Successfully crowdfunding your project on indiegogo will validate your project idea to VCs. The willingness of those to spend their hard earned money demonstrates the presence of a market. This was amongst one of the many teachings from Ayah Norris, Marketing & Community Management at indiegogo.
Earlier this week, the CFC Media Lab hosted an indiegogo workshop for ideaBOOST cohort 3 companies. They were taken through a presentation about the platform’s various services and benefits, as a well as a rundown of what factors lead to a successful campaign.
While talking at ideaBOOST, Ayah offered some of the following insights:
- Your Networks: At the beginning of your campaign, most fundraising will take place within your own networks. Completed campaigns were successfully able to acquire contributors outside of their immediate associates.
- Mitigate Risk: indiegogo can be utilized as a tool to gauge the market’s interest in your product. If your campaign fails to reach its goal, that can be a sign that your idea doesn’t have a substantial market at this time.
- Cost Out Your Perks: Before launching your campaign, don’t forget to cost out the perks offered to contributors and incorporate it into your total ask. These are often accidentally overlooked, when they in fact require time and money to execute.
- Be Realistic: Setting an ambitious goal doesn’t necessarily mean that you’ll raise more money. Instead, it’s often the case that a modest amount is more surmountable. A large ask usually requires the campaigner to already have a substantial online profile.
- Promotional Mistakes: Campaigners sometimes take part in rookie mistakes hindering their performance. This can include the following: Starting your campaign at $0, over-promoting too early on, spamming your networks, panhandling and only taking part in one-way communication.
- The Three Ps: For an indiegogo campaign to be successful, the following three elements should be perfectly in-line: Pitch, perks and promotion. It is more difficulty to succeed if you lack in one area.
The CFC Media Lab recently partnered with indiegogo to launch an ideaBOOST campaign page. Stay tuned, as in the near future we will begin populating this page with campaigns to assist cohort companies in their continued growth and development.