{"id":18338,"date":"2022-05-02T18:04:40","date_gmt":"2022-05-03T01:04:40","guid":{"rendered":"https:\/\/www.backerkit.com\/blog\/?p=18338"},"modified":"2023-09-19T13:30:55","modified_gmt":"2023-09-19T20:30:55","slug":"kickstarter-email","status":"publish","type":"post","link":"https:\/\/www.backerkit.com\/blog\/kickstarter-email","title":{"rendered":"4 Reasons Why You Need a Crowdfunding Email List"},"content":{"rendered":"

Updated August 30, 2023<\/em><\/p>\n

You\u2019re getting ready to launch a crowdfunding campaign. You\u2019ve got your prototype and you\u2019re about to set up your crowdfunding campaign page. But have you taken time to build your email list? Whether you’re launching on BackerKit<\/a> , Indiegogo, or Kickstarter, an email list isn\u2019t just something that\u2019s \u201cnice to have\u201d \u2014 it\u2019s the foundation of your campaign. If you don\u2019t have a strong email list, you\u2019re going to have a hard time reaching your goal. To give your project the best chance of success, <\/span>building an email list<\/span><\/a> of people who have shown interest in your project or projects like yours is essential. Here\u2019s why:<\/span><\/p>\n

1. Email list size can be an indicator of crowdfunding success<\/h2>\n

Email conversion rates \u2014 that is, the number of people on an email list who end up pledging to a campaign \u2014 vary. However, in most cases only a small percentage \u2014 generally, we find around 1%to 5% \u2014 of the people on a high-quality email list will end up backing your project.<\/span>\u00a0A high-quality list is one in which subscribers knew what they were signing up for when they submitted their addresses and where addresses were collected through legitimate means. Legitimate list-building tactics include collecting email addresses through in-person events, online forum communities, and social media.\u00a0<\/span><\/p>\n

When you plan for your campaign knowing that a relatively low percentage of people on a legitimate email list will convert, you can get a good estimate of a couple of things:<\/span><\/p>\n

    \n
  1. What would be a reasonable funding goal for your project<\/span><\/li>\n
  2. How many email contacts you should be shooting for\u00a0<\/span><\/li>\n
  3. What the average price of your rewards should be<\/span><\/li>\n<\/ol>\n

    A note on email conversion rates<\/h3>\n

    If you\u2019re eyeing a $10,000 funding goal, and you have an average pledge of $100, you\u2019ll need to get 100 backers to hit that goal. With a 5% conversion rate, you should have at least 2,000 people on your email list. So what if you were getting ready to launch, and you didn\u2019t have that many people on your list? Does that mean you\u2019re going to fail?\u00a0<\/span><\/p>\n

    Well, not necessarily. First of all, it\u2019s important to note that the number of people on your list is just one of the factors that contribute to your campaign\u2019s success. Campaigns fail and succeed for a number of reasons, including not clearly communicating what the product is, not properly <\/span>structuring reward tiers<\/span><\/a>, and not effectively marketing the campaign once it\u2019s live.<\/span> Additionally, there are some cases where a smaller list may suffice. For instance, you may have a personal list of people who have pre-committed to backing or that you know are invested in the success of the project.
    \n<\/span><\/p>\n

    That 1% to 5% conversion rate isn’t prescriptive, but it is something to keep in mind. Taking it into account can help you focus your list-building activities and put you in a more comfortable position on launch day.<\/span><\/p>\n

    However, when you collect a specific number of email addresses that lines up with your funding goal, it puts you on the right track. So if you don\u2019t have the list that you need, it would probably be best to postpone your campaign until you do.<\/span><\/p>\n

    Adjusting your funding goal<\/h3>\n

    The creators of <\/span>Shapes<\/span><\/a> \u2014 a metal cable holder that keeps your workspace organized \u2014 first launched their project in 2016. They set a <\/span>$3,000 funding goal<\/span><\/a>. But when it didn\u2019t look like they were going to hit their goal, they decided to cancel their project and re-launch. <\/span><\/p>\n

    \"kickstarter<\/p>\n

    The second time around, they set a goal of $1,000 which was based on the number of people they had in their audience. Interestingly, their new campaign actually ended up surpassing their goal, raising more than $5,000.\u00a0<\/span><\/p>\n

    Like Shapes, <\/span>War of Ashird<\/span><\/a>, an RPG video game, had struggled when they initially launched the project. The creators didn\u2019t have a strong audience coming into the project and were only able to raise around $51,000 of their $82,000 goal before they cancelled the project.\u00a0<\/span><\/p>\n

    \"war<\/p>\n

    They took some time to revise their outreach strategy, lowered their funding goal to $31,500, and relaunched the project<\/a>.\u00a0Not only did they hit their new goal, but they were also funded in just 12 hours. When their campaign ended, they\u2019d raised $201,199.\u00a0<\/span><\/p>\n

    \"crowdfundingQuick tip:<\/b> Ideally, a crowdfunding creator would have a decent email list before they launch. But if you\u2019re already in the middle of your campaign, and realize that you don\u2019t have the support that you need to get funded this time around, there\u2019s no shame in relaunching. Actually, a <\/span>failed project<\/span><\/a> can be an excellent learning experience for a first-time creator. Look at it as an opportunity to build a stronger community. <\/span><\/p>\n

    2. You can\u2019t count on people discovering your project organically<\/h2>\n

    One misconception that a lot of first-time creators have is that they can just launch a project and potential backers will magically land on their campaign page. But the likelihood of people seeing your project without you doing any kind of promotion or community building is slim.\u00a0<\/span><\/p>\n

    \"crowdfundingQuick tip: <\/b>Collect email addresses with a project landing page, using BackerKit Launch<\/a> <\/span>\u2014 an email marketing and analytics tool for crowdfunding creators. The page should describe your project and have a call to action requesting visitors submit their email addresses to get updates. Direct visitors to the page through platforms where your prospects live, like social media, YouTube, or online forums. Consider <\/span>cross-promotion<\/span><\/a>, in which a partner shares your landing page with their audience.<\/span><\/p>\n

    Build early momentum with a strong email list<\/h3>\n

    Regardless of the platform you\u2019re launching on, the first 48 hours after you launch are critical, and set the momentum for your campaign. This is the time when the most people will back you. With a strong email list of people who are enthusiastic about your project, you can secure those important, early pledges. In the days leading up to launch day, you should be sending emails to your subscribers to get them excited about your project and ready to pledge right away. You should also make sure to explain how crowdfunding works for those members of your audience who\u2019ve never pledged before. It\u2019s important to create an <\/span>email strategy <\/span><\/a>and send out messages at strategic times before and during your campaign.<\/span><\/p>\n

    \"crowdfundingQuick tip:<\/b> Make sure to collect email addresses from people who are likely to pledge and even become advocates for your project. Tap into existing audiences. Who are the people you can count on to pledge early and have shown interest in the work that you do? Family, friends, co-workers, and social media followers should be the first place you look.<\/span><\/p>\n

    3. Validate your idea with your email list<\/h2>\n

    \"kickstarter<\/p>\n

    You may have what it takes to succeed, but wouldn\u2019t it be nice to find out what people think about your idea as soon as possible? Before you even have a prototype you can \u2014 and should \u2014 validate your crowdfunding concept by building your email list.<\/span><\/p>\n

    Are people interested in what you\u2019re offering?<\/h3>\n

    The idea behind this is simple: if you\u2019re planning a crowdfunding campaign, and having a hard time getting email sign-ups after sharing your concept with your target audience, you might not be ready to launch. Alternatively, if people like the idea, and are excited about it, they\u2019ll be happy to sign up for your email list. In this way, you can gauge interest in your project and start validating your idea.\u00a0<\/span><\/p>\n

    Of course, email sign-ups aren\u2019t the only indicator of whether or not you have an idea worth pursuing. You should also be researching what competitors are doing, if any similar ideas already exist, and your target audience\u2019s needs. But you must take a long, critical look at your concept if you\u2019re really struggling to collect email addresses.<\/span><\/p>\n

    Get feedback from your subscribers<\/h3>\n

    One added benefit of building your email list right away \u2014 even if that list is very small, at first \u2014 is that you can get feedback on your project from your subscribers. Send out surveys or updates on how the development process is going, and find out what your audience thinks. In doing this, you\u2019ll get valuable insights about what they\u2019re looking for or areas of your project that you might need to refine or rethink.\u00a0<\/span><\/p>\n

    What\u2019s more, this type of communication is an excellent way to get your growing audience invested in your campaign and your success. If they were able to offer their opinions as you developed your project, they\u2019re going to be excited to see and back the final product.<\/span><\/p>\n

     <\/p>\n

    \"crowdfundingQuick tip: <\/b>Once you have a list, use BackerKit Launch<\/a> to test its strength<\/span>. Using <\/span>Launch<\/span><\/a>, you\u2019ll be able to see which of your email contacts have pledged to crowdfunding projects before, and are therefore more likely to back your project. After you\u2019ve launched, visit <\/span>BackerTracker <\/span><\/a>to see if you\u2019re trending to hit your funding goal. If it doesn\u2019t look like you\u2019ll hit your goal, you may want to consider canceling your campaign, and relaunching later.\u00a0<\/span><\/p>\n

    4. Your crowdfunding email list is the foundation of your marketing strategy<\/h2>\n

    \"kickstarter<\/p>\n

    Are you thinking about using Facebook ads to get more backers and promote your campaign? Awesome! But you should know that ads aren\u2019t a substitute for building your email list. If you launch your campaign, and midway through, it\u2019s trending to fail, <\/span>ads will not save your project<\/span><\/a>.\u00a0<\/span><\/p>\n

    If you\u2019re interested in a performance marketing service like <\/span>BackerKit Marketing<\/span><\/a>, there are a number of factors that will make your project a good candidate for this. BackerKit Account Executive Robert Wickham says, \u201cfor people who are planning their campaign, an email list is relatively important. Not having one \u2014 or having too small of a list \u2014 disqualifies them.\u201d Another factor that Wickham looks at once the project is live is how well the campaign is performing day-to-day, and whether the creator is able to maintain that momentum.\u00a0<\/span><\/p>\n

    There are other qualitative and quantitative factors that determine whether or not ads will be a cost-effective solution for a creator (these are things that you should discuss with a representative for the performance marketing service you\u2019re planning to use). But the bottom line is that you need the community and momentum that having a strong email list provides you with to even be a good fit for paid marketing.<\/span><\/p>\n

    \"crowdfundingQuick tip: <\/b>Looking for free ways to get more backers? Before you launch, spend some time joining Facebook groups and online communities related to your project. Engage with these people and try to build genuine relationships with them. If it makes sense and isn\u2019t against the community rules, let them know about the project you\u2019re working on. The new friends might be want to sign up for your email list and support your campaign.\u00a0 <\/span><\/p>\n

    Takeaways<\/h2>\n