With one Kickstarter campaign under your belt, are you thinking about launching another one? How can you be more successful the second time crowdfunding? Based on internal research, Enventys Partners has found five ways that will set your next campaign up for success.
5 Ways Repeat Kickstarter Creators Become Successful
Better Success Rates for Multi-Creators
Whether it’s to expand your brand, upgrade your last product or you just have another great idea, there are plenty of reasons to run more than one crowdfunding campaign. Not only can you use your past experience for round two, but you also have credibility with an existing backer community. Compared to first-time creators, Kickstarter has found that returning creators are more likely to reach their funding goal regardless of category. Specifically, the funding success rate for creators who come back after a successful project is 73%. Furthermore, Kickstarter’s data shows that the chances for success improve with each new project embarked.
Enventys Partners Digs Into the Data
The crowdfunding experts at Enventys Partners sought to understand why returning creators were more likely to succeed. Looking at our own data collected over the past two years, we saw some similarities among those who’ve brought in 120% more revenue to their second campaign compared to their first. To make the most of your return to Kickstarter, read the five action items below that contributed to the success of previous multi-project creators.
1. They Delivered Their Last Product
Technically, it’s a Kickstarter rule that you can’t run another campaign before delivering on your first. If you need help fulfilling your product, check out these tools and services. You must comply with this rule or Kickstarter will shut down your next crowdfunding project. Suppose you launched on another platform, like Indiegogo, instead. While your new page won’t get taken down, it will get spammed with angry comments if previous backers didn’t receive their product.
2. Their Customers Were Happy With the Last Product
Not only do happy customers turn into repeat customers, but they also bring in new customers. Positive feedback, whether that’s in the form of comments, reviews or testimonials, is proof to potential backers that you’re a reputable project creator. If, for whatever reason, your customers were unhappy with the product, hear them out, address the issues and, if you can, fix the problem(s).
3. They Listened to Customer Feedback
Backer feedback is extremely valuable since it can contribute to your company’s growth. Your product exists for your customers, so you must understand if it’s actually working for them by listening to any and all questions, comments and concerns. While you can do this right on your Kickstarter page, many crowdfunded brands have VIP communities in which they provide a private Facebook group dedicated to two-way communication. Not only will your backers feel happier being heard, but it will also give you the opportunity to improve your brand by incorporating their feedback.
4. They Designed Something New
As the fuel that drives your company, your backers’ demand creates your supply. Don’t be afraid to embark on big changes if you keep hearing the same issues. Our data found that minor adjustments and potential add-ons won’t cut it if you want to increase your brand’s success. When designing your next product, use your backers’ feedback to make major improvements, just like Sash Bag did. Their backers requested more room in the purse so the brand introduced, not one, but three new products in this Kickstarter campaign to meet that need.
5. They Kept Their Customers Engaged
Once you have fulfilled your first product, don’t ghost your customers. We see this too often: a campaign ends and the brand switches into production mode, which is important for delivering the product, but causes them to forget about their community. By touching base every now and then, your supporters will stay excited about your brand and get prepared for version 2.0 when it launches. To keep customers warm, continue offering promotions, send updates with exciting news or post shareable content about your industry. Since email lists usually convert within the first few days, repeat creators should use email marketing when launching a second campaign. Even if you don’t have a project you’re actively promoting just yet, constant engagement will not only keep your brand top-of-mind with current backers but it will also help attract new supporters.
Let Us Help The Second Time
If you take the time, energy and proper steps, you can make your return to Kickstarter a successful one. In case you’re overwhelmed, Enventys Partners is here to help. Whether you need paid ads, content creation, PR or a variety of other crowdfunding marketing services, reach out to the experts.
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