Do you have an exciting idea for a campaign, but lack the finances to make it successful? Then you’ve probably heard about online crowdfunding. In this week’s article, I am going to share with you how to get funding for your project with Indiegogo to help make your dreams come true.
What Is Indiegogo?
Indiegogo is a crowdfunding site that allows people from all over the world to contribute to a project effort. It was launched in 2008 and has since funded thousands of campaigns in more than 200 countries and has helped many aspiring individuals to kick start innovative businesses and raise funds for charities.
How to Get Funding for Your Project with Indiegogo?
The process is pretty straightforward; launch a campaign and request for funds. But there’s actually more to that. Before you create a campaign, brainstorm the following questions and see if you are well-prepared.
(1) What Is the Project Goal?
How much money are you looking to raise in order to achieve the project goal and still be able to cover the operational cost? How long will your campaign be running?
(2) Who Is Your Targeted Audience?
Which group of people are you focusing to get your funds? This will be extremely helpful for your marketing strategy later on.
(3) Do You Have a Project Team?
Are you handling this project all by yourself? The more you get people on board, the faster you can achieve the project goal by delegating tasks.
(4) How Would You Promote Your Project?
Listing your campaign on Indiegogo alone isn’t enough. You need to create your own resources to show people what your project is all about. Writing good quality content, creating engaging videos and visuals are some of the ways to attract more online audience. Ideally, you want to have a website to display all this information.
Creating a WordPress website is very easy these days. If you haven’t got one, simply head over to SiteRubix to launch a free website.
(5) What Incentive Can You Provide?
Giving away perks (or rewards) will encourage more positive contribution to your campaign. Indiegogo offers plenty of suggestions on their site on how to design and price the perks in exchange for donations.
Once you have addressed all the concerns in your drafting stage, you can now move on to creating your project campaign on Indiegogo. Basically, this process will walk you through 7 steps.
Step #1 – Basic Information
A brief overview of your campaign and the duration (maximum 60 days).
Step #2 – Project Story
Upload a video and write a short summary of what your campaign is all about.
Step #3 – Perks (optional)
Let people know what they can get when contributing to your campaign. It should include the expected amount and product descriptions (see image below)
Step 4 – Team Members
Let Indiegogo know the contact details of the person handling the campaign.
Step 5 – Collect Funding
Choose the type of payments to get your funds – either through credit card or direct payment. Indiegogo fee charges will depend on this information (more details on this later).
Step 6 – Extra (optional)
To boost your campaign, you can create a draft link to peers review before launching, insert Google Analytics for website tracking and update all the URLs of your website as well as social IDs. This will enable audience to learn more about your campaign.
Step 7 – In Demand (optional)
Should you decide on this option, Indiegogo will continue to raise funds for your projects through on-going exposure on the crowd source platform.
Once you have filled out all the details, click to launch. Now your campaign is live and ready to accept funds.
How Much Does It Cost to Start a Campaign?
It’s free to list campaigns on Indiegogo, but you don’t get to keep 100% of the funds received. Depending on the funding types, you will be subjected to some fee charges as shown in the table below.
For non-profit, there are no platform fees but other 3rd party fees will apply.
Let’s Hear What Other People Say…
Indiegogo’s user interface and resources are helpful for campaigns to get started.
However, once it’s up, you have very little control on the visibility of your campaign.
Hence, it’s really important to create your network first before launching a campaign (refer to earlier discussion) in order to build your reputation within the community in Indiegogo.
So, Is Indiegogo Worthy of Your Time?
Like other crowdsourcing sites, Indiegogo is a great tool to get funds for your projects – just make sure you meet all the basic requirements first. The success of your campaign will depend on traffic visiting your page and you can’t rely solely on Indiegogo for that purpose.
You need to be more proactive if you want to create online awareness for your project. Here are some of the things that you can do;
- Create a WordPress website to feature your campaign (as mentioned earlier).
- Write keyword targeted blogs using Jaaxy keyword tool, to increase your website ranking on the search engines.
- Take the advantage of YouTube videos to direct viewers to your campaign website.
- Visual marketing has a lot of potential so make good use of infographics, slide presentations and social media to boost your online presence and engage with readers.
- Engage actively on other social networks to build followers who are interested in what you are doing (in fact, 30% of the contribution is estimated to come from your own networks, not from Indiegogo).
When you are able to drive loads of traffic to your website, you are likely to get more audience to contribute to your project funds on Indiegogo. Of course, you can’t do all these in the span of 60 days. You’ll need more time than that and that’s why you need to plan ahead.
The Ultimate Purpose of Your Project…
Is more than just the money (right?). Projects are all about making creative ideas come true. Here are some examples of campaigns that you can find on Indiegogo;
From technology to charity, all projects start with an idea. To make it a reality, it has to have a worthy purpose that extends to the community. If you can connect the dots between funding and helping the community, you will have better chances of making your project a reality.
Do you have any thoughts or questions about how to get funding for your project with Indiegogo? Please leave them in the comment area below and I’ll get back to you.
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