6 Figure Kickstarter Shares Advice
Posted: Sun Jul 20, 2014 7:10 pm
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How did Kickstarter change the business/life of the founders? Did you expect to raise so much?
Kickstarter definitely changed the business as well as the life of the founders at Power Practical. Before kickstarter there were 4 of us (the founders) working on bringing the PowerPot to market. After Kickstarter we had to rapidly expand, from a team of 4 to a team of 8 + volunteers. We also had to physically expand our footprint from our 300 sq ft space to 1300 sq ft garage. Although our goal was 50k we were hoping to raise ~100k, so we even exceeded what we hoped to reach. Without kickstarter I do not think that we would have been able to close our seed round of funding, which has put people on payroll and given us the resources necessary to make it into big retailers like REI.
What are the top 3 components to being successful on Kickstarter?
A well though out and thorough campaign is the most important part to a kickstarter project. If you have a good idea but a bad campaign you won't get far, whereas if you have a mediocre idea and a great campaign you're more likely to fund. Having a good campaign includes a lot of different aspects: the $$ goal, video, pledge levels, and body. All of these aspects have to look like they have had some serious thought and effort put into them or else no one is going to be confident enough in you to back your project.
Next most important is probably pre-launch preparation around spreading the word. Before you press the launch button you need to have a plan on how to get the word out. Lists of bloggers, influencers on twitter/facebook/instagram/etc... are invaluable after you launch, because you'll want to let them all know soon as you press that launch button (or maybe even before). These people will help you spread the word and get people excited about your project.
Fulfilling your campaign is very important to companies/individuals that plan to be serial kickstarters. Be honest about the status of the project through updates. Work your hardest to deliver exactly what you what showed in your campaign. And if at all possible fulfill on time, it's a nice surprise to serial kickstarter backers when this happens.
Is there a "Kickstarter effect" (increased sales/marketing/PR from being successful).
The “Kickstarter effect” is amazing. After a successful project you'll continue to receive publicity and traffic from your kickstarter page. Also all of the press you receive during/after your campaign has lasting effects on the internet. By this I mean: your website will be easier to find, third part information about your product will be available, and people will be able to look back at your kickstarter campaign and see how far you have come. One more aspect that has been important for us as a small business is that Kickstarter money is cash up front, which is extremely helpful for cashflow of operating a business. Just be careful that you don't over extend yourself.
Being innovative and creative is the key!! 