2.18 First Wallet to hit 500K on Kickstarter
How to run a crowdfunding campaign. The Decadent Minimalist Wallet raised 500K on Kickstarter by overfunding their crowdfunding campaign. This is Eriks second Kickstarter campaign and he shares the keys to his Kickstarter success.
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- First Kickstarter campaign was in October 2014.
- Created his minimalist wallet due to back pain from his old bulky wallet…. Rich guy! JK
- First campaign was for his aluminum wallet.
- “I noticed there were a lot of campaigns that didn’t really start taking off until that goal was hit” – OVERFUNDING!
- Updated his previous campaign backers about the new campaign and had 200 backers from his previous campaign back within the first two hours.
- Created a repeat backer reward level, offer a HUGE discount for repeat backers.
- New his video was too long (3:40) but didn’t want to cut any of the “crowdfunding porn” (his words not mine lol) out of the video.
- Backers need to know within that first minute, Why are they giving you money? Get that out in the first minute. Talk about why you are the credible person to bring out this product.
- Erik recorded his video using an iPad. You can pick up a 30 dollar dual Lav mic from amazon that plugs directly into your iPhone for that great sounding quality.
Q1: What is the one thing that you wish you knew before you launched your second Crowdfunding campaign?
A: The second campaign was so different from the 1st campaign. The first campaign was really just an experiment and the second campaign was all about taking a risk out and optimizing. I don’t want to say that we knew everything. I feel like we spent so much time de-risking that there wasn’t one major thing that would make a major difference. I probably could have spent more time up front doing more media outreach. We didn’t get as many blog mentions as I would have liked to or any kind of real press. We did get a few more than the first campaign but I would have loved to have blanketed the media. That just didn’t happen. That is a difficult game to play that takes a lot of time and money. I didn’t spend that time or money to do that. Fortunately we did me Jollup. I can’t tell you how much that it made a huge difference. I wish I knew about them in the first campaign but fortunately we found out about them before the second campaign. They are responsible for 30 to 35 percent of my pledges. They can show you numbers that back that up and it’s not coming from just them but from Kickstarter. It is truly a no “BS” number that they can prove. When you look at that it; it almost doesn’t matter how much it cost at that point if they can tell you exactly how much you get for the dollar that you spend for their services for advertising.
Q1: What is the best tip or best advice that you can give to any Crowdfunder or inventor listening right now hoping to accomplish their very own Crowdfunding goal?
A: I would say if you want to do this you better do it right the first time. Don’t set unrealistic expectations that are impossible to meet. Don’t make promises you are unwilling to keep. It’s ok not get funded the first time. That is not a market failure. What is a market failure is that you met the minimum and you didn’t ship your stuff on time or at all. Maybe even worse you shipped your product and people get it and they hate it. You are not going to be able to launch another campaign. If you have any interest in turning this into something you do more than once you really need to do your homework. The biggest thing you need to do in your home work is pricing. You need to understand what it’s going to cost to make 100, 1,000, 5,000, or 10,000 of your product because if you do hit it out of the park you don’t want to be in a situation when you can’t scale your product and there’s no chance you’ll be able to meet the demand for your product in a timely manner that you guaranteed.
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