The secrets behind a perfect Kickstarter
Ralph Wilson is part of the team behind MyLED, a stand-out Kickstarter success story that raised $3o,ooo and one of our pitchers from the first series of the Elevator Pitch. Watch their pitch here.
In his first column he shares the secrets behind a successful Kickstarter campaign.
1. Kickstarter is not a magic box
Three hours into our Kickstarter campaign and I was sat in panic, staring at a spectacular ‘zero dollars raised’.
Alas, great idea + Kickstarter ≠ instant success. It’s actually more like great idea + Kickstarter + good preparation + lots of grit = success (eventually).
There’s a small group of people who trawl Kickstarter for great things and make their pledge, but that won’t be enough on its own.
Instead you’ll have to bring most of the traffic there yourself, through coverage on the right blogs, activation of your social networks and buzz-building. It may seem daunting, but be lean. The best thing I’ve read on this topic (and more) is this blog post by Mike del Ponte. I wouldn’t embark on a Kickstarter campaign without digesting it.
2. Get off on the right foot
Our attention spans are short. Sometimes I struggle to even finish a senten… Most potential backers will dive straight in with your video so make it snappy and concise. Each viewer should understand what you’re trying to do within the first 30 seconds. Your video is your introduction so make it a smile and a high five rather than a limp handshake.
3. Your backers will be high-maintenance (but they’re also your most valuable asset)
Kickstarter is collaborative. It gives you access to thousands of wallets but crucially, presents you with as many brains. Your backers will be a passionate and demanding bunch and will bombard you with questions, ideas, criticisms and desires. They have put faith in you, and so deserve your respect: Thank them for pledging, respond to every question/comment, update them on progress regularly and take their opinions on board.
This will be an almost-full-time job. And be honest. We have a brilliant app-developing pledger-turned-team member who only approached us because we posted an honest update about struggles with an aspect of our software. Likewise, our backers have been incredibly understanding of us delivering almost a month behind schedule, because we’ve kept them in the loop along the way, and have added functionality to the product based on their feedback.
4. Social media is a seesaw (and bloggers don’t always want to play)
It’s a delicate balance between being invisible and becoming a social media eye-sore. You don’t want to go unnoticed, but the seventh beg for funding on someone’s news feed is a little off-putting. Find legitimate reasons to post such as announcing project milestones, and encourage your backers to share your posts. The net soon widens.
Bloggers can also be fickle. An article on TechCrunch brought a lot of traffic to our page, but once they’d broken the story a few other big players weren’t interested. Understand that it’s a two-way transaction and that bloggers want something new and exciting to write about. Being personable and giving them first view of your big milestones will go a long way.
5. Be lean
Getting a project off the ground is incredibly time-consuming, with a million aspects to consider, and most likely you’ll have to start by fitting it around your full-time work. Be lean in your approach.
The blog mentioned in #1 discusses the minimum effective dose (MED) for promoting your idea, but apply the same concepts to your product and everything else you do. If something will add value, do it. If it won’t, don’t. I’d recommend The Lean Start-up to anyone hoping to get a start-up off the ground.
6. Beyond the hardware
If you’re launching a hardware product, the hardware prototyping and production will inevitably be the focus for your funding target. Don’t underestimate your other costs though. Taxes are the crucial one, as it can be up to 25%. Shipping is expensive too (especially if you attract international backers) and on top of postage you’ll need envelopes, stickers and ink. You’ll need to factor in free samples, and then there’s packaging, legal fees, website hosting… The list gets long. Do your sums thoroughly, and be clear with your backers about where you’ll be spending their money.
The ‘start’ in Kickstarter
It may sound obvious (and probably is) but a successful Kickstarter campaign is just the start. The elation of hitting your funding goal is soon overshadowed by the reality of having [insert daunting number] backers to satisfy, and in turn that feeling fades with the excitement of having the money and backing to make your idea a reality. If you’re prepared to devote everything to your product, and to navigate more stumbling blocks than you care to imagine, you’ll find it incredibly rewarding.
Good luck!