A Primer on the Content You’ll Need for Crowdfunding
It used to be simple to do online crowdfunding. You’d create a video of yourself talking about a project, include some details, and then send it out to everyone you know. Hopefully your idea would be well received and money would start coming in the door. If you were really lucky (and good) your idea could go viral and LOTS of money would come in the door.
But with platforms like Kickstarter and Indiegogo in operation for nearly 10 years, getting a product or company launched via crowdfunding is rapidly becoming a more sophisticated process. Larger companies and successful entrepreneurs are using it again and again, and the amount of money they raise is increasing. They are becoming more sophisticated, and the reality is that that small start ups must compete with them for the same dollars.
At its core, crowdfunding requires carefully thinking and planning around both content and distribution. And that means creating a great video, smart, thematic copy to share across multiple channels, and properly leveraging rewards, comments and updates. The good news is that with some straightforward planning and vision you can make crowdfunding work for you.
Let’s break down each piece of content, how they are used and can be repurposed, and what you need at a bare minimum to be successful when you’re putting together a campaign.
- Your most important element — video
- Copywriting — think thematically, across formats
- Recognize that rewards are content, too
- Updates and comments (on platform and elsewhere)
Your Most Important Element — Video
There’s no question about it, video rules whether you’re on YouTube, a news website, a social network, or looking at content on a crowdfunding platform.
In fact Plug.Solar, a startup that raised $120k in their successful Kickstarter campaign last year mentioned at a recent event that their analytics from the campaign showed that 70 percent of people watched their entire video, and only around 10 percent of the tens of thousands of people who visited the page scrolled down to the more extensive copy before deciding to back the campaign or navigate elsewhere.
That means you have somewhere between 30 seconds and 3 minutes to make your case — and your video needs to be backed up by research, and tell a story clearly and simply with emotional resonance.
Copywriting — Think Thematically, and Across Formats
Although the copy on your actual crowdfunding page may not receive a lot of views, that doesn’t mean you should abandon it completely. There are still people that will read it, especially if they have doubts, and the copy can also serve a dual purpose of being useable on other channels.
One tactic of successful Kickstarter and Indiegogo projects is to decide on an editorial theme or topic for each week of the campaign, and then focus conversation, outreach, and sharing based on that theme. Make sure to keep your copy personal, simple, and easy for people to relate to.
You may also want to consider putting together an online doc + spreadsheet that includes those themes, and copy for sharing on social + outreach by email to influencers,journalists and bloggers. And keep in mind that your theme can include sharing other people’s crowdfunding campaigns, which is both a generous thing to do and can place you in the minds of their audiences as well.
Recognize that Rewards are Content, Too
One of the biggest missed opportunities in crowdfunding is at the lower levels of funding. While many backers will be excited about the specific product you’re creating, it’s important to also think carefully about your rewards, and be mindful about the psychology behind why people select a particular reward.
$1–5 rewards may not seem like much, but if they help grow your total audience size they can affect upper tiers as well. A $2 reward where you send a customized badge to someone to add to their social profile or blog will give you visibility, and create a connection with them so that they share your campaign across their channels. If nothing else, it’s an opportunity to stay in touch with someone who is curious about your campaign.
Updates and Comments (on Platform, and Elsewhere)
Last but not least, although many people overlook it, you should recognize that updates and comments are also a form of content.
This is conversational content and can include things like thank you notes, explanations of positive or negative aspects of your product, etc. Some of it can be repurposed, but more importantly it is conversation you are having in public, and it has the potential to be viewed by a very large audience. For example, if someone has a question about the campaign, they may post it on the page. Or they can email you directly, and you can then share the question (and answer it) without identifying them. That creates trust, transparency, and a connection to your audience, as well as potentially answering a question that other backers or potential backers might have.
Also keep in mind that for outreach, updates, and comments much of the work is manual, so you’ll want to have a team that’s well versed or at the very least has a clear plan for this type of content so that their time is used efficiently. Many successful crowdfunding campaigns have one or two people on at all times to help with these efforts.
Sounds like a lot of work, right? Well, it can be simple, if not easy, to build a successful crowdfunding campaign with proper planning and a clear strategy. And most important of all, know that it is an exercise in community building — failed and successful campaigns alike give you an opportunity to test your idea, get feedback, and identify the audience that wants or needs what you’re working on.
WeGreenlight.com is a platform to help you validate your ideas, get feedback, and launch with early adopters. Join us and let’s help you launch your idea successfully.
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