There are a few keys for a successful rewards-based crowdfunding campaign. that can make or break a campaign. In this article, we’ll discuss 3 of them and in future articles, we’ll see a few more. I have this other article for a bit of background on rewards-based crowdfunding, in case you need to go back to basics.
So let’s dive into this first three keys:
1. A wow factor
Without a powerful hook, it’s difficult to capture the imagination of your backers. It’s fine to launch a project based on an existing product or service, but what’s new about it? The possibilities here are endless:
- An innovative design that makes the product stand out
- Specific features that add functionality never seen before
- A much more sustainable version of a product
- A catchy storyline with a twist
- An original board game theme or mechanics
- A character that brings nostalgia with a modern touch
What’s clear is that without a wow factor it’s nearly impossible to persuade backers to support you. What’s more, platforms like Kickstarter won’t even let you launch as it won’t be considered that you’re creating something new!
2. A great video
This doesn’t mean splashing a fortune on a high-end, Hollywood worthy production. Storytelling can be really powerful, even on a budget.
Think about your branding: what do you stand for? Try to bring it to life in the video. I wrote about branding related to equity-based crowdfunding, but it’s also applicable to a rewards-based campaign.
The typical structure of a good video is a hook (to make the viewer want to watch the rest), an explanation of the product, some ‘reasons to believe’ and a powerful end with a call to action. But rules are here to be broken!
Videos showing the creators behind the project tend to do better: people are more likely to back other people, as they can make a personal connection. And humour is a great way to build that connection!
Finally, remember this is the Internet. Attention spans are not great and a pacy, entertaining 2 minute video tends to do much better than a long-winding technical explanation. Keep it short and sweet!
3. Lots of momentum
Humans… even though we’d like to think ourselves as sophisticated decision-makers, we’re definitely not! To guarantee success, you need to get the credibility of a big crowd of people getting you near or (ideally) over the objective to bring the project to life. That will give the confidence to people outside your circles to back you.
Wrapping it up
Crowdfunding is definitely not a science, but there are a few principles that, if you get them right, can help you enormously to get the funding you need to launch your product or service. In this article, we’ve discussed 3 keys for a successful rewards-based crowdfunding campaign. If you’d like to discuss your idea with me, don’t hesitate to contact me.