I’m in the middle of a crowdfunding campaign and I hate it. I appreciate that sometimes it’s the only way to raise funds, that’s certainly the case for us, but the process is stressful and excruciating. Every day is a complicated rollercoaster of gratitude for money pledged and squeamishness at having to ask in the first place.
I’m crowdfunding for a documentary I’ve been working on for years called Handbag. It’s the story of the ‘fag hag’, women who befriend gay men and have been unsung GLBTIQ activists for generations. For various and complicated reasons the film has never received traditional government support as so many Australian films do. We’ve managed to get it to its almost-finished state through a combination of our own time and money, exceptional volunteer support, some private and educational investment, and two previous (and successful) rounds of crowdfunding. This is our third and final shot at getting our movie finished and out to the world – it’s also our most ambitious.
For anyone considering crowdfunding for their creative or business needs, I have some advice – and no, avoiding it is not the answer. Although crowdfunding has become somewhat passé compared to a few years ago, there are so many examples of success that persevering is still a good idea if done thoughtfully.
Tip 1: It’s never too early to start planning
It can take up to six months to plan a crowdfund. There are numerous elements that need to be fixed before you launch. This includes registering a domain name and setting up a website, setting up a linked social media presence, creating a compelling plea video, compiling an email outreach list and spreading the word to immediate influencers, and working out what rewards will be given.
Tip 2: The Video is Everything
The plea video is crucial. It needs to be the right combination of an engaging story and central character, a compelling ask, and being ‘on brand’ for your project. The video must balance on a knife edge between emotionally engaging and desperate. It also needs to be short, compelling and driven by a central issue. No small feat!
Tip 3: Research is Key
The major crowdfunding sites leave their campaigns online, so it’s easy to find examples of both successful and non-successful campaigns. Find ones that are similar to yours in terms of content or issues, and learn everything you can. In particular, look at how long their campaigns were, and their rewards.
Tip 4: Understand your Backers
You can’t convince everyone to back your campaign. We’ve had negative reactions from people on our email list who were (surprisingly) negative about marriage equality, a key element of the Handbag story. You are unlikely to get thousands of backers, in fact most successful campaigns are backed by hundreds or less, so take the time to figure out exactly who those people are and how to reach them.
Tip 5: Set the Right Goal
The all-or-nothing aspect of most crowdfunding sites is the most stressful aspect of a campaign, and ironically part of the reason it works. The time pressure is what makes people offer their hard-earned dollar, usually at the very beginning or in the last few days of the campaign. The psychology of how much you’re asking for is also crucial – set the bar too low and people won’t pledge because they think you’ll reach that level easily. Too high and they won’t believe in your target, so won’t commit anything. Campaigns that ask for up to $10,000 are usually the most successful. We’ve obviously gone mad and asked for $40,000…
Tip 6: Set Great Rewards, and Add New Ones
Some people will pledge because they love you, or your campaign, and they won’t want a reward. Others will want something for their money, so make sure that you can afford what you offer. In our first campaign we offered coffee mugs and other merchandise, which cost a fortune to ship and saw us lose a significant slice of our income. Our current campaign offers rewards without mailing costs, except for a few new prizes which were introduced during the campaign. Those can peak interest and encourage one-off donors as well as increased shares online.
Tip 7: Plan a Strategy for the Entire Campaign
Something needs to happen every day of your campaign. In fact, many people believe that your success or failure is defined before you even launch, depending on your strategy. You will get a flurry of pledges in the first few days (we hit 10% by Day 2), and then very little will happen until the very end of the campaign (and we’re not there yet!). Social media posting, a video diary of your days, press mentions, famous influencers, surprise donors and public antics will get you over the line.
And finally – prepare yourself. I see crowdfunding as a necessary evil in terms of getting my movie out there, but it takes a toll on your emotions, your anxiety levels and your relationships with your friends and family. They will get sick of your incessant posts on social media, your obsession with your project, and your maniacal and repeated checking of your crowdfunding website to see how the pledges are going. Make sure everyone understand that this period is finite, and make your peace with being an annoying pain in the ass for the duration of your campaign.
Most of the main crowdfunding sites such as Pozible, Kickstarter and Indiegogo also have excellent resources on their websites to help new crowdfunders to get started. Check them out to help you.
And please help us as well by making a contribution or spreading the word about Handbag. Thank you!
