- Did you post your review yet?
- Review the final project: crowdfunding report over on the Unit 2 page and the updated schedule.
Drawing from Kickstarter’s own public data, pro-bro tech news site The Hustle says the campaign success rate on that platform is about 36%, with comics seeing a higher rate at 57% and book and photo projects seeing a lower one at 32%.
What separates the successful from the unsuccessful is complicated, but crowdfunding experts unanimously agree that in order to motivate people to donate, you have to make a genuine, compelling pitch that is bound up in the story of the thing or its maker. Creators do this through narrative — making their story relatable to others — which helps to de-emphasize the financial aspect of the transaction and makes it instead about hope. Crowdfunding is about people investing in people and meaningful ideas. Here’s what Forbes said about this last year:
As a crowdfunding campaign creator, it’s crucial to let your viewers know why you decided to crowdfund and the story behind your campaign. The more you talk about it, the easier it becomes for your viewers to trust your campaign and eventually back it. Be sure to explain it all in digestible terms for easy reading. When the objective is clear, people understand the usability of the product and are more likely to back it.“Seven Tips For Writing A Compelling Crowdfunding Pitch” from Forbes (2018)
Another source mentions that the pitch should at least implicitly answer the 5 Ws — and in this order:
What: What is it that you’re selling and will it make my life better?“How to Create an Effective Crowdfunding Pitch” by CrowdToolz (2016)
Who: What’s your story? Who are you and why is it relevant?
Why: Why did you make this product? How is it better than the competition?
When: When do you expect to ship your product?
Where: Where will the product be available?
Today I asked you to find a crowdfunding campaign like the project you’ve imagined. As I mention in the revised project description, you’ll need to find at least one campaign to analyze for your report (although 2-3 would be better).
Activity: See this Google Doc.
Homework for next class
Draft your campaign analyses and, if you’re ready, your short and long pitches for your project.