Crowdfunding platforms like Kickstarter have opened a new avenue for start-up ventures looking for funding assistance. Several Kickstarter campaigns taste success on the very first attempt. However, you are certainly not alone if your Kickstarter campaign has failed to achieve your funding goal. After all, only 39% of Kickstarter projects succeed according to this Kickstarter article in the Financial Times.
Project owners spend a lot of time strategizing and creating content before launching their Kickstarter campaigns, and it can be frustrating to see it fail after all of that hard work. However, all is not lost yet because it is possible to re-launch your Kickstarter campaign and recycle all of the investments of time and effort and seek crowdfunding success the second time around. Take the time to regain your focus and launch your crowdfunding campaign again keeping the following points in mind:
Before you relaunch a crowdfunding campaign – be it Kickstarter or Indiegogo or any other – crowdfunders must assess their crowdfunding campaigns and try to figure out what really went wrong with your initial campaign.
Review your Kickstarter video carefully before re-launching the campaign. Often times, people end up creating videos that tell more about them than the project or product itself. Consider it critical that your video demonstrates the features and benefits of your product or service and how a viewer can relate to how your crowdfunding proposal can improve the quality of life of potential backers. Keep the video short and simple, and try to remain relaxed while explaining your project. A standard rule of thumb that that most industry experts agree on is that the video should be at least one minute long and no longer than four minutes.
We come across many Kickstarter pages that are extremely lengthy and overloaded with too much information. Too much information can overload potential backers unless every aspect of the crowdfunding campaign presentation is exciting and engaging. Sales training legend Brian Tracy likens this to the mentality most radio listeners use when determining whether or not they should listen to any given radio station. As Mr. Tracy puts it, everyone who is in front of a proposal of exchanging their money for a good or a service is tuning into radio station “WII FM” which is an an acronym for “What’s In It For Me?”. In other words — how does the backer benefit when they contribute to a crowdfunding campaign.
It is time to change the page structure if you have also done the same because this type of pages will confuse your potential backers rather than convincing them. Make sure your new page is not too lengthy, and the readers can easily find out what is relevant to them. Your approach should be to highlight the benefits, characteristics, and functionality of your venture using simple texts, illustrations, and graphical banners.
Some experts suggest that it is better to have a shorter funding period for Kickstarter. However, we believe it is better to have a longer funding period just because it gives you more time to get funded as we’re able to generate more and more buzz all geared towards total crowdfunding promotion and building ever-expanding awareness of a crowdfunding campaign.
Now, don’t disregard your failed campaign page once you’ve launched a new Kickstarter with the same essential crowdfunding goal. Even after a failed crowdfunding project ends, you will have access to that page and can still add files, videos, and images to it. However, you are not allowed to edit the story page. Therefore, before the crowdfunding campaign closes, you can add a link and connect the old campaign to the new one when it launches. A very effective way to leverage the old campaign to help with the success of the new one is to add a video to the old page requesting all backers to support your re-launched campaign.
Finally, it is time to think whether you have adequate time to devote to crowdfunding campaign promotion. Like anything online, the success of a crowdfunding campaign depends a great deal on marketing efforts to drive crowdfunding success. If you don’t have time, don’t think twice about calling CrowdfundBuzz for end to end support relating to the re-launch of your Kickstarter campaign and all of crowdfunding project advertising you’ll need.