Enventys Partners President, Roy Morejon, spoke virtually to the Minnesota Inventors Network and shared advice about how to use free data to launch a successful crowdfunding campaign.
Launch a Kickstarter Supported by Information
Timing is everything when it comes to buying a house, getting married or starting a family. Similar to these big life decisions, timing is also essential when launching a business or a crowdfunding campaign.
A major world event changes the market while Kickstarter continues to grow
A variety of pandemic-related innovations have launched on Kickstarter and Indiegogo in 2020. From stylish masks and outdoor gear to smart, cost-saving solar panels, the trend hasn’t slowed down. Even if your idea isn’t directly related to the ongoing pandemic, crowdfunding could be the ideal launch point for your product.
In its 11-year history, Kickstarter has raised more than $5.5 billion and has produced nearly 200,000 successful products. In 2020, the amount of capital coming into Kickstarter has superseded any prior year, meaning that innovations and ideas flourished on the platform despite tremendous uncertainty.
Data can make all the difference
But crowdfunding success isn’t guaranteed. In fact, less than 40% of all projects succeed, and the majority of successful projects raise less than $10,000. Regardless of the odds, launching a successful Kickstarter is within anybody’s reach—you just have to look at free and available resources. Read below for tips on where to find and how you can use online data for your crowdfunding campaign.
Search for your idea on crowdfunding and ecommerce platforms
Rarely does an idea exist in a vacuum. To determine if your idea is worth moving forward, first search crowdfunding and ecommerce platforms and look for similar products.
Were those projects successful? What features did they have? Can your idea improve upon what already exists? Read the comments and feedback to see what people are saying: good, bad or otherwise. If you’re willing explore the world wide web, you can glean free information about your target audience.
Gather data on your potential backers
Before you launch your idea, it’s worth researching who has supported similar products in the marketplace. Check out free and up-to-date crowdfunding statistical resources for specific details on potential backers, your industry and current trends.
BiggerCake is another free resource that allows you to look up backer information. This data not only shows the city and country where backers live but it also breaks down specifics like the time of day people are backing campaigns.
Where are these backers located? Were they first-time crowdfunding campaign backers, or are they serial backers? A little research upfront can help you organize an advertising budget and concentrate your efforts.
Ready. Set. Pre-Launch.
Once you determine who you’re audience is and where they are, start developing a community. While it’s “free” to use organic social media for targeting and attracting potential backers, it might not be enough to generate substantial results. To reach the most amount of people, we recommend leveraging social and search advertising. If you deploy digital ads with a data-backed plan, you’re more likely to obtain a positive return on investment.
Pinpoint backers with data
During your crowdfunding campaign’s pre-launch phase, keep checking your data resources, especially within email and advertising platforms, so you’re able to understand your ideal customer. Pre-launch is the perfect opportunity for:
- Generating targeted email leads
- Testing targeted audiences
- Testing language in advertising copy
- Testing images, GIFs and other creative content
Use data to build a community
Build a community around your Kickstarter project by creating a social media page, website or email newsletter. This is so interested people can learn more about your idea and be notified of the upcoming launch. It’s important to engage with that community and foster those relationships so your subscribers turn into backers once the campaign starts.
The campaign is short—take advantage of available resources
Because crowdfunding campaigns are only able to run for 60 days, it can be very difficult to get your potential audience’s attention. Nevertheless, research and preparation can help you gain support for your idea and even help you launch a brand through crowdfunding.
Enventys Partners can help you leverage the data
Through success-based strategy and creativity, we are able to not only find your fans, but convert them into backers. If you think your idea is worth pursuing but you need help bringing it to life, get in touch!
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