TFC Tidbit of the Day – week 8
TFC Tidbit of the Day 41 - Starting a crowdfunding campaign
This week’s tidbits are from Sheri Candler and will cover her assessments about successful crowdfunding initiatives.
To some artists, crowdfunding looks like easy money. Make a pitch video, give a synopsis and a few perks and let the money roll in. That’s a mistake. To be successful in crowdfunding depends on having a solid foundation of followers, people interested in your work. If you don’t already have a presence on social networking platforms, a well read blog, and/or a large network of friends and supporters, build that first before starting to crowdfund. If you try to raise money before anyone knows you or cares about your project, you will fail to garner interest.
TFC Tidbit of the Day 42 - There is a reason it is called a campaign
Ask any filmmaker who has run a successful campaign and they will tell you it was a full time job to get those funds. It is a crusade to exert your goal continuously and strenuously, basically you are bothering and cajoling everyone you know to help get to the goal. You must be committed to doing that to be successful.
Statistically, the shorter the campaign deadline, the faster the funding comes. I know this sounds unlikely, but if you drag out the process beyond 90 days, interest seriously wanes even from those benefitting from the funds. It is just not possible to keep momentum going for a long length of time. Keep it tight and focused.
Remember, Kickstarter’s policy is all or nothing. If you don’t raise your goal amount in the time allotted, you get none of the money pledged. Indiegogo allows you to keep what you raise, but if you raise it in a specified amount of time, there is a rebate on their fees.
TFC Tidbit of the Day 43 - What makes people donate
You must think of fun, interactive and interesting ways of soliciting funds. My friends from Tilt the movie had a really fun way of engaging their donors. They created a map of the town where their film is set and “populated” the town with their backers, complete with fun, made up bios of each one. For $15, a donor could see what kind of creative backstory could be invented for their presence in the story of Tilt. All from the creative minds of the filmmakers.
Think of the target audience of your film, what drives them, what interests them, what can you give THEM for donating? You will find that your donations are easier to get when people feel great about helping.
TFC Tidbit of the Day 44 - Don’t forget the fees and perks
Remember that the platforms you use to crowdfund have fees associated with collection and access to the marketing tools they offer. Kickstarter takes 5% of the money raised and Indiegogo takes 9% (but if you reach your goal by a specified time, they will rebate 5%). On top, there are 3rd party fees such as Amazon payments fee or Paypal fees to receive the money you raised. Then, there are your fulfillment costs associated with the perks you offered (DVD copies, tshirts, etc. & postage for these). Take these into consideration when you are figuring out how much you need to raise so you don’t run short.
TFC Tidbit of the Day 45 - Case studies
Here are a few links to some of my favorite crowdfunding case studies. These will give you more ideas on what others did successfully and how they felt about the experience.
King is a Fink http://bit.ly/aUVCqi; Gary King http://bit.ly/9unWbp; Jacques Thelemaque http://bit.ly/9UyA5o; Coffee and Celluloid http://bit.ly/d3HXgD; @craigmod http://bit.ly/d55B0I ; John Trigonis http://bit.ly/buz4bA
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