Let’s say you have a great idea; by a stroke of genius you’ve come up with an invention that you don’t know how the world has managed to get by without, or maybe you have a creative talent that you feel you need to share with the world. Thanks to popular crowdfunding platforms like Kickstarter and Indiegogo, turning your idea into a reality can be a lot easier than it was in the past.
However, the fact that it is so much easier to create a project and ask for funding by clicking a few buttons means that many people are doing so! With Kickstarter’s recent guideline changes for submitting projects, we can expect to see an even larger increase in the variety of campaigns and probably a decrease in the quality of some as well. It’s important to keep in mind that there are many options available when choosing a crowdfunding website these days, and in some cases choosing a specialized platform may be beneficial.
That being said, here are 5 factors to consider when deciding whether or not Kickstarter is the right platform for your project:
It’s do-able
Sometimes when it comes to Kickstarter projects, it can seem like the sky is the limit. However, it’s important to make sure that your project is realistic. Already established businesses with teams of experienced professionals and the knowledge and money to market their campaigns can see great success in crowdfunding endeavors – but those that make big promises and can’t deliver are seen negatively in the media.
Before launching your Kickstarter project, it is advised that you consider whether or not you have the knowledge or capability required to manufacture and ship (or distribute) your products and rewards to backers. Issues like shipping are often an afterthought for some who aren’t experienced with the business side of things but can create real challenges when they are overlooked.
You have a plan
Having some type of business plan for managing your Kickstarter campaign can be helpful in making sure that you cover all your bases. As mentioned above, there are many things to keep track of – communicating with the media and your target audience, driving traffic to your page, manufacturing, budgeting, and reward fulfillment are just a few on that long list.
Devising a plan (or sometimes hiring some help) can take away a lot of pressure by putting in the extra time to consider the various factors that could have an effect on your campaign’s success beforehand. Also, having a well laid-out plan that you can share with potential backers is a good way to show your responsibility and commitment to your project.
There is a market for it
Even some of the best laid plans can fail, and unfortunately, not all realistic ideas perform well in the marketplace. Generally you want your project to solve a common problem, make life easier in some way, or be interesting enough to appeal to a large group of people.
In an interview for The Guardian, Kickstarter CEO Yancey Strickler gives advice to the journalist interviewing him about the types of projects that seem to do well on Kickstarter:
“What about a tracksuit that closely resembles formalwear?
That’s very shrewd. Generally, anything to conceal human laziness will be pretty strong. Sweatbands, sweatpants, sweatshirts; I think you could do pretty well. There’s the 10-year hoodie, which I think is our biggest fashion project, or close to it. A formal sweat? You know, Kanye’s got his leather jogging pants, so you could be in a similar school, maybe.”
You can demonstrate it easily
Regardless of what your Kickstarter project is you need to be capable of simply explaining or showing what it can do to benefit people’s lives. It can help to provide quotes or comments from people who have good things to say about your project. If a potential backer likes your idea and sees that others have had a positive experience, they may be more likely to back it themselves. Give people as much information about your progress as you can, so people can easily see the value of what you have to offer.
In this Entrepreneur article, Stephen Key explains this importance, as well as covers several other factors that can make a project suitable for Kickstarter or not:
“There are so many distractions online. Your idea needs to stand out from the clutter. The best way to do this is to very clearly demonstrate its benefits. People need to get what your project is about quickly or they may lose interest. If your product requires a lot of education, it might not be the best fit for Kickstarter.”
There is a story to be told
One characteristic that Kickstarter is known for is its sense of community. Many frequent backers of Kickstarter campaigns are interested in hearing about how the idea came to be, who is behind it, and what it will take to complete your project. Incorporating an element of personality or behind-the-scenes information is an important way to maintain interest in your campaign.
This can be done in a number of ways, like telling a story in your video, or documenting parts of the process people wouldn’t normally get to see by releasing things like videos and pictures on a regular basis.
Kickstarter campaigns where the creators explain their idea or product as a pure sales pitch are often seen as uninteresting to many who come across them; if you make your audience care about whether or not you succeed AND want your product you will leave a much stronger impression and likely do better! For more information about why it is important to create a sense of community around your crowdfunding campaign take a look at this CrowdCrux article.
About the author
Krystine Therriault is the community manager for CrowdCrux and has helped creators with their crowdfunding projects on KickstarterForum.org. She loves learning about new trending projects and dissecting them to bring new tips and information to creators. You can find her on LinkedIn here or Twitter here.
