3 Powerful Indiegogo Insights for Crowdfunding
In her remarkable presentation on Crowdfunding, Gwen Nguyen from Indiegogo shared with Melton Fellows the best practices for raising money leveraging the power of the internet. Started in 2008, Indiegogo pioneered the crowdfunding movement.
Here are 3 powerful takeaways from her session:
Fact: People want to support successful projects — 87% of projects on Indiegogo exceed their goals.
Easy Rule: If you can raise $X from family and friends, then aim to raise $3X from crowdfunding.
Insight: It is better to ask for a little less than what you really need, and meet that goal.
Fact: Projects that have pitch videos raise four times more money than projects without videos.
Easy Rule: Videos should cover the who/what/why/when/how and end with a call to action. Try to aim for 3-minute videos.
Insight: Work on the pitch text that goes along with the video. It’s important!
Fact: Email is the most frequently used tool to build awareness (then Facebook, then Twitter).
Easy Rule: Plan for 4-6 weeks before launching the campaign; do a soft launch with your family/friends beforehand.
Insight: People give because of the 3 P’s: Passion (towards a project), Pride (in being part of the idea), and/or (need for) Participation.
Plus, one more bonus fact: Projects with a 4-member team raise three times more money than single person projects!