Your Kickstarter Campaign Failed. Now what?
Your Kickstarter Campaign failed. Now what?
Although Kickstarter has one of the largest followings of any crowdfunding site, Kickstarter also has an all-or-none policy, which means that if you don’t hit your target you don’t get any of the pledged funds. So, what do you do if your kickstarter campaign fails?
We’ve come to realize that kickstarter is more than just a funding website where you can post and discover amazing campaigns. Instead, it’s a promotions and marketing magnet where you can pre-sell your products and build a network of contacts that will continue to drive your success. Just ask some of the regulars that launch successful projects repeatedly. But what do they do if a project fails?
We looked at multiple different alternatives to overcome this challenge.
1. The easy answer is to contact everyone in your network continuously letting them know that they can continue to support you through your own website should the campaign fail. But what if you really needed the exact amount of money you identified on kickstarter to get started?
2. Running another campaign through www.indiegogo.com might be another alternative especially if you’ve been directing the funders that already helped on kickstarted.com. This would potentially give you access to a different group of funders to get you to the next level.
3. Another alternative would be to look for lending opportunities through lending crowdfunders such as www.kiva.org, which combined with the funds from an indiegogo campaign could put you right into the game. Keep in mind that www.indiegogo.com does not require you to meet the full targeted funds.
However, in the end, it shows us just how important it is to set the kickstarter funding goal properly so that you can get the funds you need to get going and potentially come back for a second kickstarter campaign for another milestone, which is exactly how we recommend you set up your projects – with milestones!
Set realistic milestones for your project and run campaigns based on those milestones. Every milestone you hit keep coming back with another kickstarter campaign. This should help you mitigate the risk of not achieving your kickstarter funding initially. This will also help your team gain expertise in crowdfunding and build a larger and larger network of connections, which should allow you to make your follow-up milestones easier every time.
In the end, we see that there are at least two viable alternatives if your campaign fails but we feel that running piecemeal campaigns is the best solution to growing successful followings and running more and more successful campaigns.
We’re waiting to here back from kickstarter to see what they suggest? And, feel free to give us any feedback if you have any suggestions too.
Be sure to check out the Kickstarter School and see some of their great suggestions on how to run a campaign at www.kickstarter.com