For startups, raising funds for a planned venture has become significantly smooth with crowdfunding platforms such as Kickstarter and Indiegogo.
Crowdsourcing platforms receive tons and tons of startup ideas every month so the territory is crowded to say the very least. To stand out against your competition, having a captivating campaign is one of the most powerful elements.
Read more: Kickstarter Video Production for a Winning Campaign
So, if the challenge is creating a compelling campaign, then video is the way to go. Not sure what we mean? Just take a look at the following stats:
- 63% of consumers said that video keeps brands top of mind.
- 59% of marketers said that video marketing showed a positive ROI.
- 76%of consumers said that product/service explainer videos help them make a buying decision.
Read more: How the Video and Social Media Bond Fosters Engagement
Yes, it’s impressive what a video can do. However, jumping to the conclusion that any video can work would be a huge ordeal.
So, what’s the secret to creating a captivating crowdsourcing video campaign? Here are 7 tips to consider:
1. Be yourself
You might have seen crowdfunding videos often feature stale personalities and unauthentic presenters due to high pressure to perform well.
To make a successful crowdfunding video, it’s important to remain authentic and true to oneself. And also, focus on the idea being presented, rather than putting on a show.
According to psychologist Daniel Kahneman, people tend to invest in products that they have a connection with, so being genuine and original can help to build trust and attract funding.
2. Make the first 30 seconds your focal point
Viewer attention is limited in today’s fast-paced digital world. It is believed that humans have an attention span of 8 seconds. This highlights the importance of making the first 30 seconds of a video engaging in order to capture and retain viewer attention.
The short time span is crucial for a successful campaign and should be used to hook the viewer, showcase the product, and state its benefits.
According to RhythmOne Insights, videos under 30 seconds have a higher chance of being completed, so it is important to make the most of this limited time.
3. Get the length right
Experts recommend keeping crowdfunding videos under three minutes for best engagement. Shorter videos increase the chances of viewers watching the whole thing.
Remember, the video is just one part of the campaign, use the rest of the page for additional information.
Keep in mind that what works for one campaign may not work for yours, so use analytical tools to determine the optimal length for your campaign video.
4. Tell a story
Storytelling skills are important in crafting a video for a crowdfunding campaign. Seth Godin said, “Marketing is no longer about the products we sell, but the stories we tell.”
Start with an introduction, be concise and to the point. Next, explain the importance of the venture, answer questions like why you pursued this business idea, what it means to you, and your concerns.
The goal is to hook potential investors by making the story as real as possible.
5. Talk about rewards
Crowdfunding platforms such as Kickstarter or Indiegogo are congested territories where thousands of people pitch their ideas every month, looking for investors.
Therefore, it is important to mention the rewards they will receive in exchange for their investment.
While we do encourage talking about incentives in your video, we would advise against mentioning too many at once. Instead, talk about a few really good ones and enlist the rest on the product description page.
6. Show, don’t tell
In December 2017, the video game Star Citizen broke records by raising $173,721,880 in crowdfunding, despite not even being coded at the time. The campaign’s success was due in part to its ability to show more than just a promise to backers.
If your product is in the pre-seed stage, consider demonstrating its prototype or using animation to give a sense of what the final product will look like. This can help build trust and will allow you to gain support from potential backers.
7. The ask
Don’t get too caught up in crafting the initial phase of your video that you forget talking about the call to action (CTA). Remember, the number one goal you want to achieve with the crowdfunding video is to get investors for your project.
If you shy away from asking your audience from contributing, then chances are they won’t.
To round up, thank your viewer for their time, and be polite. A little kindness goes a long way, it might even earn you some extra investors.
To give you more clarity on developing a video for your crowdfunding campaign, let’s look at five videos that stood out the most to us.
Our favorite crowdfunding videos
1. Exploding Kittens
Exploding Kittens is a 2015 card game with a unique twist, featuring goats, enchiladas, and weaponized back-hair.
Players risk drawing an exploding kitten card, which eliminates them from the game. The game is intense and thrilling, and its name alone is attention-grabbing.
So, what makes their video a success?
The video campaign uses animation to show the final product, engaging the viewer’s imagination. It is also concise, wrapping up within three minutes.
The creator, Mathew Inman, introduces himself, explains the rules, and makes his “ask” after establishing credibility. Additionally, rewards are offered to lure prospects to support the project.
How did it do?
Exploding Kittens was able to raise a staggering $8,782,571 which exceeded the project’s goal.
2. Coolest Cooler
The Coolest Cooler is an upgraded cooler with a built-in blender and speaker, created by Ryan Grepper, who wanted a “well-built” cooler with “so much fun built into it”.
The project seemed promising. It’s worth noting that the Coolest Cooler faced issues with multiple missed product delivery deadlines with its backers, but the campaign video remains relevant today.
So, what makes their video a success?
This video effectively addresses potential questions about fund allocation, with the creator explaining that he lined up top manufacturers to ensure high-quality and timely delivery.
He also highlights the cost savings of backing the campaign, explaining that buying all the features included in the cooler would cost over $500. While backing this campaign for $180 offers a great deal.
The video also covers the benefits and functionality of the cooler in less than three minutes.
How did it do?
This video made $13,285,226 which is 26,570 percent of the total project’s goal.
3. BioLite BaseCamp Stove
With its mission to make clean energy accessible worldwide, BioLite in the past has introduced plenty of products. The BaseCamp Stove happens to be one of their most successful crowdfunding campaigns.
So, what makes their video a success?
The video begins by introducing the team and mission of BioLite, then positioning the product, the BaseCamp, as a “crowd-demanding” commodity. This ‘social proof’ move is paramount to mitigating the pressure that comes with proving your product to potential backers.
The video concludes by enticing the viewer to invest in the campaign by highlighting that supporting the campaign now will help the company take new risks on future products.
How did it do?
The Biolite BaseCamp stove was able to raise $1,032,443 with 3,783 funders.
4. Pebble
Launched in 2015, Pebble is a customizable smartwatch. This groundbreaking campaign launched in 2015 and still remains pertinent when it comes to kickass crowdfunding videos.
So, what makes their video a success?
Two of the biggest strengths of Pebble’s campaign video are a clear-cut brand.
The video is not out-of-the-box or very high quality; however, it does a great job at explaining the features of the watch.
How did it do?
Pebble made $20,338,986 on Kickstarter, while their goal was a mere $100,000.
5. PonoMusic
Developed by Neil Young, PonoMusic was an MP3 player for high-resolution audio. It was discontinued in April 2017; however, we believe Pono’s crowdfunding campaign video is still worth a glance.
So, what makes their video a success?
Pono, unlike the rest of the videos enlisted in this article, broke all the rules – the campaign video exceeded the three to five-minute time limit reaching an astonishing 11-minute mark, the product didn’t receive enough runtime and the video was shot almost poorly.
So, what made Pono’s campaign video a success?
Celebrity endorsements.
Elton John to Jack Johnson, Neil got experts from the music industry to review his product, which worked like magic.
How did it do?
PonoMusic raised $6,225,354 which makes up for 778 percent of the product’s target.
The bottom line
While there is no exact formula that we can offer you to create amazing crowdfunding videos, the tips in this article are definitely going to help you in stacking up the odds in your favor.
