Our Kickstarter campaign for Lyonesse not only met its goal, we very nearly doubled it. We had a plan going in, and we executed it. Still, we could have done several things better. Here’s an analysis of what we did well – and some thoughts on what we could have done better.
Use Kickstarter for Marketing – not Fundraising
First and foremost, Lyonesse’s success never relied on Kickstarter. Our business model is royalty based, not fixed fee. And our projected operational costs are extremely low (and we have some experience doing this sort of thing, so we trust those numbers). We can fund the operational costs out of pocket more or less indefinitely. That’s why we’re giving the Kickstarter proceeds almost entirely to our authors.
If our campaign had failed, we still could have launched Lyonesse. We could have launched without it altogether. We chose to run a campaign not for funding reasons but for marketing reasons – and I firmly believe that’s the true value of Kickstarter. If you have a strong enough brand – and strong enough reach – to raise huge amounts of money via a crowd funding campaign… you can probably raise that money relatively easily in other ways, too.
Our campaign was definitely successful from a marketing standpoint. First, we signed up enough subscribers to make it worthwhile. We reached a large number of people we wouldn’t have otherwise reached. We got substantial signal boost from certain quarters. People are now beginning to take the project quite seriously.
Set a Realistic Goal
It’s time for a moment of perfect candor. Although we didn’t need the money to launch the project, I would have preferred to raise even more than we did. We’re giving almost all of that money straight to our authors – and they’re fantastic authors who have written amazing stories and they deserve even more than we’ve paid them. But we did an honest assessment of our current fan base and reach and set a goal based on that. We had very high confidence that we could meet our goal.
Because we view crowd funding as a marketing tool, and not a fundraising tool, it was absolutely crucial that we meet our goal. We wanted (and still want!) the public at large to view this project as successful. But even if you don’t look at it that way, meeting your goal is important. Other crowd funding companies are different, but Kickstarter won’t pay you a single cent if you don’t meet your goal.
Warning: you must also set a goal that is enough to meet your needs. We’re lucky. Most publishing gigs these day pay absolute shit to authors. In the long run, we hope to pay them quite a bit more than this. But for now, the bar we had to clear to keep them happy was pretty low. If you’re relying on crowd funding to cover all of your startup costs, however, you’re going to need to ensure that your goal is realistic for that.
You must balance these competing issues. If your audience and reach isn’t enough for you to raise the amount you actually need for your project… it may be time to rethink it.
Get the Word Out
Get it on your social media. Tell all your friends about it. Send it to your e-mail list. Tell strangers about it. Use everything at your disposal. Marketing your campaign is absolutely critical.
We talked about our campaign on social media a lot. I talked about it on this blog a lot. Quite a few of our friends talked it up and spread the word. Chris Lansdown had me on his YouTube channel. Get the word out.
Hands down the number one problem nearly all small business owners face is that their customers don’t know they exist. And they’ll continue not knowing until you tell them.
We did OK at this. But it’s the area where we could have had the most improvement. There are several avenues of marketing that I didn’t pursue, and more that I didn’t pursue as aggressively as I could or should have. All I can say is that this is a game I’m still learning.
Do the things we didn’t do: enlist more influencers to talk about your project. Get good artwork – and lots of it – for promotion. Consider paying for ads.
Grow Your Audience First
We’ve been building our audience at Silver Empire for two years now. It’s still rather small – but it’s far larger than it was at the beginning. Two years ago we couldn’t have run this campaign successfully. But a few days ago we nearly doubled our goal. Timing is everything. Don’t be impatient. Run your campaign when you’re ready to run it.
I wish you the best of luck in your own crowd funding endeavors. It’s a great tool, and it opens up many possibilities. I can’t wait to see what you do with yours!