You’re a new entrepreneur. You’ve got a hot new business concept and you’re confident it’s going to change lives… all you need is the cash to make that happen.
Great! Let’s get you there!
Crowdfunding is a powerful tool for launching your new endeavor—and including an influential video pitch could make all the difference in making your dream happen. In the next post, I’ll talk about tips to strengthen your video, but today let’s explore why crowdfunding videos are effective. I’ll also throw in some insights on how to choose between Kickstarter and Indiegogo. Ready? Here we go…
Why Use a Crowdfunding Video?
There are a few reasons to include a video with your crowdfunding campaign. First off, they not only help you find your tribe, they also get them excited. Because how would you rather learn about something new… a video or a lecture? When we can actually *see* what you’re up to with your business, that’s engaging! Pitch videos can also update your loyal fans and letting them know how they can further support you.
What’s more, a crowdfunding video gains your brand credibility and therefore trust. When you show your concept in action, people can see without a shadow of a doubt that you can make this a reality. And once they’re convinced you’re the real deal, they’re going to take note of what you have to say.
Kickstarter vs. Indiegogo
Many innovative fundraisers choose to bring their crowdfunding projects to one of two popular platforms: Kickstarter or Indiegogo. These platforms allow them to rally support as well as offer rewards for different levels of pledges. But which platform to pick?
First ask yourself whether your brand is more creative or more commercial. It’s said that Kickstarter tends to prioritize design, while Indiegogo highlights functionality. Both platforms cover a number of categories, but they also have their own niches (meaning they tend to draw different backers). A few of Kickstarter’s most popular categories are tabletop games, film/video, music, photography, travel, and wearables. On the other hand, Indiegogo leads in the categories of laptops, home automation, and gadgets.
Another difference between the two is that Kickstarter only releases funds once you reach your goal--meaning if you don't get to that number, all the money will be returned to backers. That sense of urgency can rise emotional stakes for your backers and result in further giving. That said, the stakes are obviously higher.
On the flip side, Indiegogo allows you the option to receive funds as you go (or opt for that “all or nothing” approach). Indiegogo’s campaign success rate is about half of Kickstarter’s… although it one-ups Kickstarter in that it’s non-refundable (meaning that backers can’t change their mind and cancel their pledges at the very last minute).
Find Your Niche
On the set of Black N Brown in the Middle Crowdfunding Video
Though Kickstarter and Indiegogo are the most widely known sites, you’ve also got some great niche platforms to consider. They will have a smaller online audience, but they cater to a very specific group of people with very specific interests (meaning your chance of strong engagement is going to be much higher).
For instance, Slated helps aspiring filmmakers, while Experiment supports scientific researchers. My client Black and Brown In The Middle decided to launch a fundraiser on IFundWomen because it rallies around supporting female entrepreneurs
A Final Word of Advice:
I highly recommend researching successful campaigns similar to your own for inspiration! Learn from them… What did you like about their strategy? What could they have done better? This mindful strategy will do wonders for your crowdfunding venture. Want to book a discovery call to make your next crowdfunding video? Contact us today!
