keys to hacking crowdfunding

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Keys to Hacking Your Crowdfunding Campaign Kate Drane Senior Director of Midwestern Outreach drane@indiegogo.com | @katedrane

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What is crowdfunding?

The collective effort of individuals who network and pool their money, usually via the internet, to support efforts initiated by other people or organizations.

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Who is Indiegogo?

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Why Crowdfund?

•  Validate market

•  Capture data

•  Interact with customers

•  Identify influencers

•  Raise money

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Global •  200K+ campaigns from

224 countries/territories

•  5 currencies

•  4 languages

•  People: DE, UK, CA, AU

•  Offices: NY, SF, LA

Open •  Entrepreneurial,

creative and cause campaigns

•  No application/approval

•  Merit-based

Customer Focused •  Customer Happiness 24-

hour response time

•  Numerous educational materials

•  Flexible & Fixed funding

Why Indiegogo?

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Why crowdfund hardware with Indiegogo? •  Open to all categories – not afraid of security, health tech, baby or

even adult; and the rules don’t change!

•  Test market early (or late) – CAD designs not required so less competitive information shared; post-production campaigns welcome

•  Capture loads of data – our dashboard shows you where your activity comes from so you can tailor accordingly

•  Interact with customers – contributions, not pledges means you know who is contributing (referrals); and money can be in the bank today (PayPal)

•  Have flexibility – Come from nearly anywhere in the world, flexible funding option, add/hide perks, offer multiple units, etc.

•  Raise more money – we give you the tools to be successful, and then we use our resources to amplify your campaign

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Keys to running a successful campaign: •  Pitch •  Perks •  Promotion

Let’s do this!

Pitch

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“Green Bar Effect” People want to give to successful projects. …“Who eats in empty restaurants?”

Goal: Higher Goal Doesn’t Mean More Money!

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And they keep on giving!

•  87% of campaigns that hit their goal exceed it – by 30%+

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•  Answer the who, what, when, where, why, and how

•  Keep it under 3 minutes

•  Include a strong call to action

•  Show use use cases

•  Show off your team

Honesty, Transparency, Authenticity….Brevity!!

Pitch Video: Quickey

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Pitch Text: Luuv

•  Plan your real estate •  Show your project/product •  Tell more, sell more •  Use infographics •  Address any doubt upfront

Perks

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Perks

•  What are perks?

•  Do I need them?

•  Do they matter?

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Perks

•  Physical goods •  Digital goods •  Experiences •  Access •  Recognition

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Perks can create:

•  Passion •  Pride •  Participation

•  Campaigns with perks raise 143% more money!

•  70% of successful campaigns offer 5-8 perks

•  $25 is the most popular price!

•  Limited quantities create demand

•  Perks launched later build excitement

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Personal Focus Group

•  Price Point •  Bundling •  Features •  Market reach •  Brand evangelists

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Do you want an activity tracker? How would you use it?

Misfit Shine

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$846,675 7,957 funders from 85 countries

…30% wanted a bracelet or a necklace  

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Perk Tactics

•  Targeted Discounts •  Upselling •  Partial Buys •  Participation •  Referrals

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Perk Fulfillment

•  Do the math on perk pricing (your time counts)

•  Know how you’ll fulfill 10 and 10,000 units

•  Research international shipping

Promotion

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•  Team Campaigns with a team raise 339% more than campaigns that run solo

•  Inner Circle Friends, family, people passionate about the project

Pre-Launch

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•  Only one chance at a first impression

•  Utilize a soft launch, 30% inner circle

•  Build out a team •  Have a schedule; wait on

press!

Don’t leave your campaign to chance!

Pre-Launch

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Launch

•  Run your campaign 21-45 days

•  Launch on a Monday or Tuesday

•  Email brings 20% more $$ than other channel

•  Social media accounts for 22% of contributions

•  Reach out to press, bloggers and do live events

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Live: Don’t Get Discouraged

Almost always a “dumbbell effect” – contributions weighted heavily at beginning and end of campaign.

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Live

•  Send updates •  Celebrate milestones

•  B-roll from video

•  New perks

•  Maximize social media •  Tweetchats, Thunderclap

•  Contests •  Referral

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Campaigns that send at least 3 updates raise 239% more than those that post fewer But don’t spam your friends!

Live

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Campaign Completion

Finishing Strong •  Update frequently until deadline

After deadline •  Customer Service •  Use your campaign for

marketing •  Thank your contributors •  Become part of the Indiegogo

community!

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Indiegogo is here for YOU! Hardware Handbook: Specialized tips http://landing.indiegogo.com/hardwarehandbook/ Blog: Insights, tips and ideas: https:/go.indiegogo.com/blog/ Indiegogo.com: View successful campaigns: http://indiegogo.com/explore/ Help Center: answers to specific questions: http://support.indiegogo.com/hc/en-us Additional Questions? Customer Happiness Team is here! support@indiegogo.com

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Together Do Anything. Name Kate Drane Senior Director of Chicago Outreach drane@indiegogo.com | @katedrane