Even though we consider ourselves optimists, to make the most of this article, we need to be honest with ourselves.
Here’s the truth, the success rate of crowdfunding projects on Kickstarter is 35.76%, and up to 14% (!) of all launched projects will NOT receive a single backer. This is the reality, which campaign creators need to face.
If your project did not receive a single backer in your first attempt, you probably know that your campaign has to have a crucial flaw or flaws that need to be taken care off. On the other hand, if you were halfway through to a successful campaign, it does not have to necessarily mean that your campaign will slip into the darkness of Kickstarter.
What if you give it another chance?
Nobody ever said that everything would come out great on the first try. Just learn how to improve your campaign and try it again!
Okay, it’s not that simple. But this article will help you to start.
What can you improve?
No, you do not have to question your conscience after an unsuccessful campaign. But a reflective and critical view on the campaign can help you second attempt to suceed.
In fact, it is nothing more than finding out what you could do better. One thing is to identify shortcomings on your own side of the pitch and the second thing is to ask your backers. Or even better, ask people who have spent a long time on the campaign, even communicated with you, and yet have decided not to support your campaign. Such people are the best source of feedback.
Another great sources of data are social media, Google Analytics and the Kickstarter Project Dashboard itself.
In stats, look for trends and jumps and find out what triggered these massive chances. If you know the daily number of backers doubled a particular day, focus on finding out why and what drove them to your Kickstarter project that particular day. Once you find out why, you win the grand prize, because you understand what drives your target audience to back your campaign. Learning from the good that you have done and implementing it on larger scale will lead to better results of your relaunch.
You could implement the same concept with your dashboard on your social media and with Google Analytics, by following engagements and traffic and finding a reason behind jumps and lows in the flow of people coming to your campaign.
A fresh look
The vast majority of projects that have repeatedly launched a crowdfunding campaign for one project are turning to crowdfunding agencies and consultants for professional help. The point is that you have a much greater chance of success with them, if you follow their advice.
Crowdfunding experts can not only save you time, but also money, because they know exactly where your attention should focus and what is useless to try. They know, because they have spent their own money in the past to try out various crowdfunding services that are out there in the world.
Professionals will also highlight the smallest details in the campaign copy, in the reward system or your marketing plan, which could completely change the course of your campaign for the better.
So if you’re trying to increase your chances of success of your relaunched campaign, this could be one of the ways you could take.
Focus on the main thing
Perhaps the most common problem of unsuccessful campaigns that have ended halfway to success is the product itself.
That is why many projects modify or alter the product during the preparation for the second attempt based on the feedback they have received through their communication channels and through Kickstarter itself during their first run.
All these changes and adjustments should stem from feedback directly from customers. Especially those who showed interest but did not support the campaign. It is possible that the product is missing something, perhaps it is only a small feature that discourages potential customers to back the campaign. Or maybe, the product is not understandable from material (photos, videos, gifs, graphics and descriptions) you have provided them through your campaign page.
For many campaign creators, it is difficult to go through changes to their product, because they fell in love with it. It is pretty much their baby. However, going through these changes would determine the success or failure of their campaign.
To avoid any massive changes to the product itself, you should always go through validation period of your problem that you are solving as well as your product itself before you launch your crowdfunding campaign.
Have you considered pre-campaigning?
Doing a crowdfunding campaign without a pre-campaign is like ordering a cone without an ice cream.
You are killing your campaign before even launching it.
Pre-campaign’s goal is to gather attention of your target audience and media for the big launch of your awesome product. Your work during your pre-campaign weeks serves to generate leads, contact media and engage with your target audience to remove all possible fatal flaws of your campaign before it even starts.
During your pre-campaign you will also test, what your target audience likes the most about your product and what you should focus on while building your campaign page. The goal of pre-campaign is to get funded as soon as possible after your actual launch.
In the pre-campaign, you create a stable background and make solid foundations for the most important time in the entire crowdfunding campaign – the launch. If the launch does not work out and you do not get at least 30% of the target amount as early as first 3-5 days, you might have a problem.
Some shortcomings from the first attempt of the campaign will be obvious, other come out of statistics and yet another kind from talking and listening to your backers, team members and people who are interested in your project, but decided not to support your campaign.
Improving your crowdfunding campaign is not only about analysing data, but also a big brainstorming session with your backers and potential customers. Together you can figure out how to improve your campaign to reach the desired result, or at least learn as much from the people you interview and about those people to make a product that absolutely fits the needs of great majority of them.
It’s not quantum physics. It only requires patience and enough courage to meet face to face with your own customers.