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Confessions of a Serial Crowdfunder...

by Magnus » Sun Sep 21, 2014 4:35 am

The topic of Rewards...

Rewards are a major -- and I mean MAJOR -- area that's overlooked by just about everyone ...on just about every level ...in just about every way.

I screwed it up to start with... (and by "screwed it up" I mean a left a lot of money on the table!)

An entire book could probably be written just on Reward strategy alone.

However, in this post, I want to talk about a super-specific part of Rewards. And that's: how I structure my Rewards to make filling out the Backer Survey easier for the Backer and, more importantly, easier for me! :twisted:

It's actually really simple:

I structure my Rewards so that all a Backer needs to do, when he receives the Backer Survey for a project, is fill in his address and click 'Submit'. (...actually, he doesn't even need to do that, because Kickstarter usually pre-fills the address fields anyway ...so the only thing a Backer needs to do is hit the 'Submit' button!)

It's great for the Backer - but it's also great for me too!

Two reasons:

#1 - It's such a simple Backer Survey form they fill it in right away (I've received forms as a Backers that were so complicated I never filled them in until I was in the mood ...they were shocking!)

and

#2 - It makes it even easier for me when it comes to fulfillment... because everyone at any particular Rewards level all gets the same product.

I'm really reluctant to do any customizations - I did this for my first project and decided it just wasn't for me. The additional funding wasn't worth it.

Oh, and do you know who else follows this principle?

If you answered, "Apple" ...then give yourself a gold star!

Apple is the undisputed king of giving you a handful of options and that's your lot. It seems to work for them ...and it really works for me.
Read: Confessions of a Serial Crowdfunder Thread.

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by Magnus » Sun Sep 21, 2014 4:49 am

The "Die Hards"...

A certain percentage of your Backers will become die-hard, with-you-forever fans of what you do.

And it doesn't matter what you're doing (music, art, technology, ...whatever) you're going to get people who will buy whatever you produce.

It's not a high percentage ...only a few out of every hundred. But, man, their dedication and perhaps even obsession will surprise you!

And get this...


I've lost count of the number of times I'm put a new prototype up on my Cogent Industries blog and had comments that literally just said, "SHUT UP AND TAKE MY MONEY!"

How cool is that ladies and gents?

It's always a great confirmation of what you're doing ...especially at a time when you're doubting yourself.

Very cool.
Read: Confessions of a Serial Crowdfunder Thread.

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by Magnus » Sun Sep 21, 2014 5:02 am

My biggest blunder...

Fortunately I never screwed-up too much stuff.

I'm fairly happy with most of what I've done ...and wouldn't change too much if I had to start from the beginning.

However, there is one thing I didn't do that eats away at me... (actually, that's not true, I said, "eats away at me" for dramatic effect ...but the truth is ...I've learned to get over setbacks as fast as I can and move on)

I should have really pushed myself to have other products for sale on my website earlier.

I finally got it up to three products for sale on my website by the time I had launched my third crowdfunding project.

I won't go into specific numbers ...but I will say I was surprised how much traffic came from Kickstarter to my website ...and how many sales I made.

Let me leave you with this thought...

Had my last project failed ...I still would have been happy because of the sales made on my website while the project was live.

Something to think about.
Read: Confessions of a Serial Crowdfunder Thread.

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by Magnus » Sun Sep 21, 2014 5:04 am

It funny...

A lot of what I've talked about so far in this thread is probably 80% applicable to business in general.

It's not really new or fancy - I think it just seems that way because it's so specific to crowdfunding.

Could be wrong.

Just my take on my own stuff. :)
Read: Confessions of a Serial Crowdfunder Thread.

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by Magnus » Sun Sep 21, 2014 5:38 am

I screwed-up again ...great!

I'm just a few days away from turning 32.

And, when I think back on it, it's only in the last few years I've managed to get anywhere (in general).

The truth is...

Looking back on my life ...I would attempt things ...and then give up. Generally fairly "timid" in that regard.

Oh how things change.

In fact, I'm feeling a little philosophical, so if you will indulge me...

With other things in life - you can usually quit any time you want.

You could, say, start a website (I have done this many times). You reckon your website is a great idea (and it probably is) but it's just too damn easy to quit at any single point.

With crowdfunding - it's a little different...

You have an idea ...you get it to where it needs to be to be able to crowdfund it ...you get a bunch of Backers ...and you are then handed cold, hard cash to fufill your end of the bargain.

Now you CAN'T quit!

And, believe me, there were times during my first and second projects I wish I hadn't even started the projects.

But, crowdfunding is like having someone looking over your shoulder (except it's essentially a bunch of people -- who have given you their money -- that are looking over your shoulder).

It's a great kick-up-the-ass.

I almost certainly would have tried and "failed" at a bunch of stuff over the last year or so had I not stumbled upon crowdfunding (...it's a pattern I have repeated in the past ...jumping from project to project and not sticking with any single thing).

I was forced to stick with my first crowdfunding project ...because I had other peoples' cash.

Yes, I know, it's maybe a bit of a weird way to look at it.

But I have "failures" now that would have had me frozen and scared to try anything again for days and weeks. But, now, I barely blink.

The mistake I made on shipping I talked about near the start of this thread is a perfect example ($1k down the plughole ...and barely even thought about it).

Again, like I said earlier, none of this is new. It's stuff that most successful people in business already know and do ...but it's new to me. :D
Read: Confessions of a Serial Crowdfunder Thread.

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by Magnus » Sun Sep 21, 2014 10:57 am

Catch 'em and keep 'em...

The only time I put a link on my crowdfunding projects is around an hour before they end. I put a link there to my website (because you can't modify your project once it's ended).

But, while project is running...

I have absolutely no links to other websites. I'm not going to put in all the effort of putting my entire campaign together, getting a Backer to actually visit my pitch page, then try and get him to read my page, and so on ...only to have him click on a link to Facebook, YouTube or some other online circus ...never to been seen again!

No chance.
Read: Confessions of a Serial Crowdfunder Thread.

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by flashww » Mon Sep 22, 2014 10:24 am

wow thanks for that, great read
Help promote Welsh film production, and get your name in credits awesome as awesome merch, https://www.kickstarter.com/projects/29 ... f=kicktraq
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by XboxGirl » Mon Sep 22, 2014 3:35 pm

Wow! Those are a lot good suggestions.

My favorite advice to try a new and improved campaign if my first one fails. Hopefully my current one doesn't though. *crosses fingers*

Thanks for all your words of wisdom!
Hi there! This is my campaign link if you're interested:

https://www.kickstarter.com/projects/drguerrero/dreamnetics-the-novel
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by Magnus » Tue Sep 23, 2014 2:47 am

I'm wondering if I'm a little off with this thread...

I'm at a level where I'm doing multiple projects and building a business - but it seems most are just trying to get a single, successful campaign.

Could be wrong.

(I'm trying to picture myself a year ago ...and where I was at)
Read: Confessions of a Serial Crowdfunder Thread.

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by Magnus » Tue Sep 23, 2014 2:50 am

Screw it - I'll keep going...

Here's something you might find interesting...

From what I can tell from my Kickstarter project statistics and data (and, by the way, their data is not hugely accurate):

My first project received seven Backers from Facebook.

...second project received zero Backers from Facebook.

...and third project received zero Backers from Facebook.

Perhaps something to think about... :idea:
Read: Confessions of a Serial Crowdfunder Thread.

Titanium Pen *LIVE* On Kickstarter Right Now --> Click Here.
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