I had the honor and pleasure of being on of the speakers at Hawaii Social Media Summit.
I also heard Yan Budman, Director of Marketing of Indiegogo, speak about Hacking Crowdfunding. According to Google, Crowdfunding is the practice of funding a project or venture by raising many small amounts of money from a large number of people, typically via the Internet. Indiegogo is one of the leaders in this industry alongside Kickstarter.
Here are my notes from his talk:
Crowdfunding is shared enthusiasm with a global audience.
Give people an opportunity to share in the enthusiasm
This is an amazing thing for us to have
This is how you can contribute
Pitch video
Goal
Perks
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Free promition and market research
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multi-level engagement
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custom experiences
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custom communication
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Identify Social Media Influencers
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Amplify Existing Marketing Initiatives
Crafting an Awesome Campaign
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Asking for more money can work against you
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Green bar effect
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30% funded is the social proof necessary to
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87% of campaigns that hit their goal, exceed it.
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Break it up in to different campaigns.
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Keys to successful video
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Honesty
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Transparency
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Authenticity
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Campaigns with a video raise 114% more than those without.
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Make people feel something. Evoke an emotion
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Length of campaign
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Sweet spot is 30-40 days
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Keep them engaged
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Be consistent
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Have a team
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Campaigns with 4 or more people raise 138% more
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Social Media manager
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Editing the pitch
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Overall marketing
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PR person
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Listening and engaging
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Crowdfunding perks
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Passion
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Participation and pride
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Perks
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What can a perk be
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an experience
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virtual high 5
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tweet at you a thank you
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a digital good
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a physical object
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anything you can (legally) imagine
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Perk Pricing Strategy
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$25 (most contributed)
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$50
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$100 (raises the most money)
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$1000 (create something that becomes a discussion PR point)
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Running and Promoting a Campaign
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Building the initial momentum with provide you with additional exposure
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expect to raise 20-30% from friends and family
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Create an action team
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Develop a communications calendar
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Email to network with personal email
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I’m inviting you to be part of our action committee
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You’re going to contribute on day 1
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You’re going to tweet and facebook
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Want to be in, if not, that’s totally cool
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Soft launch
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with the small action team first so that when media get there it looks good
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Engage with the community
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Two-way communication
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Release new perks
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62% of campaigns that reach their goal have multiple funders
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Send updates every 2-3 days
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Raises 2x times $ vs sending 2-3 total
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Provide the latest information/updates
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Fulfill on claimed perks
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Up-sell / cross-sell
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