Photo of Kate Jenkins
Crowdfunding earned quite a bit of buzz in 2012 and I suspect will continue to be a hot trend in 2013. In this special two-part blog series Social Citizens looks at the ups and downs of crowdfunding from two young individuals who experienced it for themselves.
Kate Jenkins is the founder and content editor of The Intentional Quarterly, a print publication of topical articles and featured art that create conversation about quality of life for Millennials. She has a Masters in Microcredit for Development and a longstanding interest in all things entrepreneurial. Get a sneak peak of the magazine at www.theintentional.com and follow her at @the_intentional.
This summer I launched a Kickstarter campaign for The Intentional Quarterly, the new print magazine I founded. I barely squeaked by, and was able to successfully pull it off, but only due to one fabulously generous pledge at the eleventh hour. In hindsight I realize I could have done much better, so I figured I’d share my insight here.
Lesson #1: Beautiful Images and Videos Really Work!
To start with, I think it’s important to realize that by nature some projects are more likely to be funded than others. Beautiful images and videos really draw people in; this is something I’ve learned not only from Kickstarter, but also from monitoring the traffic to The Intentional’s website. When we post something on the blog with pictures, the web traffic response is nearly double as compared to posts without pictures. Our trouble with the Kickstarter campaign was that the magazine is first and foremost about words, and we struggled to conceptualize the project through visuals.
Lesson #2: Don’t be Subtle
In addition, projects that are wildly innovative, creative, and fresh are going to capture the most funds. Though The Intentional fits that mold, the nuances between our model and that of the magazines that are already in circulation are subtle, and it’s tough to work with subtle. With projects like this, it’s important to find a way to really highlight and market those subtleties so that people can understand immediately why there’s a need for the project.
Lesson #3: Forget Traditional Media
Being trained in public relations, my instinct was to pursue social media and traditional media with the same gusto. My conclusion: forget traditional media. I’m relatively positive that not one of the pledges we received was a result of that strategy. Kickstarter and other crowdfunding sources are products of the digital age, as are their patrons. It may sound obvious, but Facebook and Twitter are your best bets, especially if you have 3,000 friends. (And if you don’t, find someone who does who can post on all of their walls.)
I wish I had been less concerned with annoying people and that I had generated a much more constant stream of noise about my project.
Don’t be afraid to post directly on your friend’s walls, host events inviting them to pledge, or offer loud praise to those who do pledge. People are so inundated with information these days that you have to post three times before they will see it, and three more before they remember to take any action.
Crowdfunding is an emotional rollercoaster, and you have to be prepared to have your feelings hurt. My 30 days on Kickstarter were not a lot of fun – I bit my nails for three and half weeks and then went out of town for the last few days to escape it all. But a little preparation can help you handle the stress gracefully, so it’s important to watch other campaigns closely before you launch your own.