Data helps businesses, especially crowdfunding campaigners, understand how their brand resonates with their audience. Gone are the days of guessing—find your market and reach your funding goal using a more accurate and educated approach.
Why is Data-Driven Marketing Important for Kickstarter and Indiegogo Success?
While a great product is essential to any successful crowdfunding campaign, data is key to understanding what drives that success. On top of this, Kickstarter and Indiegogo projects often market unique products that are unlike anything on the market. While this is great for standing out amongst your competitors, it can be risky campaigning for something that has no historical information to steer it in the right direction. Project creators must collect their own data to determine where to find potential backers and how to convert them.
Technology Adoption Lifecycle
A product’s adoption lifecycle defines who and when people accept a new innovation or technology. In the beginning stages of a crowdfunding campaign, it can be difficult to keep the momentum going after your earliest adopters back your project. The first to bite are usually within your inner circle, such as family and friends, who have faith in your project and the money to support it. They are important for your Kickstarter campaign since later adopters are more likely to pitch in after they first see other people investing in your project. However, once you’ve exhausted your core group of believers and their networks, organic reach will only take you so far to the funding goal. To bridge the gap between your earliest adopters and not-so-early backers, we recommend paid advertising.
While most crowdfunding agencies boast advertising services, Enventys Partners takes it a step further. Not only are we experts in Facebook Advertising we also have the ability to use information from past crowdfunding campaigns. When you work with our team, we’ll use this data to gain the necessary momentum needed to fund your Kickstarter or Indiegogo campaign.
With almost a decade’s worth of crowdfunding experience, Enventys Partners has an extensive database that’s full of information from previous projects. Over the years, we’ve collected past backer details that have shown to be valuable to future clients. This includes what campaign category each backer supported, the types of rewards received, the prices, the timelines of support and more. With this data at our disposal, we’re able to identify the audiences who are most likely to support your campaign due to their past behavior and buying habits.
One of the ways we use our database to help our clients is by creating Facebook Lookalike Audiences. A Lookalike Audience is a way to reach new people on the social platform who will likely be interested in your product. With our database, we’re able to pinpoint and target ads to people similar to backers who’ve supported past campaigns comparable to yours. For example, if you launch a crowdfunding campaign for a new camping product, we’d filter our data to find previous crowdfunding supporters who have backed camping products. After integrating this source list into Facebook, we find people who have similar characteristics to the original audience list by demographics and interests. Then, Facebook delivers ads to this new group of users, ultimately growing your brand’s reach beyond your earliest adopters.
Return on Ad Spend, ROAS
The overall goal of advertising is to generate more funding than what you spend on marketing. That’s why we look at the return on ad spend, or ROAS, when deciding what ad campaign to scale up or what needs to be turned off. If a particular audience has positive ROAS, we will increase that budget to drive additional conversions. (Generally speaking, a ROAS of 2x or more is considered positive.) If a group has a less than desirable ROAS, we will turn that audience off since those users aren’t converting. In order to maximize your Facebook Ad dollars, our team would rather focus the budget on testing new audiences or the audiences that are supporting your campaign the most.
Information to Use After
The data we gather and use for your Kickstarter or Indiegogo project is beneficial not only during the live campaign but after it’s over. Enventys Partners gives you full access to your own unique customer database for future marketing efforts, whether that be to fund another crowdfunding project or grow your brand into an ecommerce store.
Let’s Connect, Let’s Crowdfund
When utilizing data, you’re ensuring your crowdfunding campaign reaches its funding goal and beyond. Enventys Partners makes it easy to do this since we not only provide advertising strategy and execution, but we also employ our large database, a gateway to millions of previous backers and even more potential backers. Our team is ready to help your Kickstarter or Indiegogo project—are you? Contact us today.
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