There are plenty of people out there with disposable income. About 30% of Americans have a discretionary income of at least $21,000 per year.
The higher the income bracket, the more people have to spend on things outside their needs. Now, some of this money does have to go into savings. But much of it goes to movies, furniture, and other fun things.
Yet, as someone who wants their Kickstarter campaign funded, you’re seeing none of that money. Of course, it’s not like you have a right to it. But you’re wondering why nobody is spending money on your campaign.
You wonder where the problem lies. Is your idea not good enough? Are your incentives lame? What gives?
I’m here to tell you that you’re wasting your efforts. That’s right.
But I’m also here to tell you how to start maximizing your efforts. What? Let’s examine what I mean.
1. The 80/20 Rule
If you’re a seasoned marketer, you’re probably rolling your eyes right now. The 80/20 rule aka. the Pareto principle is something we all understand, right?
But the question is, do we all implement it?
What is the 80/20 rule? It basically states that 80% of your outcome usually comes from 20% of your efforts. Therefore, you should focus on the 20% that gives you that 80%.
But the eternal question is, how do you divine what 20% is effective? In essence, how do you trim the fat?
Ask yourself this question: who do you think will back your Kickstarter?
If you can’t even answer this question and you’re marketing with broad strokes, no wonder you have no backers! You’ve started a business without doing the proper research.
And, yes, you must look at your Kickstarter campaign as a business. A good business always starts with market research.
Rework the Sales Funnel Approach
One of the best ways to gauge interest and build a marketing pool is to build a “sales funnel.” Now, you’re not selling anything yet, so it can’t really be called a sales funnel. But we’ll use the same principles.
If you’re unfamiliar with a sales funnel approach, here’s how it works:
You want to turn leads into potential backers. And you want to sort serious backers from lukewarm backers (thinking the 80/20 rule here).
Start With a Landing Page
On your landing page, you give a little info on your product or service. Then you ask if someone would like more information about backing your future campaign. Then give them the option of receiving said info through an email.
All Superscreen had on their website before launching was this kind of information. And you can see for yourself that they’re a successful business.
A PPC Campaign
Next, you need to start an advertising campaign. The best way to get your idea in front of potential backers is through a PPC campaign.
Craft a great ad that includes a link to your landing page.
Lastly, create a video or a presentation you can send out in an email to your leads. In the video, give all the details of both your product and your campaign.
Below the video embedded in your email, ask for a commitment. Ask if they would join a special email list that gives a special incentive to back your project.
You can choose something small, a token or a patch, but these will be your super backers. Treat them well.
2. Remember, Failure IS an Option (And It’s Likely to Happen)
Alright, this isn’t a popular thought. But it’s true.
A failed Kickstarter definitely doesn’t mean a failed business idea. Only 36% of Kickstarter campaigns succeed. So, it’s wise to figure out a use for your campaign outside of funding.
If you’re selling a product, you will want feedback. And who else is better than a group of people already excited about your product?
They’ll be your core market anyways.
Even if you can’t make your Kickstarter goal, you create a community throughout your campaign. Your most ardent supporters will want to connect with each other.
A Facebook Group
If you know how to crowdfund using recent trends, you will have already started a Kickstarter Facebook group for your campaign. It’s only good form.
But in the group, start encouraging potential backers to give you ideas on how to improve your product. The more backers feel involved in a campaign and in product development, the more they will be willing to spread the word.
I can tell you from my experience outside of Kickstarter campaigns (mostly with Beta testing for Virtual Reality games), inclusion in the process is a powerful motivator. It motivates people to spend money and it motivates them to spend time giving valuable feedback.
Even if you don’t make your goal, you’ve created a loyal audience. And that’s before you’ve even launched a product! Even established brands would be jealous.
3. Research Could Open Up the Flood Gates
Just like in real life, it’s all about who you know. And if you’ve identified your super backers, then there might be someone worth knowing among them.
Be on the lookout. Open your ears.
Not only will your backers love to criticise your product and make it better, they might think of new ways to use it.
This will open up new marketing avenues. You may even find a whole new market for your product or service.
Also, you might find that someone among your super backers could be an asset to your team. While you might not be hiring new people yet, you could see the talent to nab once your product or service takes off.
It’s All About Focus
The 80/20 rule, the sales funnel approach, a Facebook group…all of these have one thing in common. They shift the focus away from you and your product and toward your backers.
Kickstarter campaigns have a nasty reputation for not delivering on promises. And for this reason, a lot of people are hesitant to back projects or report on them.
If you can show your potential backers that they are the center of your attention, you’ll more than likely succeed. You can at least get them on board for your future success.
If you want to learn more about what it means to be a successful entrepreneur, check out Shoemoney’s story.