All you need to know: wearable tech Kickstarter or Indiegogo success
The most popular method of getting both funds and attention today when it comes to wearable tech is crowdfunding.
That is because crowdfunding is more than just about the money. It’s not uncommon for Kickstarters to resort to crowdfunding, while not lacking the money, for coverage, pre-orders and other such things.
We asked the head of Consumer Technology and Kickstarter at Dynamo PR, Heather Delaney for her input.
Kickstarter or Indiegogo?
The first step is deciding which crowdfunding platform to choose.
While Kickstarter has the biggest community of would-be backers, Indiegogo lets you keep the money even if your project fails but most backers are aware of this, which means that people are actually donating rather than investing in your project. But these aren’t the only platforms out there.
Delaney advises to choose the crowdfunding platform which best suits your project and which your consumer base uses.
Thoroughly research the platform
You will find everything you need to know about crowdfunding right here but Kickstarter provides other pieces of information which also deserve your attention. Their Further Reading section offers an abundance of case studies which will be invaluable to you. We also recommend Giff’s guid for making a tech Kickstarter.
Heather Delaney advises to check out the information already made available on the platforms in order to better understand what it is you are about to use.
The devil is in the details
The best way to sell your products is by figuring out who’s it for. Take your time in finding out who they are and how to reach them.
Heather Delaney advises to carefully devise your plan and page, and not to rush into things. Check then double check your to-do list because you will not have the time to do so after the campaign is launched.
The key is marketing
As we’ve said, crowdfunding is not just about the money. A picture can be worth more than a thousand dollars. Unfortunately, not many people understand that and don’t put too much focus in the appearance or visual aspect of their projects.
Pictures of your prototype and exposing it for journalists to photograph it as they please is a good move and good promotion for your campaign.
Delaney advises to share your project’s page on social media sites and to talk with both the crowdfunding platform and press to feature your project on their main page. Also, have images, specs, logos and product details available at all times.
Your timing has to be just right
Statistics show that a 30-day project has the highest chances of success but you shouldn’t neglect the calendar either.
Heather Delaney points out the Coolest Cooler case. They launched their campaign in winter and failed, but in summer, the project raised well over $13 million.
Establish a realistic target…
The trick with any project is to set as a realistic budget as you can, while not forgetting to add a little bit more for yourself.
Delaney advises to think twice. The Kickstarter community is not as gullible as it may seem and people will know if you’re being too greedy.
…Then pitch it fast
The biggest setback in crowdfunding is campaigns that fail to meet their target in time. Make sure you promote your idea quickly and hard so that you will have enough interest in your project prior to its launch. If people think that you will have a good chance to achieve your goal, they will invest.
Errett Kroeter of Bluetooth SIG advises to establishing a low target which funds quickly attracts investors a lot better than a high target which takes time to fund.
Sell your idea the right way
Statistics show that people usually pledge an average of $25, so you don’t really need too high prices.
Delaney advises to offer options with all sorts of benefits for each package. People often respond to good bargains and your options reassure them that they will be the first to have your product.
Share your story
More often than not, people respond to your story and background so if you share with them who you are, what you’ve done so far and how exactly you got the idea for this project and most importantly, why you think they can benefit from it, then people might be a little more inclined to back you up.
Record a video
Statiscally speaking, people react a lot better to projects which come with a video to explain the main aspects about it. It doesn’t have to be to fancy either.
Heather Delaney advises to keep it as short and as simple as possible, so that people can quickly make up their minds about your project.
Don’t oversell your due date
When it comes to making a dream a reality, there will always be unforseen variables. Things will inevitably go wrong, you will need to make one or more alterations to you prototype then you will have to have plug adapters for all the world’s nations.
With all of that in mind, don’t set a work timeframe too far off into the future. People won’t be as enthusiastic about their investment if they’re going to get their device in a few year’s time.
Heather Delaney advises to set as much of a realistic date as you can, because your project could take longer than expected.
Always keep the crowd up to date
When your backers put their money into your project, they expect to be constantly informed of the progress or setbacks of the product.
Heather Delaney advises to keep your backers updates with the good and the bad parts of your project.
It’s not a secret that crowdfunding isn’t easy, but the benefits of even an unsuccessful one can have benefits. If you follow our steps, you could have successful crowdfunding from your first try.