Kickstarter and the Art of Crowdfunding

Crowdfunding is a great way to fund a new business venture. It provides you feedback on your idea as well as answers the problem of start up capital. We attended a workshop where a panel of entrepreneurs discussed their successful kickstarter campaigns. Below are 5 Best Practices that we learned from these seasoned veterans:

1. Running a kickstarter campaign is a full-time job! Since Kickstarter is worldwide you will receive inquiries from your audience at all hours day and night. Once you launch your campaign you will be busy answering emails all day/night long for the duration of the campaign. Because of this you need to be able to devote time to communication for you to be successful. If you do not have enough time you may want to consider hiring someone who can help.

2. Keep your audience updated on the progress of your campaign. Your backers and potential backers want to see how successful your campaign is. Make sure to tweet, instagram, facebook and email about the progress to keep everyone updated and to feed the backing frenzy.

3. Make sure your donors feel appreciated. If you are running a product based campaign usually one of the price points is to receive the product. However, usually donors can donate at a lesser value to support the campaign. Make sure you include a “gift” at this lower price point as well. You could offer a sticker, or a pin or something else that shows your appreciation.

4. Kickstarter is a community. Kickstarter is not only a virtual community but it is also a physical community. When you speak in your video remember to address your community as such. You also need to spend time in your physical community talking to people and pointing them to your campaign (see point 1 about the full-time job).

5. Give the Kickstarter community something to believe in! Speak from the heart in your video. If you believe in your idea and/or product this passion should show in your video so that the kickstarter community can also believe in it.

Have you run a successful Kickstarter Campaign? What tips do you have?