Lessons Learned from Successful Crowdfunding Stories

One of the best ways to attempt to gain backers in any business is by looking back on the success of those who came before you. When developing a crowdfunding campaign, you can learn lessons from the campaigns who flew past their goal by a mile. Find out what helped them to get fully funded and figure out how you can apply it to your campaign. Some crowdfunding campaigns flourished while adding these tips and tricks to their campaigns. 

Come Prepared

Anyone in business would tell you to prepare yourself before beginning a new project.  In the world of crowdfunding, planning and preparing is everything. This means spending a few months polishing your brand or product or developing a strong social media presence before the campaign begins.

Pebble Time, one of the most funded crowdfunding campaigns of all time, spent about a month developing content before launching its campaign. This content includes videos, photographs, and even a prototype. The inventors of the smart watch spent this time developing a prototype, writing their pitch, and designing the perfect campaign page. Pebble Time received funds of over $20 million; greatly surpassing its original campaign goal of $500,000. The inventors behind this smart watch knew to spend time in advance to make sure their campaign would raise as much money as possible.

Offer Great Rewards

The benefit for backers of any campaign is to receive rewards for their donation. Offering deals to the general public for when the product is fully developed could be one of the best ways to reach your goal. This then gives you the funds to get your product off the ground while also gaining fans and customers for your product. When someone finds a cool and interesting campaign, he or she might be willing to give funds if an awesome incentive is available.

The Coolest Cooler is a great example of a greatly funded crowdfunding campaign that offered great rewards to its backers. Their campaign offered discounts on future coolers to be shipped once the cooler was manufactured. Deals also included extra add-ons to coolers including speakers, phone chargers, and bottle openers. Backers jumped at these opportunities, funding The Coolest Cooler over $13 million past their goal for a total of $13,285,226.

Create a Video of Your Invention

Developing a quality video is a crucial part of your crowdfunding campaign. Videos that are short yet informative help give potential backers an insight into the benefits of funding your campaign. Let them know why your invention is different, important, or just simply cool. Give them a reason to want to fund your campaign while enjoying your video. Creativity is key!

The Flow Hive was a campaign for a product that makes harvesting honey from bees much easier. Its campaign featured a video that inspired backers to fund over $12 million. Their video featured an explanation on how the product works as well as its benefits for the bee farmer. The video was high quality and highly informative featuring a natural vibe with great lighting and editing. A natural theme gave the video credibility of being great for nature and beneficial for both bees and bee farmers. These awesome video features helped to give The Flow Hive campaign an advantage above the rest. 

Utilize Social Media

One of the best ways to reach both the general public and your niche audience is through social media. Your campaign benefits by posting frequent, engaging updates with interesting content. Posts can be made prior to the campaign, as well as during and after the goal has been reached. Share your campaign with friends, family and peers. They can then share with their own friends in order for you to receive the most attention possible for your crowdfunding campaign.

The World’s Best TRAVEL JACKET is an invention that raised over $9 million through its crowdfunding campaign. BAUBAX, the developer of this advanced jacket, developed a strong social media presence. The company posted frequent updates on the product’s Facebook page including images of prototypes and current funds raised. Once posted, friends and likers were able to share and comment on posts, creating a buzz around the campaign. They were able to reach a wider audience through this social media platform, as well as inform the public about the company and brand.

Of course, you will want an original campaign for your invention. Although this is true, you still want to take notes and find examples from fully funded crowdfunding campaigns of the past. It is encouraged to attempt to utilize the same tricks of the trade used by Pebble Time, The Coolest Cooler or The Flow Hive. It is okay to want to learn from the best and become confident in your very own attempt at crowdfunding.