Have you built a great product that targets a specific niche market? Have a functional prototype that will knock the socks off potential customers? Then you’ve probably considered a crowdfunding campaign.
Here’s how you run a video crowdfunding campaign to discover if your product, idea or software apppeals to your target market or the public. There are many factors that determine if your campaign will become successful or just a flop. We’re here to tell you that your demonstration or product video is the make-or-break tool for your entire campaign. People are visual. If you have a product that you are asking them to support, they want to see it and see your passion for it. Without those aspects why would anyone choose to spend their time and/or money to back it?
Qualities of a Good Video:
We’re not saying that your video must be a $25,000 professional video decked out with intense 3D graphics – but in order to succeed, your video will need to focus on at least these four main factors:
This should go without saying, but there also needs to be good quality content in the video. Essentially, you need to tell a compelling story in a very limited amount of time. To craft a great story, you’ll need authentic (or humorous) characters. You’ll need to demonstrate that there is a particular problem and explain how your product or service can solve it. And relying on well-informed data ALWAYS helps get the message across.
We’d like to show you three examples and discuss three primary concepts that make or break a successful crowdfunding video with regards to telling your story and the story of your product/service:
- Human Aspect
- How does it work?
Some examples that have been fully funded:
- Simplicity – People don’t want to hear a long explanation about everything that makes you different or every detail that goes into your business. Simplify it. Check out this company that offers cloth and compostable diapering alternatives. They don’t have the most high-tech video, but they did a great job explaining who they are, what they do, and how it’s better than an alternative. This video isn’t perfect, but it describes the more emotional benefits of the company as opposed to describing what makes their services work.
- Human Aspect – For the most part, people are interested in the human aspect of things, not the technical details. Check out this video. It’s a great product with an amazing purpose, but the execution of the video falls short. If they would have shown the human aspect towards the beginning of the video than the viewer would be more likely to become emotionally attached. They managed to reach their goal, but it was in the last few days of their campaign. A shark tank winner, Tiffany Krumins who created the AVA Elephant Brand explained this concept well when she said “I believe they can see the passion I have for children and that matters to them. They want to know they are getting behind a good cause.”
- How does it work? – In this video, the inventors tell us how their product is going to help the world and also gave details of what it would cost per day to operate their manned boat. They claim this cost is the reason there are not many ocean-going boats gathering data. They talk about what uses there are for the data which makes the viewer more likely to commit to help fund the product.
So basically, incorporating subject, lighting, audio, and passion into your campaign through the means of a video has proven to help people feel more compelled to give which in turn can help you reach your goal!! What are you waiting for? Start your crowdfunding campaign today!