November 17th, 2015
What we learnt about crowdfunding
from our own crowdfunding campaign
In case you haven’t heard, we recently finished a very successful Kickstarter campaign. According to Kickstarter we were the 6th most successfully campaign in Germany! After many long weeks of preparation, we were ready to go ahead with the crowdfunding campaign, and set our target for €100K. Little did we know (although we very much hoped) that we would hit that goal in just over 24 hours! This was achieved through the help of our amazing backers, as well as a lot of planning and preparation.
The pre-campaign planning took a lot of detailed strategy and organisation. A team of 6 people worked almost everyday for around two months prior to the launch of our kickstarter campaign. Every thing needed to be meticulously organised from a overall communication strategy including all the press contacts, product pictures, the kickstarter video, landing pages, technical information, press kits, announcement strategies, campaign storyline and targets.
Throughout the campaign, were busy working on the products together with our industrial designers Thiele + Wagner, press queries, costumer queries, fresh social media posts and of course constantly checking our Kickstarter goal. During this time we were already preparing for after the campaign including a new website, production strategies plus timelines and exhibitions.
There wasn’t much down time, so we are glad that we had pre-planned our activities and who was in charge of what, so there was no confusion during the campaign. That was a very good move because during the Kickstarter campaign, new tasks and challenges popped up everyday. One of those challenges was managing to handle the community. Generally we all had different forums that we individually looked after, as there were always so many questions and comments. Despite creating a very details FAQ page, there are always still lots of questions.
If you were planning on doing a crowdfunding campaign, take your time. Don’t rush into it. Create in-depth strategies and plans, a road map, and realistic goals. Ensure you cover every base, for a successful campaign.
Once the Kickstarter was over, it felt like we finally got to breath again, though it doesn’t stop there. Now we have a production goal to reach, we have to finalise our new website and continue the marketing and advertising efforts of a fully functioning company. To do this successfully, it is important to take time after the Kickstarter campaign to assess where you are, to figure out where we need to be, and how to get there. We have set up tracking and analysis throughout our campaign, such as Google Analytics, Hootesuite, link tracking and so forth, so that we can better judge our market and also market gaps.
There were many learnings over the course of the Kickstarter campaign but the most important ones were the importance of our backers and our community, how things always take longer than what you think they will take, and when to take advice and when to stick to your guns. These lessons, along with a solid business and marketing strategy, strong analysis, and good communication were our key to a successful campaign.
So now we move to the production phase of our crowdfunding, and the moment that everyone is waiting for. This is an exciting moment for us, because we can’t wait to see solidLUUV and ultraLUUV in the hands of our backers. It’s also a super busy time where we are perfecting the electronic components of ultraLUUV, finalising the packaging and doing everything to make LUUV a great success.