How To Raise $1m On Kickstarter

How to turn a great idea into a kickstarter success story. Show Transcript (created automatically)

How to turn a great idea into a kickstarter success story

What is the main differnce between this campaign and your previous campaigns?

What is the difference with this project that you did differently?
It was the same or just a better product better idea?
I get this question a lot. But let me share how it was phrased the last time I got it. Somebody asked me if it's more important to spend your money and time on marketing or the Campaign, which would be the video and the page, And I thought about that before I responded to him via text and I responded with the "product", which I think is the most important if the product is good and it fits Kickstarter's ecosystem, then you focus on the marketing, building the audience, you know, building a community, and then you focus on the page. Now they all need to be perfect. So you have to put in the effort and you taught me that. But with the product, for example, the difference between this one and the other ones is I Like with the other ones when people would say, oh, this isn't good enough, like this, like these that look cheaper. That's, that's not like this. And it should be like this. I would argue with them, and I would say, no, you don't know, I'm the only one that has it and when you play with it, you'll see.

Product development

When you came on board, we sat down, and you said, look, you can't argue with them. That's our customer. Let's make it so that they can't ask any questions about the quality. The ability to use it or let's implement every single one of their suggestions and the proof is in the pudding. You go to our Kickstarter page. I mean we probably put in 100 hours that month back and forth with China spending the extra money to get the new samples here to fix all their issues redoing, gifs until we showed the draft page, and people just said looks good and the proof is in the pudding. You look at the Kickstarter page. You go to the comments and you compare it to my other campaigns. Nobody's asking questions everybody's like this looks cool. I'm excited. So if I need to summarize it, it's like product development. This is maybe the, you know, something that we did, we did together as the product development. And to be honest, I don't think I can take credit, or you can take credit. We did this together, but I believe the community created the product, right? You came with an idea and then we people said, you know, I want this, this is not clear. I can see the numbers all this, all this feedback, we took all this feedback and developed the product, according to the Community. Because, you know, it's very hard for us to make decisions where we don't know everything but the community does.


Should you develop your product before or on Kickstarter?

Another fallacy happens where a lot of people assume that Kickstarter is the place where you develop your product and that's just not true at all. That's the difference between a 30-40 thousand dollar campaign vs. a million dollar campaign. The product Dev needs to happen before Kickstarter. And then Kickstarter is just for the fun stuff. What stretch goal do you want to see or what new design do you want us to look at in the future? Not how can we fix this major issue? Because in the end of the day, it's a selling platform.
That was true 5-6 years ago but even then to get the new samples could take a month or two and we only have like 30 days.
So, that's not even enough to make new samples.
There's a feedback loop on Kickstarter but you need to launch the campaign when you're ready.

How did you raise $500k on Kickstarter in the first 48 hours?

I believe that in the first day or two the campaign exploded. We raised half a million dollars in the first 48 hours.
We got people excited about the product.
We started building a community of early adopters and executed the changes they requsted. They felt they are part of the process.
So between TikTok, the Facebook group and the email subscribers that we had, we were running surveys. We did five surveys before we launched and got around 10,000 responses.
We built the email list to 20,000 people and with each iteration, showed the changes. What else do you want to see?
And on the launch day, nobody had questions about the product.
The early Community felt that they were a part of the process. They were part of the product development.
They feel that they have some kind of contribution. Thousands of people felt like "this is my product" in one way or another.

Self-promotion VS. asking for feedback

I also I also talk to somebody who had a Facebook group for a podcast that he was doing And, and it's 1800 members, and he's working on this new board game and he hasn't showed them and the art for the game is done and I was like, dude you gotta involve your community and he's like, I don't want to use it just for self-promotion and I'm like, they people love that and I showed him our Facebook group where it's literally just self-promotion, but it's not self-promotion. It's a it's a win-win because you get self-promotion, but we also engage them. He was like huh and then I was like, if you don't want to, if you don't want to any date that Community, with self-promotion start a new one, but you you need to, you know, you're such a likeable person. You need to become that guy. That's like Shoving it not shoving it down their throats cut like, look, help me do this asking for help me do this? Yeah, I think there's there's a big there's a thin line between selling versus feedback and I think what we did is we didn't try to sell hey go by this, we need you to buy this and so on we were always asking for feedback but that's I feel. I believe that that's a higher hierarchy of treating your prospects. Like asking to the feedback and then you know, when they when they're happy it would go and buy it because you know, they they they ask for so many things and we did that.

The original plan was just a starting point

So they're like okay I want this right now and I think I think that's the lesson that I learned on this. Campaign is I'm going to be honest with you. These other campaigns that we did didn't do as well, and I kind of faked it. I think the feedback, I faked the engagement, I already had a plan and I would push them kind of like Inception towards my plan, okay? And you can't fake it because when you don't fake it, it does half a million dollars in 48 hours. And so, this was the time where, like, even when I wanted to A cell or stick to my idea. You were, you are finally on my shoulder devil and angel saying, listen, be more humble or listen, you're wrong. We need to trust them. No, no one knows. This is, this is the truth, no one knows. No one can predict the market. So that's, that's the beauty of things. And when when you get,

Email marketing as a relationship

how many emails did you get in the past, two months, like personal email, people replying to emails or writing Emailing over with the question or giving you feedback. And yeah, at the end of all of our mass emails, I would leave a response at your suggestion that just said, you know, respond here and I'll respond and I did and it was it was maybe in the high hundreds, five or 600. Wow, and I responded and every morning is maybe 10 or 20 or morning it is mostly people is easy because most people like hey that's really cool. Thanks for including me. But I think that does two things as well, it doesn't fake it. And at the same time, it's always a win-win when you engage your community properly because that just warmed up our klaviyo, right? It warmed up, our email at prove that it wasn't spam. So we got hired deliver deliver rates. Yeah, yeah, that's a small technical thing. But yeah, I think that it's I think that's that's another we can talk about it for hours, but I think it's like a lot of companies when they look at Clear Theory. Email marketing. They see that there's a One, one way Channel, you know, like you broadcast the message to your email subscribers but they're they're not necessarily want to hear back. And I think what we did that, we really wanted to get their feedback. Hey, you know, go to the group, not necessarily through email, you know, reply to this email. We need your help here, go to the survey. Post a comment, we share the kickstarter page, we wanted feedback about that, so it I was like, you know, it was a relationship. That's that's the right word looking for, not just you know, not just sending mass emails and buy this buy this buy this because a relationship.

The secret password

it definitely ended up being more fun and just a better product, more money raised on Kickstarter and then I was just a FanX in Salt Lake and I had like, 50 people come up that know us that were like I told people on the facebook group that I was going to have the cultures that they had to say a secret password and they would come up and say, Hey, I want to do you have the coins and I would keep a secret password and you get a coin that could have been or you that that or, you know, you need to come to my booth and Shout like a secret passage and shouted as the next one. When we will get will get an extra thousand coins that we can give out at all, the trade shows.

PRE-LAUNCH FOR KICKSTARTERS

Kickstarter has changed in the past few years. There is a lot of competition and therefore it is crucial to invest your time and money in the pre-launch. Please note that we are referring to large campaigns (aiming to raise $500K and above), although most of the points below will still be relevant if you are planning a smaller campaign.
Following is a list of items to consider when planning a pre-launch:

Pre-launch page on Kickstarter

• Kickstarter has a section for upcoming campaigns in which people can sign up with one click to get notified once the campaign goes live (followers). The pre-launch page is active once the campaign is approved by Kickstarter


• We recommend reaching 10,000 followers before the campaign goes live.


• For tabletop campaigns you can expect a 15%-20% followers conversion rate (on the kickstarter pre-launch page) within the first 72 hours of the campaign. For Design and Tech you can expect an email lead list with a conversion rate of 3%. For first time creators (and also serial creators) we highly recommend working with a professional agency on the pre-launch in order to make sure followers and email leads will convert into backers.
  
  The Image below shows the number of converted followers after the launch. This info can be obtained through the kickstarter dashboard.
  
  


• Having many followers provides social proof and a snowball effect. The more followers you have on your Kickstarter upcoming page the more will join.


• In addition to your pre-launch page you can create a Facebook group to get your community involved and excited.


• Consider sharing the full draft page with people for feedback. Encourage people to comment and ask questions, detail what they like about the campaign and what bothers them. If you choose to do this then make sure everything you post on the draft page is accurate (especially if you include pricing) so followers don’t get disappointed if things change when going live. We also recommend not adding the video to the draft page, but rather keep the video for the actual launch.


• Don’t take your community and former backers for granted. Don’t think you will launch and that they will immediately back your project. You need to get them involved and excited. A good way to do this is through a draft page.

Pre-launch ads

• A great way to start your pre-launch is through Facebook ads and/or other paid media advertising. In addition to building a community (or expanding your current community) you will receive feedback and questions from your potential backers.


• Through these ads you will slowly build an email list or a group of followers on your Kickstarter page.


• This is also a good time to conduct a survey to potential backers. This will help you understand why they are excited about your product, how much they are willing to pay, what their wish list is for the product, etc.


• With the pre-launch ads you can experiment with different audiences, different art, different mediums and more.

Art

• Your creative for the campaign (images, video and campaign page) is key. The better the art the more you will raise. When advertising your campaign pre-launch page you have one image/video to catch a potential backers' interest.


• We highly recommend hiring a third party for creating your video as well as a professional photographer for the campaign images. You want a wide range of images since it's hard to predict which images or videos will work best in ads.


• Don’t launch your campaign without a video. A campaign with no video won’t convert well. That said, we recommend keeping the video secret until the launch to create some mystery.


• Your art should be finished (for the most part) before running the pre-launch ads.

Budget

• Do the math! Take into account all your expenses when deciding how much you can invest in Facebook/paid media advertising. Always leave some budget aside for unexpected expenses. You will need to assess your expected average pledge and expected return on ads. You need to be realistic here. We usually expect the production cost to be under 50% of the total cost (see pricing section in blog below).


• Try to estimate the shipping cost in your campaign. Many campaigns don't detail this cost to backers which can be a turnoff. Backers want to know what their total cost will be. Sometimes the shipping cannot be included during the campaign. In this case you should give a reasonable estimation.


• Cost per lead (email or follower) shouldn’t be higher than $2 (on average). If it is higher than $2 you need to see what the problem is. Is it the product? Is the marketing material not good enough? For multi million dollar campaigns the cost per lead should be below $1.


• It is very important to have third party reviews about your product on your Kickstarter page. You need to budget for this. After watching the main video most backers will look for some kind of review. This can be beneficial since you will also reach the reviewer's audience. It is also important to provide the reviewers with the finished product. This might be pricey since you're not in production yet, but it is important for the review, as well as the fact that backers want to see what they are buying.


• Financing the pre-launch ads usually requires a budget of $10K-$15K.


• Once you have 1,000 followers you will appear higher on Kickstarter upcoming which will bring in many more followers.


• We realise that some creators don’t have the budget for pre-launch. Green Inbox can help with financing (also relevant for financing ads during the campaign).

Timeline

• Plan ahead for the optimal time of year to launch your product. If you're selling a beach product then launch before the summer. Christmas for example is usually a bad time of the year for Kickstarter. Rather wait until mid January. This could make or break your campaign. The best time for Kicstarter is mid Feb until the end of October.


• We recommend starting your pre-launch ads 8-10 weeks before going live for first time creators. Serial creators can settle for 4 weeks before going live.


• During the pre-launch you might receive critical insight and feedback from your potential backers. Remember that if your pre-launch isn't successful your campaign is probably not going to go well. If needed go back to the drawing board. Make the necessary changes. Better to postpone your campaign then going live when you're not ready and then cancelling the campaign or not reaching your full potential.

Launch Day

• All of your pre-launch efforts, which can take months of work, will be rewarded with pledges in the first few hours of the campaign.


• We highly recommend hiring a marketing agency to run ads from day one.


• Day 1 of the campaign is the most important day. You need to start strong. You should reach your goal in the first few hours and this should be your strongest day of the campaign. Set your goal to the bare minimum that makes sense. A lot of creators like to set their goal at $10K. Once you raise a substantial amount on day 1, you will appear high in Kickstarter's discovery channels, which will convert hundreds to thousands of additional backers throughout the campaign. You need to stand out!


• One person in your team should be fully dedicated to answering comments in the first 24 hours. Questions that repeat themselves should be updated in real time on the campaign page/frequently asked questions.


• You can encourage backers to buy on day one with an early bird special. You need to make sure that the difference between the early bird price and the regular price isn’t too high. If the difference is too high it will be a turnoff for the backers who come after the early bird ends.


• The product price on Kickstarter needs to be attractive. People are buying before the product is ready and are taking a chance. This needs to be reflected in the price which should have some kind of discount compared to the final product price. In addition, consider adding something to the product that will be exclusive to the Kickstarter to encourage people to back the campaign.


• Build an email list with previous backers and your community to share your campaign with them. Emails should be sent out on day one and one day before the campaign starts in order to create anticipation. The followers on the Kickstarter page will receive an email directly from Kickstarter once the campaign goes live. This email usually reaches the main inbox (not promo folder) and therefore converts better than if you were to send the email.


• It might be worthwhile hiring an influencer to share your campaign with his community.

Interview with Eran back from Green Inbox: How To Raise $1m On Kickstarter

Green Inbox provides marketing services (Facebook ads) to Kickstarter campaigns.
This video is an introduction explaining about Green inbox and the new services provided since 2019.

About Green Inbox from Green Inbox on Vimeo.

Return on Ads Spent (ROAS) - This video explains what to look for when examining your ROAS on Facebook.

Return on Ads Spent (ROAS) from Green Inbox on Vimeo.

Facebook Ads - This video explains how Facebook ads work and the differences between Facebook ads today vs. the past.

Facebook Ads from Green Inbox on Vimeo.

Creative - This video talks about the creative aspect of your campaign. When shooting your video just how creative should you go?

The Creative on your Kickstarter Campaign from Green Inbox on Vimeo.

Pricing - How should you price your product on Kickstarter. One thing to consider is the product cost, marketing expense and your profit.

Pricing as a Function of your Product Cost from Green Inbox on Vimeo.

Price Range - This video explains the price range that works for Kickstarter campaigns. It's all about the numbers...

Ideal Price Range on Kickstarter from Green Inbox on Vimeo.

Working with an Agency - This video explains how to check an agency before choosing one to work with. Always ask for references!

How to Choose an Agency from Green Inbox on Vimeo.

The “Abort” Section - This video explains that when you sign a contract with an agency, one of the most important sections is the "Abort" section. You don't want to be stuck with the wrong agency throughout your campaign if the results aren't great. you need flexibility.

The "Abort" section in your agency contract - a must have! from Green Inbox on Vimeo.

Working with Multiple Agencies - This video explains why you shouldn't work with multiple agencies at the same time. Be ware - this can backfire on you...

Working with Multiple Agencis from Green Inbox on Vimeo.

Agency Cost - This video explains the price mechanism you should have in place when working with an agency helping you market your Kickstarter campaign

Agency Cost from Green Inbox on Vimeo.

Google Analytics vs Kickstarter Dashboard - In this video we explain why we see different numbers on Google analytics and the Kickstarter dashboard

Google Analytics vs Kickstarter Dashboard from Green Inbox on Vimeo.

Final Tips - This video sums up important things you need to look for when working on your campaign

Final Tips from Green Inbox on Vimeo.