Something I promised for a long time – to share with you my insights into setting up a crowdfunding campaign by myself (that is, without the help of a specialized agency). Well, here it goes!
Numbers vs genuine relationships. I read that around 5% from those visiting a campaign page will actually pledge support. How that translated in our case? From 6007 visitors, 372 contributed, and that is 6.2%. So, apparently, the success of a campaign is very much depending on managing to spread the word about your campaign as much as possible. But in my opinion, this is a tricky thing to do because different people will support different kind of initiatives. In my opinion, targeting the right people, who share the same tastes and ideas as you have is essential. So how did I do that?
First, I involved close friends and collaborators since the development phase. When I prepared the video of the campaign I asked feedback from the ladies from the knitting club, and close friends, designers and knitters. They helped me to refine it and add those extra pieces of information to make it more attractive for those viewers who never ever heard about us. They also helped me with ideas about perks, and even spotted language mistakes in the campaign text!
Second, I asked help. From all the shops that carry our yarns, and the designers, and other collaborators. They were absolutely instrumental to the MY on Indiegogo campaign! I received advice, feedback, support, and when the time came, they helped with spreading the word among their audience.
Third and linked to the above, I tried to spread the word about the campaign using a medium that I know best, that is, Instagram. I never understood how Facebook works and every time I tried to grow that audience (sounds so clinical, I know…) it did not work. But Instagram I understand a bit better. So, I decided that instead of spreading my energy and time (that I do not have) between different types of social media, I will focus on one and try to do the best I can. And it worked. Throughout the campaign’s first weeks and last weeks our Instagram profile was visited by around 3000 visitors per 7 days, while normally our average profile visits are around 300 per 7 days. How did this translate into money raised? Well, the Indiegogo statistics tool shows that around 40% of the money raised came via Instragram.
So, if I learned something is this: if you are a small company who doesn’t have a team of marketers behind, the success of a crowdfunding campaign is a function of your capacity to develop positive, supportive relationships. And this is not something that happens overnight and also, it is not something that is a result of a cold economic calculus. It takes time to gain the trust of people and honestly, I think that 2 years ago the “Moeke on Indiegogo” campaign would not have been a success. But it was now, and we are all so grateful for having so many wonderful people supporting us! Because that is the other important outcome of a crowdfunding campaign – money, yes, they help paying for things, but the support and kindness of people provide the energy and motivation to keep on going and make plans come true!
Of course, there are many more lessons learned, mostly about practicalities. And if you ever want some more info or help for setting up your crowdfunding campaign, please shoot me an email, I will do my best to help out!