2.22 How to Make Your Crowdfunding Campaign Go Viral
How to run a crowdfunding campaign? Make your crowdfunding campaign go viral with Overfunding! Setting your funding goal low with the intent of exceeded your crowdfunding goal.
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- The key to going viral is “OVERFUNDING“.
- Kickstarter and Indiegogo pick and choose who gets on the front page of their website, popular projects, and individual news letter.
- Erik Moon ran two Crowdfunding campaigns on Kickstarter for the Decadent Minimalist Wallet. On his second attempt he “OVERFUNDED” his campaign and raised over $519,070 dollars after setting his pledge goal of only $5,000 dollars.
- As of 2015 Indiegogo has an email base list, subscriber count, and backers list of over 15 million and Kickstarter has over 1.5 billion.
- Alex Rodriguez from Splash Drone “OVERFUNDED” his campaign. He initially needed a minimum purchase order of $50,000 dollars but once again “OVERFUNDED” his campaign by requesting only $17,500 dollars. By doing so; He exceeded that goal by raising $303,429 dollars.
- A very good sneaky strategy to reaching your target pledge goal and making Kickstarter and Indiegogo‘s front page of their website, popular projects, and individual news letter is to disguise your campaigns success. “If possible” fund your campaign yourself in the initial early stages ( 24 – 48 hours ) by having friends, family, or business associates back your campaign with your money and then pull out those funds at a later date before you campaign ends.
- Create separate accounts on Kickstarter and Indiegogo to help fund your campaign and once again pull your money out before the campaign closes!
- We at CrowdFund Genius provide coaching, consultations, monthly webinars, and a upcoming Crowdfunding coarse titled “The Crowdfunding Game Plan”.
- If you need further assistance for whatever reason please don’t hesitate to contact me at CrowdFund Genius, ZacBob on Twitter, or email me at: ZacBob@CrowdFundGenius.com.
Welcome back for the season 2 finale of CrowdFund Genius. This will be the final episode for the season, but don’t unsubscribe just yet. Because we will still be uploading our weekly Crowdfunding Q&A’s. So our episodes will go from 3 a week down to two a week while we take a break and prepare to have the best damn season 3 ever, ill get into that here in a moment.
We will get into the key to going viral here in a second, but I wanted to share with you guys, our audience where exactly I came up with this key to going viral. I’ve interviewed hundreds of campaigns now for the podcast, and Crowdfunding Comebacks. And a little known fact is last year, we actually flew out to San Francisco to do in person interviews of these campaigns who have crushed it on Kickstarter.
I’ve developed a network, I don’t like using network, ill say I’ve made friends with a ton of people in the crowdfunding world, from every single guest of a Crowdfunding resource episode to every single guest who talked about their campaign on the show. I continue to turn to my peers and colleagues for assistance with certain coaching clients and their campaigns, and I continue to coach. We will be launching our first mastermind class in January. So if you want to start 2016 off with a bang, join our mastermind and you can learn how to Crowdfund like the pro’s do.
If you have questions about my skill set or my ability to Crowdfund, try me out.
Ask me a questions on our CrowdFund Genius Live segment we host every Friday on Periscope and upload every Monday on YouTube. I promise you, I wont duck the difficult questions. I enjoy them. Just send a tweet to @CrowdFundGenius with your question.
Okay lets take one last break to hear a word from our sponsors. Again a big shout out to Amplex and TheGadgetFlow for sponsoring season 2 of CrowdFundGenius, we could not have done it without you.
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Alright without further ado. The key to going viral is what? If you said overfunding you’re absolutely right. I’ve stressed it all season long, I stress it in every consultation, I stress it with every coaching client & its one of the videos in our 3 secrets to crowdfunding success. Which you can check out on CrowdFundGenius.com.
Overfunding is the key to going viral. Let me tell you why. Because Kickstarter & Indiegogo are businesses. They get 5% of every dollar you raise on their platform. They have the ability to pick and choose who is a popular project, who gets into the email newsletter, who gets on the front page of their section. And if you launch a Kickstarter or Indiegogo with a 50K or 100K dollar funding goal and only raise 1-2K in the first 48 hours.
You better believe that Kickstarter & Indiegogo look at your campaign like the thousands of failed campaigns that come through their platform. Can you right the ship yes, but will you right the ship before you fall into purgatory? Who knows, there are other ways, but why deal with the hassle, the pain in the ass, and the worry of not launching your campaign correctly and having to hustle even more. Because its already a long hustle throughout your campaign, but trying to raise an additional 48K because you only raised two thousand dollars at your launch is a long uphill climb I assure you.
Now with that being said, just like Splash Drone, Bomber Barrel, and half the campaigns who have come on this show have done in the past. If you set your goal at 5K and raise 1-2K within the first 48 hours you have a better chance of going viral and raising 500K. Just like the Decadent Minimalist did in episode 2.18 of our podcast. He purposely was overfunding his campaign and hoping to hit 91K. Eriks first campaign he set the goal low at 10K and was hoping for 20, 30K on the Decadent Minimalist 1. But ended with 91K in funding. Second time around, Erik set his campaign again at 10K just hoping to beat his previous 91K he raised on his first Kickstarter campaign.
If you heard the show you know how this story goes, Erik finished his second campaign at over 500K raised and held the title the largest funded wallet on Kickstarter for a few weeks.
Why is that? Because Kickstarter, and Indiegogo will promote your campaign as long as its making them money. 5% remember. If your campaign is launched and answered by overwhelming support, if you hit 5K, or 10K or 20K within the first 48 hours. Buckle your pants because you’re about to go for a ride because of Kickstarter & Indiegogo will help promote your campaign. I don’t mean they will contact you via email or phone, they might, but I do mean you will get on the front page, become a popular project and hopefully get into the newsletter of Indiegogo or Kickstarter. And unlike TheGadgetFlow.com with over 72K email subscribers. Kickstarter and Indiegogo have an email list subscriber base in the millions. I knew last year Indiegogo was at 15 Million and that was a fact…. A year ago. Imagine how big their email base is now? And Kickstarter who started their email newsletter after Indiegogo is by far the larger of the two platforms. Last year Indiegogo had over 300 million dollars pass hands on their platform. Kickstarter had over 1.5 billion. Don’t hold me to those numbers but they are remotely accurate.
So again if they have an email list in the millions, Kickstarter and Indiegogo. Imagine what a 1% conversion on 15 million is. If you could just get 1 percent of 15 million to open an email from Kickstarter or Indiegogo that would be 150,000 backers. So lets break it down again, what if only 1% of the email list opens the email. And keep in mind they send multiple emails a day, so Its not like I receive an email from Kickstarter or Indiegogo just once a day about your campaign, it could be multiple times in the same day. So lets go back to this, an email bout my Coffee cups crowdfunding campaign goes out to 15 million people from Kickstarter or Indiegogo. Only 1% of people actually open that said email. That’s still 150,000 people who have now seen my campaign. Now lets say only 1% of that 150K actually click on my campaign. That’s still 1500 backers you could possibly receive. Far more than the averages on Kickstarter and Indiegogo. Combined!
Another great case study was the aforementioned Splash Drone. Alex needed 50,000 for his water proof drone. I spoke with Alex before his launch and he was aware of overfunding but not how critical it is to a crowdfunding campaign. So he set his goal from 50K down to 17,500, because he talked to his email list and his audience and new he could get close to 10 or 15K before he launched his Kickstarter campaign. So he now has his goal set super low, not enough to complete his minimum purchase order but enough to overfund his campaign. So the tides were set, goal was set, audience/email list was poised and ready. And boom!
First day his campaign does 14K in funding. Second day he breaks his goal, the last day he closed at 303K raised for his campaign. Alex, Erik, and even Edgar from Bomber Barrel would’ve never imagined their campaign hitting the numbers they did. And they owe all that to overfunding.
Overfunding, or setting your crowdfunding campaign goal low with the intentions of raising more than your asking amount. That’s the best definition I can give. If you need 50K ask for 20K. If you need 100K ask for 50K. Or better yet, build an email list properly now. That way when you launch your crowdfunding campaign you can ask that email list, whose backing, how much would you spend on this product, would you pay X amount of dollars for this? Those are types of questions you can ask your email list long before your campaign launches. And listen to the feedback, and you will then know where to set your crowdfunding goal. If you have to pull some money out yourself and back your own campaign. Do it! Its worth it in the long run. Besides you believe in yourself and your business so why not throw some more money into it.
This is a bit of a sneaky tip, but that’s what were here for, the help you with your crowdfunding campaign. I’ve talked to campaigns and creators in the past, and decided against disclosing this information in interviews. But you can, again you can, not saying this is the best strategy but has worked for creators in the past. Take a loan for a certain amount of money, your funding goal perhaps. When you’re campaign goes live have several different Kickstarter accounts donate to your campaign with that money you took out. Remember you can always pull your pledge level before the campaign ends. It happens, every campaign goes through a dip towards the end when backers have buyers remorse or they’re just not financially ready to support your campaign.
But by adding that extra money, or extra backers, you are playing into the overfunding strategy and boosting the Kickstarter and Indiegogo algorithm that will in the end help your crowdfunding campaign in the initial days. Again its not the smartest strategy but it is a strategy I’ve seen used in the past that helps boost your crowdfunding campaign.
It’s all about playing into the algorithm. That’s how you get on the front page, how you get into the newsletter and how you ultimately overfund your crowdfunding goal.
I hope this helps you with your crowdfunding campaign. I hope all our episodes help with your crowdfunding campaign. And if you need further assistance outside of all the information and content we have shared. Contact us. ZacBob@CrowdFundGenius.com
I do coaching, consultations and we have our new crowdfunding course, the Crowdfunding Game Plan. It’s a lot more than a course though. It’s a community. You have access to everyone currently enrolled in the course for questions in regards to certain hurdles that each entrepreneur had to jump over to get their campaigns launched. You have access to campaigns to cross promote with and you also get access to me, ZacBob.
We do monthly webinars to explain some of those hurdles and how you can overcome them. All of that’s included when you purchase our crowdfunding game plan.
Okay so a little bit more and were done with season 2. Don’t forget to subscribe to our podcast so your aware when our season 3 launches. Also in season 3 we will be doing a startup style case study from one campaign. From pre-planning all the way to the launch of their campaign. 90% of the battle is pre-planning. From building your lists, to contacting media for press, to your actual crowdfunding video.
All of this you will be able to find in our crowdfunding game plan which will be exclusively available to our email list for the time being, but should go live to the public in October.
If you’re interested in joining our mastermind it goes live in January, were only taking a few entrants to start. But you will get access to Brandon and myself as we help you navigate the planning of your crowdfunding campaign. You also get access to our Crowdfunding Game Plan and the monthly webinars, which are all included in joining our Crowdfunding Genius Mastermind.
So sign up now for the mastermind so we can schedule a call and hopefully get you enrolled in the first ever Crowdfunding Genius Mastermind.
That’s all I have time for today, remember to keep sending your questions to @CrowdFundGenius to be answered on CrowdFund Genius Live on YouTube and Periscope.
And make sure you download our free 3 Keys to crowdfunding success video series.
And again, thank you for an incredible season 2 of CrowdFund Genius!
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