Deciding to re-launch after an unsuccessful crowdfunding campaign is challenging – there’s no question there. However, it’s still entirely possible to relaunch and make it a success. Make sure your next crowdfunding campaign meets your funding goal by keeping these four things in mind as you re-launch after a failed Kickstarter or Indiegogo campaign.
Learn from your mistakes.
Take a critical look at your campaign to see what mistakes you made and where you can improve. Some common missteps we often see are:
- Not having a solid strategy in place before launching
- Setting a funding goal that’s too high
- Not explaining the project well on the campaign page
- Not using the pre-launch period to build an email list
- Not having funding lined up to pledge in the first 24 hours
- Not using social media to your advantage
- Not using PR to your advantage
Examine the sum total of your project. What could you have done differently? Where could you have put in more time and effort? Your goal here should be to look for mistakes you’ve made or issues you’ve encountered, and consider ways to avoid them the second time around.
Get Feedback On Your First Campaign.
Approach backers of your previous campaign, your friends and family and social media followers, and ask for honest feedback on your campaign. What would they suggest you do differently? Perhaps your page doesn’t explain the product. Maybe it’s not clear how you plan to use the money. Perhaps your rewards aren’t compelling. Take all the feedback you get and compare it to the mistakes you’ve already identified, in order to figure out what to do differently for your second campaign.
Have a Plan.
Once you have a better idea of what mistakes were made or what issues arose in your first campaign, you can begin to strategize and formulate a plan for your second campaign. Be sure to account for everything before and after launch – creating your crowdfunding page, building a landing page, using social media to build a buzz, generating an email list, reaching out to the media, determining rewards and much more. After launch, you’ll need to think about things like how to continue the momentum from your first day through public relations, social media and email marketing. Have a plan in place well before you begin your campaign, to ensure your second project will be successful.
Call on Your Original Backers.
Before you re-launch a crowdfunding project, make sure you keep your backers in the loop. Let them know that you plan to re-launch and tell them you’ll need their help to make it a success. You may even want to offer a limited number of early bird rewards at a lower price strictly to your original backers – just send them an email as soon as you launch, giving them a chance to snatch up those rewards before anyone else. Once you’re live, ask your original backers to help you out by spreading the word and sharing the campaign on their social profiles. Make them feel important and in-the-loop, and they’ll be likely to help you make your second crowdfunding campaign a success.