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 for a new company, helping entrepreneurs raise a lot 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 Videos – 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. His project? A potato salad.
Basically, if you had a good idea, a reasonable goal and a creative approach, it was possible to raise lots of money. Furthermore, these platforms could be used to fulfill personal goals which a lot of people found appealing.
Before long, crowdfunding became a popular model for raising funds, leading to oversaturation on the main platforms.
As a result, it’s no longer as easy to profit from these platforms. This is why you need to use actionable and exciting content to share your story. In other words, you need to use video.
Let me start by saying that video can improve your success rate from 30% to 50%. In other words, the odds of making enough money increase by 20%.
Next thing that has to be mentioned is the fact that videos are much shorter, to the point and provide interesting insights about a 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 a customer directly in order to close the sale. You need to provide a product or service that will work for them and not for you.
This is precisely why crowdfunding videos have to have a hero narrative.
In a way, you need to follow a film-like format:
- Hero (backer) is living a simple life
- The hero encounters an issue
- The 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 the backer how to solve their problem 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 for the positive effects the item will have on their life.
Introducing the Company
Even though the campaign should revolve around the 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 them more willing to support a project. Even though overcoming obstacles is their 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 the first half creates a hero narrative while the rest is meant to bring the 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 in the second half; mention technical aspects that you weren’t able to during the hero story
- Set a timeframe
- Mention potential bonuses and things you might do in the future
Introducing your company through video is much faster and to the point.
Most people don’t wish to read a long text about a creator but if you present it as part of 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 a person’s attention. Whether we’re talking about images or videos, you need something that will quickly tell backers what your project is all about.
In this case, creators are using an image to show backers the 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, it 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 minute has some merit, puts your backer in the center of attention, introduces your company and product and lastly, try to do it in the 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 in half-hearted efforts and hope for the best. Instead, you need to invest in videos, images and other solutions that will attract the 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!