We recently tried to fund some new project ideas that we had, via Kickstarter: http://kck.st/QjQZho
As you can see, we weren’t successful. In fact, we fell extremely short of our goal. It wasn’t a failure however, because we really learned a lot about our products and made some great contacts and the beginning of a community for them. We still plan on making these two products. Just now they will have to be built in spare hours/cycles, instead of us dropping all consulting work and focusing on them fulltime.
But that’s not why I’m really writing this blog post, for things that we’ve learned about our products will come out in time as we do, eventually, release them. In even better forms than we’d originally conceived.
No, I’m writing to share lessons learned about Kickstarter itself. Now, all of us at Musketeers.me were familiar with Kickstarter. We’d watched it, we thought we understood it. Heck, we even googled for every possible “How to make a successful Kickstarter” article we could find and read them. And we thought we knew what to expect. Boy were we wrong. So I wanted to share some of my own personal findings (some of which are directly about Kickstarter, some are more tangential)
- Amount of fundsObviously in the end, we were asking for far more money than we were able to raise. The interesting thing is that we had already dropped our asking amount significantly. We originally calculated that we’d really want to have $200k in order to really have the four of us really focus on making these products up to the point of being fully featured websites that could live a life of their own. We did quickly realize as we did the math, that asking for $200k was just going to be far too much. So we backed it down to $50k, which was the minimum we could afford to make that will let us focus 100% on these for a little while. But, for a ‘non-physical-product’, where people were essentially prebuying a service that they couldn’t even see. It was just too much. Unfortunately I’m not sure if there’s anything different we could have done there. Versus having a completely different kind of product.
- % of followersSo part of the calculations that lead us to come up with our number of $50k, was based upon the size of our networks. Between the lot of us, the Musketeers have around 5000 followers on twitter (and that’s not counting some of our extensive networks on Facebook, Google+, etc). We erroneously made an assumption that: “Hey, if even only 50% of our followers would chip in $20, we’ll make it!” And we were expecting at that point for it to go viral! (Think Big!). However; the reality was that we had 1% of our networks who backed us. There’s actually a number of reasons for that, but it meant we had started from a very wrong mindset.
- Noisy NetworksEveryone talks about how noisy social networking has gotten lately. But this experience really drove it home to us. Weeks after we had started the Kickstarter, and all four of us had been pimping it on all of our social networks. We still constantly run into people in our network who hadn’t heard of it. Talking to them personally, or emailing them directly, would be greeted with great applause and an instant high backing amount. But no amount of social network traffic matched that. (Heck, if you want to see even the worst case of that. We still to this day run into people who think we are actively working on mojoLive, versus all the posts to the contrary about Musketeers.me)
- Slow contactsAnother interesting effect of the noisy network, was how long it would take some acquantances to respond to emails, Facebook Messages, or Twitter DMs. People that we directly reached out to in the 1st week of the campaign, were suddenly coming out of the woodwork in the last week. Responding to us saying they thought it was a great idea, and backing us. With us all being addicts to our social networks anyway, where any direct contact suddenly makes our phones start screaming at us for attention. This idea was alien to us.
- Proper networkWe were halfway through the campaign, before we realized this one problem. Pointed out to us by a good friend. Simply put, the products that we are wanting to create – are not products that our own networks are the target audience for. While some ‘tech geeks’ would be interested in these tools. They really are marketed, if at any specific audience, at more of the self-improvement, “getting things done”, or project management networks. We started reaching out to these once we realized that. But since those aren’t part of our core network to begin with, it just wasn’t successful, even after days spent blind emailing prominant bloggers & contacts in that sphere. The moral of the story here, is that since successful Kickstarter campaigns, start from tapping your own network first. It needs to be a product that your own network is going to go bonkers over.
- Higher pledgesThis is a positive thing we learned which we just hadn’t expected (nor really planned for). We assumed that noone would be interested in backing our project, if they weren’t getting a ‘good deal’ out of it. So we value priced the primary level at $20 (for a $40 value), hoping to pull people in. But then something happened. People started compaining that we didn’t have higher levels. $100, $200, $300, or higher. Even if what was being given out was more esoteric (fun?) concepts, versus physical goods. In the end, we found that the majority of the funding we did have pledged, came from smaller numbers of people, but at MUCH higher pledge levels than our original $20. Had we planned for this effect appropriately, we would have started off with higher levels, and not ‘value priced’ things so much.
- It’s all about the video
Finally now that we are all Kickstarter addicts … we’ve really realized the value of the video. We spent a day putting ours together. We shot it on high quality equipment, took a little time planning out what each person would say, spent some effort editing it together, etc. And it was in the style of a number of Kickstarters that (previously) we’d seen be successful. But; honestly, it was boring. And you would see that in the statistics, where only 25% of people who started the video, watched it to completion. During our campaign, we saw numerous campaigns kick off, who when you think about them have rather abstract concepts behind them, or are charging (in our opinions) way too much for their product. Yet that get amazingly great, amazingly quick traction. When you look at the one common trait of all of those campaigns? Funny, inventive, entertaining videos. Now thinking about it in retrospect, we are laughing our asses off at some video ideas we would have had that could have gotten the idea of the campaign across, and entertained during the process. They would have given an emotional response to the campaign, instead of just a basic (if extremely informative) video
In the end, as I said, we’ve learned a great deal during this experience. You certainly haven’t seen the last of Musketeers.me, and our products which we will continue to work forward on. You also haven’t probably heard the last of us running a Kickstarter campaign. But when we do it in the future, we will find a way to do it at a much lower price point, for something our own networks will love, with higher pledge points, and an amazingly awesome video.
(Originally posted at: http://eliw.wordpress.com/2012/10/19/unsuccessful-kickstarter-lessons-learned/)