Crowdfunding Videos: What You Should Consider Before You Get Started
Crowdfunding is an exciting opportunity for all kinds of tech entrepreneurs to bring their ideas to life…if you do it right! So then how do you do it right? The fact that you need a polished and professional video cannot be overstated:
Kickstarter says that “Projects with videos succeed at a much higher rate than those without (50% vs. 30%).”
Indiegogo says that “Videos raise 114% more than campaigns that just use images“.
Crowdfunding investment experts also know how critical that high quality video is in determining the success of your campaign. Optimize Capital Markets says “Unless absolutely unfeasible, seek professional help to produce the video. The video is one of the most powerful promotional materials at your disposable to convince people to support your project…Investing in excellent quality audio and video will yield quality results for your pitch and connect with your target audience in the best manner possible.”
Now that we know that producing a video is job one, how do you go about making that happen? Start with the goal:
*What are your Objectives? * While your investment goal is your true target, in order to get there you first need to convince people to invest. While your product may be compelling, the investor is actually going to be giving you the money so you need to signal to them that you are prepared, capable and serious. Given the virtual nature of the online relationship, your video is your best way to persuade them that your are professional, polished and taking your campaign seriously and putting the right assets toward it to communicate your clear message in an effective way.
Audience: *Think about who your audience is, not just for your product, but the type of person who’s in your crowdfunding community. In most cases I’m pretty sure it skews, young and geeky but do your homework.
Call to Action: *You need to explain to the audience what you want to do with the investment and then ask them at the end of the video to donate. It’s not just about your product, it’s about the campaign to raise money.
Message: *Consider what you really want to say. Are you starting a company, launching a product, disrupting an industry, changing the world? How your product fits into your story is key. You have to get them excited about the emotional sentiment behind your product.
Product/Project Description: *Video is the best way to virtually ‘*Show and Tell’. Make sure you find the best ways to visually explain what it is, what it does and why they care.Â Slick graphics can help but so can visual metaphors, use cases, etc.
Incentives: *The campaign isn’t just about asking for money, it’s an exchange. Consider what you are giving back. It seems that personalized, fun and novel rewards/perks seem to resonate especially well.
*Your Story: *Indiegogo says teams get funded 80% more than individuals so now’s the time to enlist your A-team! Consider what the team’s mission is, what the background story is to make them care and make sure you are relateable and likable.
*Overcoming Objections:* If there’s any reason that the audience might have doubts about your product or your team, do everything you can to clearly and comprehensively explain why they aren’t an issue or hoe you will effectively overcome them. Don’t leave any doubts, they are poison to your campaign.
*Engagement: *All they need to do is click away, don’t giveÂ them a reason. This means higher quality visuals, music and engaging story will keep them hooked. Pull on the heart strings, make them care about both your product and your story. Everyone loves an underdog who seems like they are on their way.
*Creative Concept: *The big trap many tech entrepreneurs seem to fall in is just talking to camera, playing it straight. Where’s the fun it that?! Respect your audience. You need to be engaging, do something fun, exciting, interesting, clever – do something to keep them engaged, or they will click away.
Duration: Indiegogo says 3 minutes is the right length but if you can fully communicate your convincing message concisely I don’t see any logical reason that a shorter video would hurt you.Â The last thing you want is to bore your audience and have them click away!*
*Assets: *When creating the video assets (footage, graphics, etc) you want to make sure they are high quality. Camera quality, stability, lighting, sound, music, editing, all these matter and as you bring them all together, they matter a lot! The quality of your assets is a big factor in determining how your product and company appear. You wear nice clothes to work or on a date because appearances matter, same thing with video assets. If you look amateur, you will be amateur in your audiences eyes. The video is the only way they have to get to know you so put your best foot forward.
Budget (An inconvenient truth): *By the very nature of crowdfunding projects, most teams don’t have much money to spend on then video. It’s also tempting for saavy entrepreneurs to bootstrap the video and do it yourself, but keep in mind how critical the video is and what it means to fall short of your goals. I suppose it’s tough question to ask but if you can’t find a way to come up with the budget to adequately fund the single most important part of your campaign, how committed to success are you? It’s probably a bit unreasonable to ask others to invest in your team if you wont.
- Create a video
- Hire professionals to help
- Engagement is key to success
I hope this gives you some insight on how you can prepare to use video for your company’s growth. If you want some more helpful perspective, check out our complimentary downloadable guide outlining 5 ways you can use video to help your organization grow, complete with case studies and examples!
Hungry for even more insight? Download our free Online Video Marketing Guide: Learn How to Promote your Organization with Video (Free Download)