It’s a month until I graduate with a Master’s in
Entertainment Business, and it’s a month until my IndieGoGo fundraising
campaign ends. Yes, I timed it that way on purpose.
My team and I have produced our YouTube show, The Dinz, for the past 9
months. In those 9 months, our subscribers have more than doubled, but our
average view count hasn’t shown a measurable upward trend. We’re treading water,
and not making nearly enough ad revenue to buy the crew lunch, much less pay a
fraction of our deserved wages. We turned to IndieGoGo as our last hope to turn
this thing into a job as we figure out how to turn our work into actual profits.
Despite all our greatest efforts, and the incredible
generosity of more than 50 friends and fans, we have barely made a dent in our
goal. However, sometimes things can be learned from not-so-successes just as
well as successes. Here’s a list of the things I’ve learned, and how I would
advise other YouTubers attempting crowdfunding to run a successful campaign.
1.
Do not set a goal that is higher than your
subscriber count. If you need more than that, too bad so sad. If you can’t get 80,000
people to hit a “subscribe” button, you won’t get 80,000 people to give you a
dollar. One dollar per subscriber is already an ambitious estimate. 2/3 of your
subscriber count is an attainable goal.
2.
Never depend on solo funders to spend more than
$100. If you want to offer a perk that is extremely resource intensive, like a
custom video, crowdfund the perk. I.e., “If 200 people claim this perk, we will
do xyz!” Offer some sort of small, free prize to the donors if that capacity
wasn’t reached – like a shout-out or
digital photo.
3.
Limit the physical objects – like photos and
T-shirts – that you include as perks. You’ll have to sell more than 100 of them
to even afford to offer the perk at all. Focus on perks that cost nothing and
are personalized – like a shout-out or
digital photo.
4.
BE REAL. I tried to be chipper, positive, and
bubbly for the first two weeks of the campaign and barely made a dent. As soon as I made a blunt and honest video
explaining what was at stake, how much we needed the money, why we needed so
much, and how sorry I was that we had to ask for donations, the amount of
donors exploded. People tell you not to do this in fear that you’ll sound like
you’re “begging,” but I find that people respond empathetically when you’re just
being honest. You can state your need without guilt-tripping people.
I wish all the best to anyone attempting crowdfunding. Some
people think that it’s begging, but frankly – they are wrong. We are working
for our money. Crowdfunding is a full time job, and I believe that with that
attitude, crowdfunders are more likely to be successful. Maybe we won’t be this time, but next time,
I’ll be armed and dangerous!
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