The Crowdfunding Toolkit is meant to give tangible
suggestions for launching, running, and successfully completing
your crowdfunding project.
Although no crowdfunding project is the same, certain fundamental
elements make it easier to fully raise your monetary goal. Our
extensive firsthand experience and research has led us to develop
these helpful tools.
The Community for Creative Crowdfunding
Toolkit (Tactics)
These elements are nearly universal. They
form the basis of most crowdfunding projects.
Title: The title should be catchy and relevant. Catchy comes from intrigue, humor, and/or authenticity. It is important to pick a title that stands out and differentiates you from all the other crowdfunding projects.
Financial Goal: Gauging your first and second-degree networks is vital for determining the scope of your project goal. Can your immediate network be galvanized to fund a $500 or a $5,000 or a $50,000 project? Create a simple barometer based on the number of people in your network – i.e. Facebook friends, Twitter followers, mailing list participants, etc. If each person gave $5-10 – what would be the total? This figure gives you ballpark indicators for building reasonable expectations. Make the goal the lowest amount possible to successfully pull the project off. The bigger your audience size and the more it is energized with a deeper connection to you and each other, the bigger your potential goal can be. Remember, with RocketHub you can raise more than your budget, and you receive additional benefits if you reach your goal. If you are crowdfunding for the first time, and you want to increase your chances for success - make the amount something attainable based on your track record with past endeavors and your own network. For a more detailed breakdown regarding the financial goal, refer to the Difficulty Levels.
Timeframe: 30 to 90 days works best for most projects - shorter timeframes require a well organized approach to the crowdfunding campaign. Longer timeframes are more difficult to manage since the "online event" loses value due to a lack of urgency.
Video(s): Videos should be considered mandatory. Projects with a video have a higher likelihood of funding for the following reasons:
Of course you don't have to have a traditional video with the "talking head" either. You can use finger puppets, voice-over techniques, stop animations and other clever and creative methods to grab the attention of your crowd. Videos that works best are simple – often shot with a Flip camera, an iPhone, or a webcam – with a clear call to action.
Image(s): Images give you an additional way to communicate your message. Pick images that reflect who you are and what you are doing with your crowdfunding project.
Audio Clip(s): RocketHub allows you to upload one or more audio files to your project page. This is geared more toward musicians but if your project benefits from an audio clip be sure to include it – audio builds additional credibility and fosters further engagement.
Description: A written description provides the most detailed information about you and your project. This should introduce who you are, the back-story of your project, include an intro to how crowdfunding works (for those going straight to your project page instead of the RocketHub homepage), and most importantly have a clear call to action - i.e. the purpose of your project.
The written tone is reflective of who you are as a Creative – so be authentic, be confident, show passion for your project and passion for adding value to others.
Rewards Menu: The rewards create an exchange element that is vital for sustainable crowdfunding. This is one of the three strategic pillars for a successful crowdfunding campaign. Here are a few tips for designing your Rewards Menu:
Acknowledgements
Tickets
Versions of the Finished Crowdfunding Project Product
Keepsakes
Personal Services
Influence
Direct Interaction
Humorous
Title: The title should be catchy and relevant. Catchy comes from intrigue, humor, and/or authenticity. It is important to pick a title that stands out and differentiates you from all the other crowdfunding projects.
Financial Goal: Gauging your first and second-degree networks is vital for determining the scope of your project goal. Can your immediate network be galvanized to fund a $500 or a $5,000 or a $50,000 project? Create a simple barometer based on the number of people in your network – i.e. Facebook friends, Twitter followers, mailing list participants, etc. If each person gave $5-10 – what would be the total? This figure gives you ballpark indicators for building reasonable expectations. Make the goal the lowest amount possible to successfully pull the project off. The bigger your audience size and the more it is energized with a deeper connection to you and each other, the bigger your potential goal can be. Remember, with RocketHub you can raise more than your budget, and you receive additional benefits if you reach your goal. If you are crowdfunding for the first time, and you want to increase your chances for success - make the amount something attainable based on your track record with past endeavors and your own network. For a more detailed breakdown regarding the financial goal, refer to the Difficulty Levels.
Timeframe: 30 to 90 days works best for most projects - shorter timeframes require a well organized approach to the crowdfunding campaign. Longer timeframes are more difficult to manage since the "online event" loses value due to a lack of urgency.
Video(s): Videos should be considered mandatory. Projects with a video have a higher likelihood of funding for the following reasons:
- It shows you are real - a real person making a real project with a real passion for adding real value to your audience.
- It builds credibility. You can showcase your work, describe your project, and/or talk about why it's important to you.
- It is engaging. There is a story or maybe a joke. Perhaps it pulls on the heartstrings. A good video gives viewers a reason to stay on your project page and provides an emotional state change. It keeps their attention.
- It can be updated and you can make a new video to keep your audience coming back for fresh and dynamic material during your campaign.
- It has a higher probability of "going viral.” Viral videos are tough to manufacture and predict, but if you have a great project, a solid network, enticing rewards, and an emotionally charged video - you have a better shot of the project breaking out of your primary network and into your third-degree network.
Of course you don't have to have a traditional video with the "talking head" either. You can use finger puppets, voice-over techniques, stop animations and other clever and creative methods to grab the attention of your crowd. Videos that works best are simple – often shot with a Flip camera, an iPhone, or a webcam – with a clear call to action.
Image(s): Images give you an additional way to communicate your message. Pick images that reflect who you are and what you are doing with your crowdfunding project.
Audio Clip(s): RocketHub allows you to upload one or more audio files to your project page. This is geared more toward musicians but if your project benefits from an audio clip be sure to include it – audio builds additional credibility and fosters further engagement.
Description: A written description provides the most detailed information about you and your project. This should introduce who you are, the back-story of your project, include an intro to how crowdfunding works (for those going straight to your project page instead of the RocketHub homepage), and most importantly have a clear call to action - i.e. the purpose of your project.
The written tone is reflective of who you are as a Creative – so be authentic, be confident, show passion for your project and passion for adding value to others.
Rewards Menu: The rewards create an exchange element that is vital for sustainable crowdfunding. This is one of the three strategic pillars for a successful crowdfunding campaign. Here are a few tips for designing your Rewards Menu:
- Do have a wide range of price-points and options within the ranges: small ($5-$100), medium ($150-$500), large ($600-$1000) and extra-large ($1000+)
- Do have the $5 level be something digital and easy to distribute - think MP3's, digital still pictures, acknowledgements on a website, etc.
- Do make things custom, handwritten, signed, numbered, limited etc. The rewards should feel special and unique. The full Rewards Menu should feel authentic, exciting, and bring a "high touch element" that is different from a retail experience
- Do spend the time to put together an enticing Rewards Menu. It should take you a nice amount of time to sit down and think about what your audience wants - and how you can make each reward special. Lay it all out on paper and tweak it before launching the project to the world – changing your rewards after launching a project is not possible, in order to maintain integrity
- Don't be cookie cutter or lazy in your approach to the rewards – don’t make them feel generic
- Do allow the contributors to influence and impact the project or gain a connection to it in some way. Some ideas include letting them name a character in the story, giving them a credit in the film or album, provide custom merchandise, or let your audience participate in the production of the project
- Do use the rewards to build your "brand" as a Creative. This is a great place to tap further into what makes you tick. If you paint, do photography, love cats, etc. - let your funders know about these other interests and passions
- Do offer experiences that involve interaction with your contributors in the real world/off-line. These can include live shows, workshops, consulting sessions, tours, dinners, etc. Provide these at the medium, large, and extra-large price-points
- Do make some of your rewards scarce by limiting the number of units available
- Finally, the Rewards Menu should read like a menu at your favorite restaurant – it should be entertaining, fun, and revealing your character and project brand.
- If you need a little inspiration in your rewards, we have listed a few general categories and specific ideas to help you brainstorm your unique twists.
Acknowledgements
- Thank them on your website / in the CD liner notes / film credits… etc.
Tickets
- Free ticket to the show
- Multiple tickets to the show
Versions of the Finished Crowdfunding Project Product
- Digital song, album, book, image, etc.
- Souvenirs
- Physical copy of the album (CD, LP), book, image, etc.
- "Deluxe version" of the album, book, art, etc.
- Autographed version of the item
Keepsakes
- Sticker, Pin, Magnet, Mug, Poster, T-shirt, etc.
- Copies of your previous work
Personal Services
- Home cooked meal
- Lesson in something you know – e.g. audio production, music theory, guitar, surfing, cooking, film, etc.
- Customized artwork, writing, music, etc.
- Personal performance
Influence
- Presence in the creative process – e.g. character names, song titles, walk-on acting role, etc.
- Involvement in the creative process – e.g. co-writing, producing, singing, performing, etc.
Direct Interaction
- Post card, email, phone call, web-video, etc.
- Invitation to launch party, pre-screening, backstage, etc.
Humorous
- Singing telegram in a pink gorilla suit…
- Get creative!
| Name | Crowdfunding Model | Fee | Reach | Access |
|---|---|---|---|---|
| RocketHub.com | Project-based | Free to Launch a Project 4% Fee (if successful) + 4% Transaction Fees |
Global | Open Platform |
For more information on RocketHub's fees click here.
The Crowdfunding Campaign: 8 Steps
for a Successful Campaign
Step 1 - Commit to the Dynamic Campaign
Take ownership of your crowdfunding campaign - uploading your project to RocketHub is just the first step. Commit to a dynamic approach to the campaign that's built on the key principles of the Manifesto and Toolkit but that also allows for flexibility - since each crowdfunding project is different. Know that trial and error is a natural part of the process that should be embraced.
Step 2 - Reach out to your "First Followers"
Handpick 15 to 25 people in your network that love what you do and know what you are all about. These should be your "loyalists"- the friends, family, and fans that trust you. It is very important to have your first followers primed and ready to contribute to you right after you launch your project. This sets the stage for the next steps and provides the public social proof of your credibility.
Step 3 - Thank your "First Followers" publicly and establish a dialogue
Thank your contributors publicly on your project page, via Facebook Feeds/Wall Posts, through Twitter, and anywhere else where they and others will see your display of gratitude. The Facebook Feed is great place to say "Thanks for the contribution Ricky - can't wait to deliver you your signed CD and custom handmade portrait!" Thanking your supporters publicly rewards your contributors for believing in you and builds the credibility for your project as you spiral out to a wider network. Keep thanking your supporters publicly throughout your entire campaign and establish a consistent communication with fans.
Step 4 - Spiral Out to Your Social Network
Announce your project on your email list, Facebook, Twitter, MySpace, LinkedIn and any other social media you use. The message should be enticing and entertaining. Your campaign tone should be fun and should aim to add value to your network. Don't make it salesy or make your project feel like a donation, charity, or begging. You are simply offering your network a fun journey and real value. Test your messages and be prepared to adapt your tone.
Step 5 - Let the Story Unfold
Update your project page on a daily basis by adding blog posts and comments - RocketHub allows you to change your current video or add new videos. This is a great way to keep your followers aware of how your project is doing. Your campaign is a virtual event that must be nourished. Publicize and celebrate accomplished and upcoming milestones - e.g. quantitative goals (percentage of funding, number of contributors, etc.) and qualitative (blog mentions, press, etc.).
Step 6 - Keep Them Talking
This step could also be called "The Art of Mini-Campaign." Find fun ways to stay relevant and keep your followers coming back by adding new layers to your journey. This could come through new rewards, live events and fundraisers, or other imaginative short-term campaigns. The goal is to keep your network talking and coming back to the project page - remember, "Conversation is King!" Your network will see and reward your hard work.
Step 7 - Meet the Press
Once your project has momentum, feels dynamic with contributors, updates, and perhaps a buzz-worthy "Mini-Campaign" - reach out to press and bloggers.
Repeat step 3, 4, 5, 6, and 7 until you get to the final few days of your campaign.
Step 8 - Bring it Home - Finish Strong
Messages during the last few days should be changing faster and should be delivered with more frequency. Build on your success and add a sense of urgency combined with gratitude. Be sure to thank everybody for coming along for the ride with you.
Step 1 - Commit to the Dynamic Campaign
Take ownership of your crowdfunding campaign - uploading your project to RocketHub is just the first step. Commit to a dynamic approach to the campaign that's built on the key principles of the Manifesto and Toolkit but that also allows for flexibility - since each crowdfunding project is different. Know that trial and error is a natural part of the process that should be embraced.
Step 2 - Reach out to your "First Followers"
Handpick 15 to 25 people in your network that love what you do and know what you are all about. These should be your "loyalists"- the friends, family, and fans that trust you. It is very important to have your first followers primed and ready to contribute to you right after you launch your project. This sets the stage for the next steps and provides the public social proof of your credibility.
Step 3 - Thank your "First Followers" publicly and establish a dialogue
Thank your contributors publicly on your project page, via Facebook Feeds/Wall Posts, through Twitter, and anywhere else where they and others will see your display of gratitude. The Facebook Feed is great place to say "Thanks for the contribution Ricky - can't wait to deliver you your signed CD and custom handmade portrait!" Thanking your supporters publicly rewards your contributors for believing in you and builds the credibility for your project as you spiral out to a wider network. Keep thanking your supporters publicly throughout your entire campaign and establish a consistent communication with fans.
Step 4 - Spiral Out to Your Social Network
Announce your project on your email list, Facebook, Twitter, MySpace, LinkedIn and any other social media you use. The message should be enticing and entertaining. Your campaign tone should be fun and should aim to add value to your network. Don't make it salesy or make your project feel like a donation, charity, or begging. You are simply offering your network a fun journey and real value. Test your messages and be prepared to adapt your tone.
Step 5 - Let the Story Unfold
Update your project page on a daily basis by adding blog posts and comments - RocketHub allows you to change your current video or add new videos. This is a great way to keep your followers aware of how your project is doing. Your campaign is a virtual event that must be nourished. Publicize and celebrate accomplished and upcoming milestones - e.g. quantitative goals (percentage of funding, number of contributors, etc.) and qualitative (blog mentions, press, etc.).
Step 6 - Keep Them Talking
This step could also be called "The Art of Mini-Campaign." Find fun ways to stay relevant and keep your followers coming back by adding new layers to your journey. This could come through new rewards, live events and fundraisers, or other imaginative short-term campaigns. The goal is to keep your network talking and coming back to the project page - remember, "Conversation is King!" Your network will see and reward your hard work.
Step 7 - Meet the Press
Once your project has momentum, feels dynamic with contributors, updates, and perhaps a buzz-worthy "Mini-Campaign" - reach out to press and bloggers.
Repeat step 3, 4, 5, 6, and 7 until you get to the final few days of your campaign.
Step 8 - Bring it Home - Finish Strong
Messages during the last few days should be changing faster and should be delivered with more frequency. Build on your success and add a sense of urgency combined with gratitude. Be sure to thank everybody for coming along for the ride with you.
Celebration
Acknowledge and publicize reaching your goal. Be grateful and celebratory as your begin the follow-through process of creating your work.
Communication
Keep your supporters updated on your progress. Set the appropriate expectations for timing and delivery of rewards. Use multimedia - images, videos, etc. - to document your process. Ask for input from your supporters and allow them to continue along the journey that was begun with your crowdfunding campaign.
(Over)Delivery
Deliver your rewards and ask your contributors to document their reactions - with the goal of broadening your audience. This is different from a typical retail experience - there is great deal of emotion involved so over-deliver on your promises. Leave a good taste that sets the stage for your next crowdfunding project.
Acknowledge and publicize reaching your goal. Be grateful and celebratory as your begin the follow-through process of creating your work.
Communication
Keep your supporters updated on your progress. Set the appropriate expectations for timing and delivery of rewards. Use multimedia - images, videos, etc. - to document your process. Ask for input from your supporters and allow them to continue along the journey that was begun with your crowdfunding campaign.
(Over)Delivery
Deliver your rewards and ask your contributors to document their reactions - with the goal of broadening your audience. This is different from a typical retail experience - there is great deal of emotion involved so over-deliver on your promises. Leave a good taste that sets the stage for your next crowdfunding project.
© 2012 Created by RocketHub.
