How much can your project raise on Kickstarter and Indiegogo?

Discover it by running proper market research tailored to your project's needs.

The first mandatory step to take before launching a crowdfunding is executing a proper pre-launch phase. We need to create a solid community of potential backers interested in supporting the project when it will be live. In order to get the job done you need to follow a precise path, I've created a free e-book about it: 3 simple steps to sucess on kickstarter and indiegogo.

In order to effectively run the pre-launch phase, first, find an answer to these questions:

• Does my project suits Kickstarter or Indiegogo?
• How much could I raise?
• What's the right price range for my rewards?

We need to answer these questions before going further. Start with running market researches for your crowdfunding project, that is going to lead you to multiple solutions. Your answers are already out there, just look in the right places to find them.

"The solutions are already out there, just look in the right places"

Market researches are an effective mean to get the right answers. Simpler and faster than you think. Start with opening Kickstarter and Indiegogo and type keywords related to your project in the search bar. For example, if you're launching an innovative selfie camera, you'll be searching for similar existing campaigns. Type keywords related to your project such as "Camera" or "Selfie Camera". A lot of campaigns will pop out, what you need to do is filter them by "most funded", in this way you'll be able to pay attention only to the most important campaigns run so far.

At this point, open a spreadsheet file and start reporting all the major information related to these campaigns. Consider 10 up to 20 campaigns (among Kickstarter and Indiegogo) that have raised at least around $100k if possible, in order to have a considerable benchmark. Be sure to note down the following information related to each of them:

• Title
• Amount Raised
• Number of Backers
• Average Amount Backed
• Short Description

The information collected from these campaigns will be fundamental. They'll give you a pretty good idea about what to expect from your campaign. First of all, you're going to notice how much your campaign is adequate for the crowdfunding environment. Then you'll have a better idea of what the goal amount of the campaign should be and also have practical feedback about the average price to ask for rewards.

Other valuable info that you'll get is the phrasing that campaigns creators use to explain their projects to people. For this reason you will need to write down the title and the description. Also, take inspiration from the most used call to actions or keywords to understand which kind of approach would work best for your audience.

Is my project feasible for Kickstarter and Indiegogo?

Well, this is another question that deserves an answer as soon as possible. The solution is, again, market research! Running a research will consent you to better understand the potential and the limits of the project. What if you're not gonna find any projects there?

Well, probably your project is not really adequate for this environment. Don't worry! You're not on the wrong path. This only means that Indiegogo and Kickstarter won't be able to support you until the funding goal, simply because they don't have any potential backers to advertise your project to. So everything would be up to you. At that point, you have to make a choice: not run the campaign on Kickstarter/Indiegogo or still choose to run the campaign there using the platform only as a gateway to process the payment. Which could be helpful at the moment you don't have an e-commerce.

How much could I raise?

Looking at the campaigns listed in your spreadsheet will help you figure out the average amount raised by your reference industry. This will offer you a pretty clear view of what goal your project could reach or aim to. Keep in mind that those data are not updated and no one knows the future. Maybe your campaign will be the first on the list!

What's the right price range for my rewards?

This is a question I often hear from my clients. If you still don't have a clear idea of the price of your product or the tiers structure, running the market research will allow you to get a clear idea of a very important data: "Average Amount Backed". This is gonna tell you how much these campaigns received from every single backer (amount raised / number of backers). Placing your price according to the average amount backed is gonna consent you to leverage the value that you can get from your main reward. Maybe you're underestimating the value of your rewards, if that happens make sure to check if backers bought something similar to your product at a higher price and consider raising the price by 20%.

It's important to not skip this step because it's gonna put the ground on the building that you're planning. That will lead you to the right pattern to follow and have a clear idea about your project's potential.

Just remember that you'll need to tailor your pre-launch phase starting from those numbers in order to understand how to reach your goal. Without a clear vision of that, working on the pre-launch won't be effective as you want.

If you want to have a better overlook on how to build a solid community of potential backers and success on Kickstarter and Indiegogo, consider downloading the free E-book that I wrote about it. Just click on the link below!

Download the Guide: 3 Simple Steps to Success on Kickstarter and Indiegogo.

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