Crowd Funding – My ExperiencePosted: February 14, 2013
For those of you that don’t know, I am in the final 24 hours of a crowd funding campaign I have been running for a comedy documentary called ‘Bid For My Life’. We’ve got a fair way there, but it’s touch and go whether or not we’ll make our target in time.
That’s not why I’m posting this blog, however. I wanted to elaborate on my experience running the campaign; what I’ve learned and discovered about the process and the experience. Naturally I knew of the advantages of crowdfunding before embarking on the journey. We’ve all heard about the success stories, the statistics and what a great way it is to put your idea in front of thousands of people for them to be the judge. What we don’t hear a lot about is the demoralising stress of having the average campaign, and the ridiculous amount of work you have to put into it to have any sort of chance of hitting that magical 100% figure.
Naturally, if you’re offering people an amazing and revolutionary product, or have a name behind your project, it’s a lot easier to have people take you more seriously. For us however, my ‘loyal following’ basically included most of my family and friends that have enjoyed my entertaining videos for the years that I have been making them. Fortunately for me, a ridiculous amount of them, despite having enjoyed my work gratis, were willing to be very generous to fund this new project, and that’s obviously where a lot of your initial funding has to come from, to build up enough backers and people showing trust in you to inspire trust from people that do not know you. I figured that offering my final production for as low as £1 would give me a very high conversion rate for my viewers, leaving me the simple job of just getting my message out to as many people as possible. Surprisingly, that was not so. Out of the 7000+ people that I don’t know who viewed the campaign, around 30 of them were willing to give £1. This low point of entry didn’t encourage backers. Perhaps confirming that if someone is willing to back you, they’ll generally put in a decent chunk of money. Some people suggest that you shouldn’t set your reward prices so low, as realistically you could never make enough of a difference with such small contributions, but in my opinion, if it converts a few people who wouldn’t have donated, it will benefit you in the long run because of those OCD backers that want your total to hit a ’round number’, and contribute a few extra pounds or dollars to make it so. It sounds ridiculous, but it happens, and every bit adds up. Then you’ve got the mere fact that a £1 contributor becomes your evangelist and feels a part of the project too. The more people selling it, the better. Even more interestingly, I estimate that around 95% of my backers were people that were somehow connected to me, either through knowing someone that knows me, or simply just someone I have interacted with in the process of running the campaign. It seems like you can’t expect your audience to come to you, it’s essential to go to them and MAKE them interested.
It is often advised that you shouldn’t run your campaign for too long, and I can completely agree with that. The 30 days I have been running ‘Bid For My Life’ for have been so much work that I just wouldn’t have been able to keep up this level of buzz and excitement for any longer than that. Initially your close friends will back you, giving you a wave of positivity as you inevitably calculate how much you need to make per day to have a shot of hitting target. Then week two hits, and all of the ‘early adopters’ finish backing you. It gets slow; very slow. The number of days left remains high, so those people that may be following your campaign still feel like they have plenty of time to chip in; one of the reasons for the final wave of support at the end when those very people realise that if they are to help out, they must do it quickly. Demoralising is putting it lightly. I had days where no contributions came in, and I just didn’t know what I was doing wrong. It took a lot of willpower to keep the enthusiasm for the campaign up, and having content to create to entertain your followers is a good plan towards that.
I will admit, I didn’t do enough preparation for the campaign. Mock ups of rewards like T-Shirts, and having an established relationship with bloggers and members of the press that could cover our production would have been much more helpful. It meant that I ended up reaching out directly to people during the campaign, in the hope that they would even look at the project. I was lucky that my social network were enthusiastic about it from the get go, sharing the link, tweeting about the project and raising us up the rankings of the site, quickly. We were featured on the front page, on the newsletter, made campaign of the day, and remained high up on the most popular campaigns list throughout the month that I chose to run the funding for, but despite all of that, very few people that heard about the project from those avenues actually backed us. I was much more lucky with direct communication. Strumming up twitter conversations with strangers sometimes encouraged backing, and certainly helped our exposure, and despite the fact that I’m still not sure whether or not we’ll make our target and get anything, I’m very excited about crowd funding in general.
Why? Because of the community that surrounds such an endeavour. I only experienced one person throughout the entire process that was actively nasty to me, and I assume part of that was because he was a grumpy film critic, so what did I expect? Another person I asked for help refused me, but was lovely in his explanation of why, and it made it very clear that endorsing a project is about far more than thinking it’s cool. It says something about you, and by sharing it with your friends and followers it can affect your life, and people’s perception of you too. I was met with a wave of enthusiasm, generosity (not just financial, but of assisting me to get my message out) and a lot of exposure to film-makers and other projects that I would have had no idea even existed had it not been for my desire to expand the network of people I was in contact with, purely because of ‘Bid For My Life’. Opportunities unrelated to the documentary have arisen because of it, and I have even discovered a couple of bands that I now love, all because of chance encounters stemming from crowd funding. The world of crowd funding is an exciting and rich one, full of projects that allow you to actively be a part of just by showing a little enthusiasm or dollars from your pocket. While I used to fund projects whenever I heard of a good one, or was connected to someone involved, now I can see how open I have become to actively seeking out projects using this model.
There is the inevitable divide of people that like and dislike crowd funding, and they’re normally split down the middle depending on whether their own projects succeeded or failed, but I’m definitely on the positive side of things. The last month has been a non stop effort, and certainly a full time job for me, running for most days from the time I wake up to the time I go to bed. I’ve made over an hour of fully edited content, as well as a 17 hour live stream to promote the project, and it’s been a pleasurable creative explosion to be able to entertain so many people. Putting ‘Bid For My Life’ in front of so many people at the pre-production phase has allowed me to question a lot more about the project than I would have otherwise, leaving me more confident about its quality and merits. True, bad ideas can sometimes gain funding and good ones can fail, but if you start a campaign, you can be sure that by the end of it, you’ll know whether the project is worth pursuing, even if you fail to reach your target.
I’d like to end with a general ‘thank you’ to all of those that I have been in touch with over the course of my experience. Especially those that helped me through the week 2/week 3 lull that generally accompanies these campaigns. My experience has been a good one, and if you wouldn’t mind, please do take a look at our campaign page and see if we can actually reach the target to ensure that I’m celebrating rather than commiserating when this is all over in 20 hours.