How to succeed with your crowdfunding campaign

Four years ago, I embarked on the crazy adventure of crowdfunding by launching a campaign on the Kisskissbankbank website.

In order to officially launch our surf suits more seriously, I needed €20,000.

Launching a brand, product, or project sometimes requires funds we don't have. For my part, even though the brand has existed for a long time, I already had an outstanding loan with my bank for the goodwill of my shop, and the working capital requirements for the business were already stretched to the limit, making it difficult to approach them for more.

I admit that the idea of ​​taking on this challenge and convincing our customers to help the brand move forward and to involve them greatly appealed to me.

I was advised to start with more reasonable amounts because if the objective is not reached you leave with nothing, but since I was going to do it anyway, I might as well play the game and the challenge was all the more exciting.

1. Clearly define the project.

Looking back, I would say that the most important thing is to come up with a project that will interest people (or at least some of them).

We had something new in this project with the possibility of customizing one's suit, for example. It was very well received.

The new business model of manufacturing very high-end products and offering them at reasonable prices, directly from the factory to our customers, was something new at the end of 2014, and there were no Digital Native Vertical Brands* in the surfing industry at that time. So, being able to offer wetsuits up to 30% cheaper than their value on a traditional retail network was attractive.

Ultimately, the project was still aimed at a niche market: surfers looking for an alternative to traditional brands. Put yourself in the shoes of potential contributors: would you want to help this project if it weren't your own?

2. Prepare the communication materials.

Once the product is defined and you understand why it will interest people, you need to take the time to properly prepare your communication strategy: photos, videos. This was already crucial in 2014, but today I think you need to go even further and develop a communication strategy with specific content for each platform: Facebook, Instagram, Twitter, LinkedIn, YouTube…

Once you have created all the content, it's time to take action and go convince people to help you.

3. Contributors are not simply customers.

Now you need to convince people to invest in your project, your brand, your product.

Several levers:

Your friends, relatives, family, etc., want to lend a hand. Don't neglect them; your closest circle will be your foundation and certainly your first contributors. They will also be the ones to spread the word about you to their contacts.

By offering attractive rewards, contributors help you in exchange for a product or a unique service. The list of rewards is very important and should also encourage participation in the project.

- You need to find contributors who want to be part of the adventure. It's about your ability to rally your audience around your project. This ties into the question of "why is this project relevant and what will it bring to customers?" For example, with SNS, some surfers were really drawn to the idea of ​​getting a custom wetsuit at a reasonable price. It simply didn't exist on the market. Others wanted to support a small, independent French brand, and even a small contribution allowed them to play their part.

Remember that each contributor helped you bring this project to fruition and is now part of a very select group of valued individuals. For example, our contributors continue to receive a discount on all our collections, even four years later.

4. Prepare the counterparties carefully

The game of crowdfunding also involves offering rewards to contributors. And that's key. This aspect needs to be carefully crafted so that contributors feel valued for their participation and receive a reward commensurate with their investment.

If, for example, a €100 pledge gets a pack of stickers, it's not really going to entice them. On the other hand, an exclusive reward like spending a day with the project team, a product you're releasing especially for the occasion, or a nice discount would be much more appealing. I didn't hesitate to offer a €1200 pledge for a single contributor, including a custom-designed skateboard deck and a matching custom jumpsuit. The exclusivity and uniqueness of this pledge meant it sold out quite quickly.

And don't overlook small contributions, which are the easiest to solicit, but again, a simple thank you won't suffice. If you don't want to incur significant costs for small contributions, get creative with promotional items, accessories, or something digital that costs nothing to produce.

5. Become a spokesperson for your project.

I remember that during the 25 days of the campaign, I felt like I was repeating the same speech all day long, like a politician on the campaign trail or a movie actor promoting their film and giving the speech on four TV shows in a single day. But time is running out, and you have to charm and convince people. So there's no choice: friends, clients, family, magazines, local radio, bloggers… tell your story to anyone who will listen.

It's a great exercise for communication and you'll quickly see who you can count on later.

10 tips for a successful crowdfunding campaign

1. Carefully select your crowdfunding platform. I chose Kisskissbankbank because it was a leading French platform in the sector, where some great projects had been carried out.

2. Enhance your presentation page with beautiful photos, a video introducing the team and the project, and write clear, concise text explaining the project, why you need the funding, and how it will be used. Surrounding yourself with the right people for this part is essential. Personally, I have professional photographers among my friends who helped me out, allowing me to publish high-quality photos and a video.

3. Create an attractive reward structure. Of course, people will contribute, but if in return they receive an original, exclusive, or interesting reward, it will inevitably encourage them to participate.

4. Campaign duration. The average duration is around forty days and can go up to 90 days, but the longer the campaign, the more the effort is spread out over time. I chose 25 days, which is very short, but it forced me to focus solely on the campaign. The short duration also encourages contributors not to postpone their involvement in the project for too long.

5. Get off to a great start. Prepare for the launch so that the first week is a success and sets a precedent for the rest of the campaign. The higher your funding rate, the more people will be encouraged to participate. Gather your community and raise awareness before the launch so they get involved from the very beginning.

6. Finish it strong. There's a peak in participation in the last few days, so that's when you need to step up your game and get everyone going again!

7. Focus solely on the campaign for its entire duration; it requires a great deal of courage and determination. Don't waste time on other tasks, as time is precious.

8. Update the page throughout the campaign and communicate with your contributors. Explain the work done, share your journey, the experiences you are having, and how grateful you are for their support.

9. Ask for a realistic amount. Be bold, but realistic. Asking for €2,000 isn't exactly audacious, but you'll certainly feel less pressure than asking for €20,000. Carefully prepare your budget and ask for the amount you need.

10. Don't be dependent on the campaign's success. If the campaign fails, will that call your project into question? Personally, if I hadn't succeeded, I would have been disappointed, but I would still have continued my combination project in a different way. Success or failure is always a way to learn and move forward.

As an aside, when I received the money to buy the neoprene and pay for the workshop, the Euro had lost almost 30% of its value against the Dollars, so I would have needed €30,000 in the end… there are always unforeseen events, victories and defeats, but the crowdfunding experience was great, gave me visibility for the brand, consolidated my community and gave me confidence in my project.

I wish good luck to those who will be launching a crowdfunding campaign, and if you have any questions about it, I can answer them live in Bordeaux next week during the SenNoSen pop-up from December 12th to 15th. All the information is here:

https://www.facebook.com/events/2396042190468957

* Digital Native Vertical Brands: Brands that sell online and eliminate all intermediaries to sell the products they manufacture directly to consumers.