The Do’s and Don’ts of “Crowdfunding” Your first Album
December 2013 was an exciting time for me and my band Six Mile Station. We’d just gotten home from a few successful days out on the road and were ready to start the process of recording our first full length record. After much deliberation and talk amongst ourselves, it was decided that in order to cover the cost of recording, mixing, mastering, producing, and marketing we would have to get involved in the growing world of “crowdfunding.” At this point in time I think it’s safe to say that most people are at least aware of sites such as Kickstarter and Indiegogo, as well as what their purpose in the world of DIY art and entrepreneurial design.
For those that may not be familiar:
A band or artist that would like to produce their work in the form of an album or otherwise might turn to Kickstarter as a platform to raise funds for that project by offering rewards for “backers” in exchange for money up front. Rewards can be almost anything you can imagine. From private shows to the legal ownership of a band member’s mustache, anything the project creator feels people might give them money for could be up for grabs.
Back in the day artists and bands had a very limited reach as to who they could make aware of their project, therefore making it much harder to convince those interested to back it monetarily. Luckily, we’ve entered the digital age! This means that with the help of the internet our project could be seen by just about anyone anywhere in the world. With great power comes great responsibility however. Just because you’re fishing in a larger pond for funds doesn’t mean you can skimp on the bait though. Let me assure you, a poorly planned project will end in one of two ways: It will get no attention and you won’t meet your goal in time OR by a stroke of luck you might reach the goal and then nearly keel over when it comes time to collect and fulfill your backer’s orders.
With that said, here are a few Do’s and Don’ts of crowdfunding on Kickstarter.com
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DO |
| · Make sure to check out the successful projects of other artists in your area to get a feel for your audience might be expecting to see.· Set a realistic funding goal.
· Title your project in a specific manner.
· Spend time, time, time, on creating an interesting video.
· Make that video interesting, don’t sound desperate.
· Keep the video less than 3 min. No one wants to see a 10 min video. Statistically, only 35% of people will finish your video to the end anyway.
· Offer interesting, thought out rewards for your backers. Make sure to have a range of at least $1-$1000.
· Be honest. Don’t promise something you can’t deliver.
· Have a plan from the start as to how you’re going to produce and distribute your rewards/product.
· UPDATE your backers. The update function allows you to engage with your backers that have already pledged or are thinking about pledging. Make an interesting update video.
· Keep in mind that the first and last day of your campaign are the most important.
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| DON’T |
| · Make your reward tiers tooComplicated. Simplify where you can.
· Forget about shipping costs of your bigger rewards. Typically 15-20% of the contribution will go to shipping.
· Keep hitting up the same circle of friends/family members for funding. Your “crowdfunding” not borrowing money from mom.
· Launch a Kickstarter campaign in the middle of summer. Every year Kickstarter traffic slows around this time. Everyone is outside enjoying the weather. Duh.
· If you’re campaign is centered on the creation of a new product. Don’t forget to patent, or copyright your concept.
· Beg for money or use phrases like “I’ll be surprised if this project succeeds”
· Ask for money immediately. Take the time to explain yourself and your story first. Then ask for funds. |
Creating a successful Kickstarter campaign shouldn’t be like trying to navigate a minefield. Avoiding the “don’ts” shouldn’t be your primary objective. It just takes a little common sense and consideration to put up a quality project. When it comes down to it a good campaign needs three things: a strong project page video/description, strong networking once the project is launched, and quality rewards that people are interested in receiving. If you take the time to plan your campaign’s course of action and do your homework, there is no reason your project should fail. Keep networking and keep engaging with those who’ve already pledged. Promote your campaign like it was a full time job. Hustle.
Relevant Links:
Here is the Six Mile Station project page I created to fund the production of our first full length album. Notice the video, text, and reward tiers.
https://www.kickstarter.com/projects/sixmilestation/six-mile-stations-debut-album
This video of Michael Paeck, Co-Founder of Cliffhanger Productions provides much insight into how he was able to successfully raised more than $558,000 in less than 25 days on Kickstarter.com.
http://www.visionlaunch.com/dos-and-donts-of-kickstarter-crowdfunding/
This is the Kickstarter project page of Zack Danger Brown’s potato salad campaign that raised over $55,000 with a simple goal in mind. Zack wanted to fund his making of a bowl of potatoe salad. It’s the wackiest campaign ever successfully crowdfunded.
Back-Stick Beat 