It’s official – the Coolest Cooler Kickstarter project has surpassed the $10,000,000 mark.
It is currently the #2 most funded crowdfunding project EVER on Kickstarter, and with only 3 days to go, it has a good chance of becoming #1.
So why is a cooler garnering so much support, especially since it failed the first time it was launched 7 months ago?
Why do some crowdfunding projects have epic success while most fail?
I’ve been studying this space very closely as I’m a huge fan of the crowdfunding concept and want all the members of my tribe to succeed with it.
I’d like to share with you what I call…
The Five Secret Rules of Crowdfunding Success
There are 5 patterns I’ve discovered in most of the top funded projects.
Here’s the first one:
Rule #1: “Make Sure You Have A HOLY SHIT Highly-Innovative Product”.
Why is this important?
Because you want your project to go VIRAL. And the easiest path to virality is to make people look good to their peers by being the first of their friends to support your campaign and SHARE it.
Innovation on its own won’t cut it – it has to be HOLY SHIT innovation – where a large number of people will say “I HAVE TO HAVE THAT”.
(Hint – you want to have as much contrast between the older/inferior version of your product and your new and improved version)
What if I don’t have a Holy Shit Innovation?
Then you move to the second rule of Crowdfunding success:
RULE #2: “Start A Movement”.
One of the biggest mistakes crowdfunders make is to assume they’re selling a product/service.
As a marketer, I discovered early on that traditional marketing copy doesn’t work with crowdfunding.
Successful crowdfunding is all about asking people to support a cause or join a movement – where your product and service is a reward they receive for supporting.
NEVER use words like ‘buy’ or ‘purchase’. Use words like ‘support’ and ‘donate’ and ‘join’.
Which leads to the third rule of crowdfunding success:
Rule #3: “Build A Tribe”
Most people have the wrong impression of the crowdfunding concept.
Here’s the assumption…
Imagine a giant stadium or auditorium with 100,000 seats.
You walk onto the stage. The place is packed, and everyone is cheering.
You deliver a 5-minute presentation about your campaign, similar to a pitch on Shark Tank.
Then everyone interested raises their hand and donates money.
Here’s the problem…the stadium is empty.
You see, the analogy is ‘almost’ right. Sites like Kickstarter and IndieGogo are the stadium. They provide the seats, the stage, and the technology to allow you to deliver your pitch and safely accept the donations.
What they don’t actually provide is the ‘crowd’. It is up to you to fill the stadium.
The fallacy of the term ‘crowdfunding’ is in assuming the crowd exists.
It doesn’t – at least not at the start.
Crowdfunding is just like the music industry and book publishing space.
The industry will support you once YOU build your tribe – not the other way around.
You want a major book publishing deal? Make sure you have 100,000 email subscribers. Want a top label to represent your new album? Show them your 100,000 Twitter followers.
Want to have a successful crowdfunding campaign? Build your tribe BEFORE you launch.
This leads to the fourth rule of crowdfunding success:
Rule #4: “Launch Before You Launch”.
I learned this rule the hard way.
The most successful crowdfunding campaigns do ALL the prep work, create all the marketing, make all the connections, and build their tribe, BEFORE launching the campaign.
Most crowdfunders make the mistake of assuming that the only work they need to do to launch is ensuring their campaign page and video are finished.
On the day you launch, if you want a massive success, the majority of your work should be completed.
To be successful, make sure your ‘pre-launch’ starts at least 2-3 months prior to your ‘real’ launch. Create a landing page with an opt-in to build your list of supporters. Create a ‘launch team’ of people that will help spread the word for you.
Find out which media have covered similar projects in the past and start building relationships with them.
In fact, the best projects are typically fully funded on the DAY they launch.
Which leads us to the fifth rule of crowdfunding success:
Rule #5: “Momentum Sells”.
I made the HUGE mistake of believing that people want to see you reach your goal – and will donate to help you get there.
Here’s the truth – people love to jump on bandwagons.
If you want MASSIVE success with your launch, you should set it up to reach your funding goal on the FIRST DAY.
Because THAT’S how you build buzz. That’s how you get the media to write stories about you. That’s how you get the platform (IndieGogo/Kickstarter) to promote you to their lists. And that’s how you get the bandwagon jumpers to come aboard.
They may not help you reach your goal, but they will definitely want to be a part of the action when you reach huge milestones (like $10,000,000 dollars, or being the #1 project of all time).
THE BONUS RULE – The 5 Rules Of Crowdfunding Success Also Apply To ALL Product And Business Launches!
While the rules work amazing for crowdfunding, the also work great for any new business or product.
The next time you have to launch ANYTHING, follow this pattern.
WANT TO LEARN MORE ABOUT PRODUCT LAUNCHING?
I would absolutely LOVE to give you a hardcover copy of my book as a gift from me (all I ask is that you cover the shipping and handling).