Tip #1: Draw up a business model
Before even considering an idea to fund on Kickstarter you should always draw up a business model. When you take the time to draw up a business model the pros and cons become more apparent. When you can examine the pros and cons you will be able to remove stumbling blocks from your plan. Having a business plan for your idea, concept, or invention also allows others who are considering your projects funding to see your concept much more clearly. Anybody who funds any project likes to know how, when, and where their money will be spent. Investors like to see a clear plan of success so make sure to spend the necessary time planning the flow of your business idea.
Tip #2: Know your market and audience
When you are informed and know all the rebuttals and answers for someone who has questions about your project then you will be much more prepared. Often investors want to know answers to questions that they may have about your concept. When an investor asks questions, they expect real answers. If you don’t know or haven’t taken the proper time to know your project, then you may fall short with investors.
Tip #3: Know your minimum funding goal
Many Kickstarter projects fall short on reaching their funding goal because they do not strategically set the appropriate minimum amount to be raised. You must remember the rules of Kickstarter clearly state that if you don’t reach your funding goal then you don’t get any of the funds. That means if you are one dollar short then you will lose all the money raised. You must know and maintain a reasonable monetary goal to be successful.
Tip #4: Advertise
Advertisement can make or break an idea. Advertisement starts as soon as you step outside your door. Every person you come into contact with should be considered a possible funding source. A dollar here and a dollar there adds up to many dollars. Making an advertisement campaign should be one of the first plans you put into effect for a successful Kickstarter campaign.
Tip #5: Stay active in the public eye
Staying active in the public eye means to keep the project alive and flowing. Don’t take breaks from your project that allows it to reach stagnant bumps. When an idea that you have chosen is in need of funding it is important to keep up the pressure until you reach the momentary goal. Getting comfortable and taking a break means doom for your funding project. Many projects fail due to inactive visionary guiding the project.
Tip #6: Know Kickstarter’s rules
Knowing the terms and conditions of Kickstarter are very important. When you know the rules, you will know what you can and can’t do while utilizing Kickstarter as a funding platform
Tip #7: Provide updates
Keep people that are funding you up to speed on your progress. People that have pledged their money for your success are always interested in your success. It is a good idea to keep these people happy with your progress.
Tip #8: Plot your progress
Plot your progress on a graph. Make your progress and goal clearly readable to you and everyone concerned. One way to accomplish this task is by creating simple graphs to show progress.
Tip #9: Provide incentive
Offer something free to people who back your project as part of the rewards. Investors love to know that they were part of the success of a Kickstarter funding project. Offer something free, be creative free doesn’t mean that you have to make them own 50% of the funding project.
Tip #10: Make the Kickstarter project a reality.
When you succeed with your goal make all who contributed have the knowledge of what you did with their funding money. People like to know where their money is being spent. You have a moral obligation to share the progress growth with those who were loyal and funded your project.
Sanz Teoh
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