A new trend in the digital age is launching your idea or invention on a crowd sourcing platform such as Kickstarter, Indieogo, GoFundMe, and many more. We have seen many success stories come from these campaigns and we have also seen a LOT more fall flat on their face… While in college, my business partner Jake Nelson and myself (Schaeffer Warnock) had a passion and idea for the skiing and snowboarding community. Our goal was to provide the public with a high performance, fully customizable snow goggle. After spending countless hours on product development and testing, we finally came up with a solution called Aura Optics.
As both of us were enrolled full time at the University of Utah, our bank accounts totaled around $4 (aka we were broke). Not willing to give up on our idea, we decided to launch a crowdsourcing campaign hosted by Kickstarter attempting to raise a goal of $10,000 in order to enter production for our product.
The campaign launched in June 2014 and we successfully raised $12,500 in the first 24 hours! Our campaign came to an end 30 days later and we raised a total of $27,000. Though we had a successful campaign, we found many strategic ways we could have improved on to raise a lot more money. There were also a lot of things that we did right and we would like to share some tips and tricks with you to start your own success!
Video is everything!
1. Your crowdsourcing video is the most important thing for a successful campaign. It is your way of communicating to your audience about what you provide/offer. Aura Optics spent over $3,000 producing their video alone but saw huge success with little marketing. Don’t be the person who has a great idea/product and introduces that idea/product in their backyard filming with an iPhone 4. Videography is an art and it is okay to admit that you have no clue what you are doing behind the lens or editing software. Produce your video professionally and you will see results!
Website & Social Media Foundation
2. Already have a foundation for the company established. This means to have all of your resources lined up and ready to go before you launch your campaign. Individuals like to see legitimacy so they can establish trust and back your product. To do this, make sure that you have a basic yet professional website up and running for your audience to communicate with your company. Once you have a professional website being hosted, start to establish your social media audience by building active followers who will engage and share your campaign. Verify that all channels of distribution and manufacturing are ready to go so you do not have any delays fulfilling your expectations.
Strategic Marketing & Advertising
3. A strategic marketing plan for the FIRST DAY and the rest of the time is critical to inform the world about your campaign. Aquire a lot of graphic designs for advertising purposes and create a budget to spend on Facebook advertising. Educate your current audience beforehand that you are launching your campaign and get as many people as possible to share your video on the FIRST DAY. I stress the first day because once the world sees your campaign is successful in the first day, it will place trust in their hearts to back you since everyone else is doing it!
Reach your goal quick!
4. Set your goal for as low as you can! Once your campaign has reached 100% funded, the world goes crazy and the money starts to poor in. Your goal should not to be able to raise $10,000 in 30 days, it should be to raise $20,000 in the first 24 hours. If you can double your minimum goal on the first day, your campaign is bound to raise more than you could have even imagined!
We understand that individuals who launch crowdsourcing campaigns usually do not have any money to invest into a video, marketing, website, ext. If you have a good idea and no money, shoot us a email/call and we can talk about providing these services with ZERO upfront costs and pay us after you raise the big bucks!
– Arva Solutions