One of the big benefits to all-or-nothing crowdfunding models like Kickstarter’s is that there is less to lose than launching a traditional product. If you didn’t spend a lot of money on your campaign and it fails, nothing happens. Many projects launch without realizing the amount of time it takes to promote a project. Others make common mistakes like forgetting to include a video. For those creators who are determined to succeed, it’s back to the drawing board.
It’s important to realize that some of the biggest crowdfunding successes didn’t start out that way. The Coolest Cooler broke Kickstarter’s record for highest funded project in August 2014 raising over $13 million dollars with an original goal of only $50,000. However, The project had failed when they first launched in December 2003, raising just over $102k of their $125k goal.
The Kickstarter Blog suggested that the creator may have done better the second time partly due to the fact that he launched in the summer, “at a time of year when people in the US were most likely to have frozen margaritas on their minds.” This example just goes to show what some small changes can do for campaigns that didn’t succeed on their first try.
Here are a few things you can do if your crowdfunding campaign fails the first time around and you want to re-launch better and stronger than before:
1. Make sure you’re using the right platform
It may be a small change, but sometimes launching your campaign on a different platform the second time around can make a big difference. Did you choose a platform that gets a lot less traffic than bigger ones like Kickstarter or Indiegogo? Would your project better suit a niche platform like Pubslush? If you want to check out other platforms here is a list on Crowdfunding Forum.
2. Reassess your funding goal
Creators of campaigns that fail the first time often find that they initially set their goal too high. This was the case with Rudi Beijnen. He created a product called EMBRACE+ which failed its first time on Kickstarter and raised over $264,000 after they re-launched. In a guest post for CrowdCrux about his experience he said:
“We set a funding goal that was perceived by backers as ‘too high’. The funding goal you set is very important! If you set it too high people will think you want to make a quick buck or that your campaign will never achieve the goal. Backers want to be part of a successful campaign, not a failing one! Better you set the goal very conservative and try to go beyond it by using stretch goals and PR.”
Make sure your goal is high enough to realistically fulfill all of your promises, but don’t make it any high than you have to.
3. Keep up with your social media
Assuming you had some sort of social media presence during your first campaign, continue it! If your project fails and you know you want to re-launch keep on going – post updates and content in your industry.
This will keep your campaign on their minds and get the word out to more people. The more interesting content you can share with them the better. Remember to include pictures and keep things short and simple so you catch people’s attention. Even though keeping up with social media can feel time consuming it can help get your brand out there.
If you didn’t do a lot on social media the first time around remember that it is best to start a few months before you launch.
4. Stay up to date with your backers
When you decide on re-launching your campaign post an update on your first project page, telling backers when you plan to launch and ask for their support. If you continue your communication throughout the process having those backers support early when you re-launch can help you raise a decent amount within the first few days. This can encourage others to decide to back your campaign by making them feel that it will reach its goal and be successful.
5. Ask for feedback
A previous CrowdCrux post suggested getting feedback on your campaign from different sources such as other creators, crowdfunding experts, friends and family, or your target audience. While the advice from friends and family may not be as insightful as feedback from your target audience, sometimes it can be hard to reach those people. The post noted:
“Other Kickstarter creators can be extremely helpful in providing feedback on your project. For one, they have information on what has/has not worked in their project. If they’ve done thorough preparation leading up to their Kickstarter, they can also provide insights on successful techniques that other projects used in their category.”
You need to be careful in how to approach creators so that it is not seen as spamming. Some ways you can do this is to interact with creators on Kickstarter Forum or Crowdfunding Forum, comment on other creators’ posts, and back projects that you like if you can. By doing other creators a favor by engaging in their project or giving feedback they may be more willing to take a look at your campaign.
6) Get media coverage
Getting covered by the right blogs and publications can be difficult but very rewarding if you happen to find the right ones for your target audience. One helpful thing to do is figure out where other projects in your category have been featured and approach them. Make sure that you present your story in a way that is to the point and relevant to the kinds of things they usually write about.
For more tricks on how to get your crowdfunding campaign covered in the media check one of my previous CrowdfundingPR posts.
Conclusion
A failed crowdfunding campaign does not mean that the project is doomed or that all hope is lost. There is always the option to give it another try, and making even small changes can improve your campaign’s chances of success. Like any creative or business ventures crowdfunding takes time and research, but it gives those with a lot of dedication the tools to learn and improve.
Feel free to leave any questions or comments below!
