With more and more startups turning to crowdfunding to make their business ventures a reality, it’s important to know how to successfully launch a fundraising campaign in order to gain traction in today’s market. In the recent webinar hosted by the Founder Institute, “How to Raise a Successful Crowdfunding Campaign”, Adeo Ressi discussed the tips and tricks of crowdfunding with 3 Founder Institute Graduates--Darma, Emberlight, and Vibease.
In this post, we’ll hear from Dema Tio of Vibease and how he launched a successful Indiegogo campaign. Vibease and its Founder Dema Tio are Graduates of the Founder Institute Singapore program.
Vibease offers a wearable, smart vibrator that syncs its vibrations with the audio on your phone--whether it’s erotica or even a voice recording from your partner. Founder Dema Tio talks about how his company not only met their goal of $15K with the crowdfunding platform Indiegogo, but far exceeded expectations with a staggering $130K in pre-sales. Tio's advice:
Create An Engaging Video
To set yourself apart from other companies seeking funding, Tio emphasized the importance of an engaging and exciting video to showcase your product. He noted the main issue with many campaign videos on sites like Indiegogo and Kickstarter was not their lack of information, but their monotonous backgrounds and settings that failed to keep the attention of potential backers. Don’t skimp on your video; it’s what draws people in initially.
The most successful ones took the time to take videos from outdoor sessions, family scenes, using the product, etc; they have lots of scenery to keep people looking at the video.”
Get Your Name Out There
When it came to getting Vibease’s name out and boosting awareness before launching a crowdfunding campaign, Tio had some great advice to offer. Tio stressed the importance of contacting journalists at least 2 weeks prior to the campaign launch. Reach out with a small blurb about who you are and what you’re doing to see if different media outlets would be interested in covering your campaign. Along with contacting journalists, rely on your network of friends and family to support you early on. But, Tio warned, be conscious of how you email as not to get relegated to the spam/promotion folder
As an added bonus, Tio talked about Vibease’s success with targeted blog advertising. Banner ads on product-related blogs were an important factor, among those previously mentioned, in promoting his company’s upcoming campaign launch on Indiegogo.
Communicate With Your Backers
Along with having a solid video and getting your name out there, Tio also focused on the communication with your backers during and after your campaign. You’re going to get a flood of emails throughout the process, he discussed. To let backers know that you’re on top of things, you need to reply as fast as possible to those emails as a way to build their confidence in you and your product.
It’s not just a one day campaign where no one wants to know what’s happening, so replying to comments was an important part.”
Once your campaign is over, keep backers updated on the status of your product at least once a month. Most important though, Tio said, is having your company’s website ready for pre-sales once your crowdfunding campaign ends. A ready-to-go website makes sure that people are still able to order your product and help maintain your company’s momentum.
Final Thoughts
To tie things up, Ressi asked the three Founders if their time at the Founder Institute helped their companies. Tio didn’t hesitate in citing the network of mentors and what they had to offer as a great reason to go through the program:
When I joined FI I was really grateful because I had the opportunity to talk to the mentors, who have all been through this process before. You can read this information from a book, but if you listen to someone who’s been through it you’ll learn what goes on behind the scenes. That is so important.”
Want to learn more about launching a crowdfunding campaign? Check out the full webinar here.
