A lot of business people have considered funding their project through a crowdfunding campaign at least once in their life.
And why wouldn’t they?
Platforms such as Kickstarter and Indiegogo can provide good exposure to a new company helping entrepreneur raise lots of money during a short period of time. You might even argue that crowdfunding campaigns are the best way for small projects to succeed given that large investors and banks are not so eager to help them.
So where do videos come into play?
Crowdfunding video – What’s the big secret?
As crowdfunding became more popular various success stories started appearing in news media.
Even if your product or service wasn’t so great, you were still able to create a successful campaign and raise lots of money. Just watch this YouTube video:
Zach Brown raised $55,000 through Kickstarter platform. His project? A potato salad.
Basically, if you have a good idea, reasonable goal and a creative approach, it’s possible to raise lots of money. Furthermore, these platforms can be used to fulfil personal goals which lots of people find appealing.
Before long, everyone started using them which led to crowdfunding platforms being crowded.
It’s no longer as easy to profit from these platforms given that competition has become really stiff. This is why you need to use actionable and exciting content to share your story. In other words, you need to use videos.
Let me start by saying that video can improve your success rate from 30% to 50%. In other words, odds of making enough money increase by 20%.
Next thing that has to be mentioned is the fact that videos are much shorter, up to a point and provide interesting insights about product and company.
Check out the following 4 tips that will help you use videos for crowdsourcing!
Creating a hero
One of the first things you learn in marketing is that you need to address customer directly in order to close him. You need to provide a product or service that will work for him and not for you.
This is precisely why crowdfunding videos have to have a hero narrative.
In a way, you need to create a similar form to that in a film:
- Hero (backer) is living a simple life
- Hero encounters an issue
- Hero needs to fight (by using your product) to overcome all odds
- Hero gets back to living a normal life
You don’t have to go overboard with this; the main point is to highlight an issue and to show backer how to solve it by using your crowdfunded product or service. In that regard videos are much more immersive than any other format.
People have to support your project not because of you or the item that you’re providing but the positive effects this item will have on his life.
Introducing the company
Even though the campaign should revolve around backer, you need to free some time for presenting your company.
By doing this you are able to create a bridge between you and a user making him more willing to support a project. Even though overcoming obstacles is his main priority, most people don’t wish to invest money in someone they don’t like or don’t trust.
Here are some points that you have to cover during a video:
If you check out this video you will notice that first half creates a hero narrative while the rest is meant to bring company and product closer to you.
Here are some points that you need to cover in a crowdfunding video:
- Introduce yourself and your team
- Show previous crowdfunding projects and how you managed them; this will persuade investors to back your company
- Talk more about a product; mention technical aspects that you weren’t able during hero story
- Set a timeframe
- Mention potential bonuses and things you might do in future
Introducing your company through video is much faster and up to a point.
Most people don’t wish to read long text about creators but if you present it within a crowdfunding video, they are more inclined to check it out. By putting your face in front of a camera, you are providing full-transparency – something that builds trust and that most backers will appreciate.
Turning to visuals
It is no secret that people are visual beings. This is precisely why YouTube has had so much success as of late.
Visual solutions are necessary to attract person’s attention. Whether we’re talking about images or videos, you need something that will quickly tell backer what your project is all about.
In this case, creators are using an image to show backers content of a board game:
There are a lot of different ways to use images and videos.
It is much better to show people what they’re getting and what to expect from a project than to simply write it down.
Even if you post a longer video on your Kickstarter page, this content will be much shorter than if you were to write it down.
However, you still need to be careful.
According to Crowdfunding.io, campaigns with videos of 5 minutes or less have a 25% greater chance of succeeding compared to those with videos longer than 5 minutes.
Make sure that every minutes has some merit, put backer in the center of attention, introduce your company and product and lastly, try to do it in shortest amount of time possible.
My views on crowdfunding videos
Due to high competition, crowdfunding projects have become really professional.
You are no longer able to put a halfhearted efforts and hope for the best. Instead, you need to invest in videos, images and other solutions that will attract attention of people who land on your page.
If you followed the tips presented in this post you will have no trouble creating an awesome video that will support your funding success!
Have you ever tried creating a crowdfunding video? Did you use videos for it?
Let me know what you think in the comments below!
Make sure to contact our blog through social media – Facebook and Twitter.