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Author Topic: Kickstarter best practices  (Read 1208 times)

Eric

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Kickstarter best practices
« on: 02 Jul 2012, 21:11 »
I know a few of you are doing crowdsourcing campaigns, and are soliciting some advice. I put this list of best practices together for a (webcomic) project that I'm helping some others take to Kickstarter. These bits of information were culled from the Kickstarter blog, write-ups by folks who have had successful and unsuccessful campaigns, and third party analysts. Some of the stats might be a little out of date now, but should still be good guideposts.

In case it's of service to anyone, I thought I'd share:

KICKSTARTER BEST PRACTICES

General
  • Build a narrative around the Kickstarter drive. It's a campaign. What's your story?
  • Prepare to invest more time in cultivating / maintaining the Kickstarter drive than expected
  • Commit to other Kickstarter campaigns. Be a part of Kickstarter community, not just a leech.
  • The more people give, the more others will give. Success begets success.
  • Better to be almost finished with project before Kickstarting than to not have started.
  • Don't ask people to invest in all stages of project. Fund just the 1st stage, draw rewards from 1st stage.

Numbers / Data (From Kickster presentation and blogs):
  • Projects that reach 30% of their goal will be funded 90% of the time.
  • $20-$25 is the magic tier, large numbers of 'casual' donors.
  • $70 mean donation. $25 median donation. (No word on mode [I've honestly forgotten what mode even is -- the most repeated number?]).
  • Seven = optimal number of (beginning) reward tiers.
  • $4500 = average successful goal. $6000 = average successful raised money.
  • 30 day campaigns = highest number of successful projects.
  • Projects with a reward less than $20 succeed 54% of time. Projects without succeed 35%.

The Drive
  • Soft launch before the drive starts.
  • End project on a Sunday, in the second part of a month (for people paid monthly, first paycheck = bills, second = fun).
  • Donation curve during drive: Heavy 1st quarter, slow 2nd and 3rd quarter, heavy final quarter. Don't be discouraged by fewer donations in the middle! This happens to nearly everyone!
  • Interact with donors. Build your own sub-community.
  • Multiple social media battlefronts
    • A shared link via Facebook or Twitter is almost as good as a donation

Presentation on Kickstarter Page
  • Clear description of where money is going - i.e. a semi-transparent budget
    • Profit is allowed, but make sure project funded first.
    • Give some idea of how extra money beyond goal might improve project before your take home profit, especially as you near reaching the goal.
  • Clear production / rewards shipment schedule. Keep backers posted, re: changes.
  • Introductory video - get your big info out front. Use the inverted pyramid, ala newspaper story. Keep video short. One or two minutes.
  • All info (inc. video) must be embedded in the page. On-the-fence donors don't follow links.
  • Frequent updates
    • Steady stream of thanks and new material
    • Any additional developments
    • New tiers! Capitalize on the fact that they've signed up for email updates to convince them to up their donation.
    • Build community! Who are the backers? Engage them! Make them engage with each other!

Reward Tiers
  • Factor in cost of production and shipping reward tier items into donation!
  • Dynamic tiers - be prepared to add incremental tiers in middle of drive, based on popular donation levels. Convince people to change donation from $25 to $40.
  • Have a dirt cheap tier at $5 with a low stakes reward.
  • Have the tiniest stakes reward at $1 (thanks on a website?).
  • Higher-level tiers demonstrate the cost benefit of middle-level tiers. They're being thrifty by not spending $400, not being extravagant by spending $70.
  • Limited access, i.e. intimacy = low cost for creator, high demand from donor.
  • Charge extra for int'l shipping (include in tier description).

After the Kickstarter Drive
  • Digital deliverable to all backers as soon as Kickstarter drive finishes, as a show of goodwill / thanks.
  • Prepare for 'no-shows' -- people whose donations, for whatever reason, aren't accepted or don't go through (Kickstarter offers no stats on this).
  • Amazon takes 5%. Kickstarter also takes 5%. So take home = 90%.
  • Update after successful project, once a month, to keep backers informed.
« Last Edit: 14 Apr 2013, 15:59 by Eric »

LTGiants2000

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Re: Kickstarter best practices
« Reply #1 on: 02 Jul 2012, 21:21 »
This is really good, useful information Eric. I commend you for compiling and posting it for all of us to see!!!

Frito Master

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Re: Kickstarter best practices
« Reply #2 on: 02 Jul 2012, 22:56 »
Very interesting, Thanks.
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