Explore the key elements behind successful crowdfunding campaigns
We’ve seen countless crowdfunding campaigns attaining success regularly, but not all of them reach remarkable levels of achievement. Only a small number from the entire pool surpass their goals by 10 to 20 times. These exceptional campaigns are undoubtedly employing strategies beyond the ordinary, and evidently, it is proving advantageous for them. Hence, when planning your own crowdfunding campaign, you can undoubtedly gain valuable insights from these notable ventures. Most of these successful campaigns possess the following traits:
Most people make spending decisions based on feelings, not thoughts. They choose to spend money on things that make them feel good about themselves, so you need to tell the story of your project in a way that shows prospective donors what they will get from supporting your project. Try reframing your perspective so that you do not think of your crowdfunding campaign as asking for money, but rather as offering self-satisfaction. You’re offering donors a chance to feel good about themselves by helping to make a discovery that could lead to a cure, or to solve a longstanding mystery, or to challenge unhelpful assumptions. And of course you’re offering them a chance to help students learn and achieve.
Successful products have a captivating and distinctive selling point that sets them apart. The Coolest Cooler, for instance, raised over $13,000,000 on Kickstarter with its innovative features like a blender, waterproof Bluetooth speaker, and built-in USB charger. Unveiling an original product with unique attributes creates a sense of exclusivity and generates excitement among backers.
Crowdfunding audiences actively seek out innovative products. The Loftek Adventure Jacket is a prime example, raising over $1,000,000 by combining warmth, performance, and packability in a single jacket. By addressing the needs of outdoor enthusiasts, Loftek's innovative design struck a chord with backers and garnered significant support.
Successful campaigns often tackle prevalent problems or fulfill unmet needs. Dr. Steve Sudell's Neck Hammock, for instance, raised over $1,600,000 by providing a simple and affordable solution for relieving neck and upper back pain. By identifying an existing problem and offering an effective remedy, the Neck Hammock resonated with thousands of backers.
Crowdfunding products that are easy to comprehend and practical tend to excel. The bakBlade 2.0, designed for easy and efficient back hair removal, raised nearly $1,100,000. The campaign's straightforward premise and demonstration of ease-of-use resonated with backers, contributing to its success.
While these qualities play a significant role, it is crucial to note that successful campaigns often possess multiple favorable traits rather than relying on a single characteristic. Striking a chord with crowdfunding audiences requires a combination of appealing features. However, possessing one or more of these attributes positions your product favorably for crowdfunding success.
Keep in mind that falling within historically successful categories, such as design, tech, or games, does not guarantee automatic success. These categories also witness a significant number of campaigns that fail to achieve their funding goals. Success requires a comprehensive approach that includes other factors like ad budget, a well-produced video, clear messaging, and positioning.
Did your product improve on the design? Did it bring something new? By incorporating these qualities and considering additional campaign elements, you can increase the chances of resonating with crowdfunding audiences and attracting early believers. Remember, success in crowdfunding is not solely defined by one trait but by a combination of factors that strike a chord with your target audience.
