar campaigns with vigor § Your ask should inspire & be realisQc § A compelling video is REQUIRED — Hit highpoints by 30 seconds — 3 to 5 minutes is ideal — Show your personality and BE HONEST! — Experts and outsiders sharing opinions help validate for the crowd
- 19. FLOW HIVE Let’s watch Flow Hive’s video pitch
- 20. AcQvate Your Network for Success § Preview with them – work the circle out by 8me — micro, small, large, larger, etc. § Take their feedback § Can you get an expert endorsement? § Give your audience something worth sharing. — What does it say about them? § Prepare a markeQng blitz — PR, shareable bits, news & influencers § Ask them to support & spread at launch § Keep them enthused & communicate o=en — Weekly updates at minimum during campaign — Collect email addresses separately
- 21. Gebng Coverage § Research the plajorms you’re considering § Who covered previous campaigns? — Blogs § Iden8fy the influencers — Who do you read? — Who do your poten8al customers trust? — Forums § Can be most acQve community § Be an ambassador and observer pre-‐funding ask — Google Image Search — Events — Trade Magazines § Make the pitch personal
- 22. Simple Way to Research Sites to Pitch
- 23. When it works… Flow Beehive for Honey Collec8on § Funded $70k Goal in 8 minutes § End of day one $3.2 million § Currently just under $5.9 million § Days remaining 24
- 24. When it works…
- 25. Transparency Rules § Honesty is everything with the Crowd § Detail the Risks & Challenges — Challenges post-‐funding are real and happen everyday § Everything said lives on § Conversa8ons will spread § Be prepared to engage
- 26. Timing § Layout project 8ming as far out as you can § Include con8ngency 8me up front § If things change, share it immediately § Prepare for fulfillment
- 27. Rewards & Perks § Tiers of support — Giving “Thank you’s” for limited support — Custom gi=s for high-‐end backers — Offer as many 8ers that make sense for you — Think of NPR style contribu8on levels
- 28. Support Levels § Almost all have a $1 – 10 “Thank You” pledge § Accelerated Delivery or Early Bird Pricing — First backers pay less (limited number) — First backers get first deliveries § Combo’s or Mul8ples § Behind the scenes tours
- 29. Social Currency aka Bragging Rights
- 30. Web & Email § Have a presence before you start — Look professional and be ready to update § Build an email list as soon as possible — Work with a provider like MailChimp or Constant Contact — Update when needed, you must engage
- 31. Social Networks § Facebook is a must at minimum § See the Tim Ferriss blog post at the end on how to value your network § YouTube & Video updates § Specialized networks like Instagram, Vine or others depending on the product § Give your crowd something worth sharing § Make sharing easy
- 32. Updates & Engagement § Let the crowd know things as you do § Ask the crowd to spread your word § Behind the scenes material can go a long way § When you update, update everywhere § Send reminders § If you add new goals, support levels, rewards, etc. do another round of marke8ng to blogs, forums and any other trade related sources
- 33. Project I backed that funded Day One The Melty Misfits “Garbage Pail Kid” Parody Cards
- 34. Reward Project Funded on Day One
- 35. Giving Goes Social § ALS Ice Bucket Challenge — Over $115 Million raised to date — Tripled their research budget — Hard to replicate (right as FB video launched) — Drew cri8cism for how it skewed “giving” § Social is the layer to amplify any org’s message § There has to be something in it for people to share — What does it say about them or their POV? — How does your story fit theirs?
- 36. Not Funded, Keep Working! § Keep your audience engaged § Use your email list to solicit feedback — What could have been beCer? — What are they looking for? § Dust off and come back, improvement and persistence will pay off § The 3rd 8me’s a charm…
- 37. The Coolest Cooler The Coolest Cooler – Original Kickstarter Page
- 38. Funded, Now What? § Prepare for the bumps, there will be a few § Keep the crowd informed as milestones met § Solicit feedback from backers § Deliver an excep8onal product or service § Ask for honest reviews, never a good review § You have a track record now, what’s next?
- 40. The Coolest Cooler hCp://coolest.com/
- 41. 10 Tips for Crowdfunding Success 1. Your story is cri8cal 2. Seek feedback early 3. Collect email addresses 4. Put thought and value into your Rewards/Perks 5. Transparency rules 6. Be prepared & realis8c, do your homework 7. Your video can make or break you 8. AcQvate your network 9. Have marke8ng & PR ready to go 10. Communicate regularly & keep audience engaged
- 42. Anend Kickstarter School Kickstarter School
- 43. Read IndieGoGo’s Playbook IndieGoGo Playbook
- 44. Review RocketHub’s Success School Rockethub’s Success School
- 45. AddiQonal Resources § Crowdfunding.com (provided by GoFundMe) Top 10 Plajorm by traffic, Alexa rank & funds § Tim Ferriss’ Blog Post (including templates) Raising 100k in 10 days § MILE Act overview Downloadable PDF § Top 10 Crowdfunding Sites Good background, overview & fee info
- 46. Q & A QuesQons today? This deck will be posted online at: hCp://www.slideshare.net/keithboswell QuesQons later? § Web: hCp://percep8nt.com § My eBooks: hCp://www.master-‐succeed.com § Email: keith@percep8nt.com § Follow me on TwiCer: @keithboswell
Notas del editor
- How many of you have backed a crowdfunding campaign? How many of you are thinking about doing a crowdfunding campaign
- Expect to see a book on crowdfunding in the next 3 to 4 months – want to write from personal experience and case studies along with what I’ll show you today.
- Large is relative to the size of your business
- Could this be your business? Do you just need $5k to jump start a dream? It’s still going to take some hard work – so let’s talk about what it will take.
- Many layers under each Focus for today - crowdfunding customers & donations Contact me afterwards if you’re looking for more info on crowdfunding equity or loans
- Hive example