Author Topic: Campaign is stagnant - any suggestions  (Read 3792 times)

k-vette

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Campaign is stagnant - any suggestions
« on: April 04, 2017, 09:09:07 AM »
I've launched a crowdfunding campaign, but don't have any traction yet.  Any suggestions?  Here's where I'm at:

My business started in 2015 selling parts and pieces in a particular niche.  We've grown and are trying to expand to a complete product in addition to the smaller parts.  The prices are good, the quality is good, the existing customers seemed excited about the launch - but it's been 24 hours and NOTHING has happened!  (These have been selling locally at much higher prices.)

I've started some Facebook ads, but they have not yielded any purchases yet.  If there's a crowdfunding expert in the house, let me know if you have any suggestions.  I'm not giving up yet!

Nad

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Re: Campaign is stagnant - any suggestions
« Reply #1 on: April 06, 2017, 07:31:20 AM »
I'm happy to help :) I've raised close to $2M in crowdfunding and I've ran and been involved in about a dozen campaigns with a 100% success rate.

I was there since the beginnings of crowdfunding and, needless to say, things have changed a lot. You now need a solid marketing plan if you want any chance to successfully fund.

I'll need specific information to provide specific advice. Do you mind sharing your campaign page?

swick

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Re: Campaign is stagnant - any suggestions
« Reply #2 on: April 06, 2017, 08:28:44 AM »
Yes, please share, we can't give you any actionable advice unless we can see the campaign.

k-vette

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Re: Campaign is stagnant - any suggestions
« Reply #3 on: April 06, 2017, 08:39:21 AM »
Thanks guys.  This will reveal who I am, but I already posted a thread about not caring about being anonymous anyways... so here it goes!

https://www.indiegogo.com/projects/velomobile-shop-electric-fat-bikes-for-all-bike-bicycle#/

A little background info:

I've been selling parts and upgrades since 2015.  This is not my full-time job, it's a side business that has grown pretty consistently.  I wanted to throw it out to the world with a push and see what I could do with complete bikes.  I have been selling them in small quantities locally, but it's hard to start shipping bikes at good prices without more volume.  That brings down the cost of freight, the bikes, etc and makes it more reasonable.  Currently I'm building the bikes in California with parts sourced overseas.  With a larger order, my supplier can build and package the bikes in boxes ready to ship at a better price.  Whether or not the crowdfunding succeeds - that's the direction I'll go once my in-house inventory is depleted.  I don't want to put out more funds myself as I've run this business VERY lean, only growing with money I've made from it.

The one thing I DID know was that crowdfunding sites do NOT bring traffic for sales - you have to bring traffic to them.  I thought I was prepared with my existing email list and customers and could get a start from there.  I have a few hundred people that specifically said they were interested in the models ready to launch.  Not a single person (to date) has actually purchased on Indiegogo.  I had one person want a bike early - and they paid $500 more than the campaign price to get it.  I also had a call this week from someone in the neighborhood of $1,000+ to buy one of the bikes, but not on Indieogogo.  So I AM seeing some results, but not at all the way I expected.  They're happy to pay the full retail price but don't feel like waiting.

It all boils down to this:  I know nothing about crowdfunding.  I did however give it my best shot according to my ability.  Apparently I have a LOT to learn.

swick

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Re: Campaign is stagnant - any suggestions
« Reply #4 on: April 06, 2017, 09:37:59 AM »
I was wondering if your other thread had anything to do with this. In your case, I think it totally makes sense to "come out" and share your stuff. Also, if you are, please update your signature line with the campaign and something to catch the interest of the folks here!!

I'm sure Nad will have some better suggestions but off the top of my head:

You do a great job of showcasing the bikes but there is zero of your personality here. The video is slick and well produced, but there is nothing to engage on a human to human or story level. 

There is a lot of product specs and things, but they are all before any social proof (testimonials) Social proof is THE MOST IMPORTANT part of a crowd funding campaign. People want to feel like they are making a good decision backing you and sharing your campaign. It needs to be front and center and between the different products as well. People will scroll past what they aren't interested in and will rarely make it to the bottom of the page if it is all product specs (BTW I LOVE the Black Cherry colour!!)

It has me asking, why is this guy crowdfunding when he's got the product to go VC? Again, because it is missing the human element.

The Hero's journey, your process, the behind the scenes stuff is what draws many people to crowd funding, they want to be a part of your story and your success. They want to invest in YOU.

Also, you aren't really selling a product (the bike) You are selling that sense of freedom, ability to go anywhere...the "feeling" people want. The bike is how to get it, but it is the emotion you need to identify and sell to.


You need a reward level that draws in your current list. Something that is popular that maybe might need replacing on the bikes they can get for a good deal?  Also, something that is easy to produce that gives people the option of supporting you that maybe can't commit to a bike right now. A PDF of your favorite secret trails? 

Also, something to entice people who already have one of your bikes? How about an experience like a Bikes and Beer tour with you? Or a day of Mountain biking? Or having them come over and you build a custom bike for them together so they can be a part of the process? something along those lines? Like I said, YOU are a big part of the why people will donate. Make yourself accessible.

Updates: Updates are the life-blood of a campaign it is what keeps them at the forefront of people's minds and in their inboxes. You probably want to stay away from negative updates like your first one. You need to have a publishing schedule and updates ready to go so they can be dribbled out. This is a great time to share testimonials, videos from happy clients, personal tours of the bikes... Social proof really is key. People, the more you can feature people the more connected people will feel to your campaign. Feature a testimonial from a client? Share it on Social media and tag them in it. Always be cross posting to Facebook and using the update content to bring in more people. this is more organic and will work better than paid ads, again, because of social proof.

 Also, people tend to wait to see what happens with the campaign before they donate, it tends to go in waves. You may want to seed the funding with friends and family.

If you have a large social network you can use a service like Thuderclap to ask them to help you announce it. The idea is they sign up and agree to automatically share a post you create on their social media and it all goes out at once.  You control the message and when it goes out. https://www.thunderclap.it/howitworks

Edited to add: You also need some sort of female presence on the campaign. With half the market and the majority of buying decisions made by women, you are missing out on a large audience with considerable buying power. Women want to see this as maybe something they can to WITH their SO instead of having the "guys" disappear for biking all the time. Highlight the couples package.

Highlight this is a sport that women can get into. Have people on the bikes. Do you know of any female bike clubs you can get in touch with? There are loads around where I live.

Also - You could do an unboxing/set-up video. Help people to know what to expect when they get their bike, how easy it is to set-up and what they have to do to get going with hints and tips to help them. This would be useful content to have anways.

If you are sharing on Facebook, do some Facebook lives to share updates, have a Facebook live Q and A about the campaign and your business.
« Last Edit: April 06, 2017, 09:51:41 AM by swick »

k-vette

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Re: Campaign is stagnant - any suggestions
« Reply #5 on: April 06, 2017, 10:03:01 AM »
I was wondering if your other thread had anything to do with this. In your case, I think it totally makes sense to "come out" and share your stuff. Also, if you are, please update your signature line with the campaign and something to catch the interest of the folks here!!

I'm sure Nad will have some better suggestions but off the top of my head:

You do a great job of showcasing the bikes but there is zero of your personality here. The video is slick and well produced, but there is nothing to engage on a human to human or story level. 

There is a lot of product specs and things, but they are all before any social proof (testimonials) Social proof is THE MOST IMPORTANT part of a crowd funding campaign. People want to feel like they are making a good decision backing you and sharing your campaign. It needs to be front and center and between the different products as well. People will scroll past what they aren't interested in and will rarely make it to the bottom of the page if it is all product specs (BTW I LOVE the Black Cherry colour!!)

It has me asking, why is this guy crowdfunding when he's got the product to go VC? Again, because it is missing the human element.

The Hero's journey, your process, the behind the scenes stuff is what draws many people to crowd funding, they want to be a part of your story and your success. They want to invest in YOU.

Also, you aren't really selling a product (the bike) You are selling that sense of freedom, ability to go anywhere...the "feeling" people want. The bike is how to get it, but it is the emotion you need to identify and sell to.


You need a reward level that draws in your current list. Something that is popular that maybe might need replacing on the bikes they can get for a good deal?  Also, something that is easy to produce that gives people the option of supporting you that maybe can't commit to a bike right now. A PDF of your favorite secret trails? 

Also, something to entice people who already have one of your bikes? How about an experience like a Bikes and Beer tour with you? Or a day of Mountain biking? Or having them come over and you build a custom bike for them together so they can be a part of the process? something along those lines? Like I said, YOU are a big part of the why people will donate. Make yourself accessible.

Updates: Updates are the life-blood of a campaign it is what keeps them at the forefront of people's minds and in their inboxes. You probably want to stay away from negative updates like your first one. You need to have a publishing schedule and updates ready to go so they can be dribbled out. This is a great time to share testimonials, videos from happy clients, personal tours of the bikes... Social proof really is key. People, the more you can feature people the more connected people will feel to your campaign. Feature a testimonial from a client? Share it on Social media and tag them in it. Always be cross posting to Facebook and using the update content to bring in more people. this is more organic and will work better than paid ads, again, because of social proof.

 Also, people tend to wait to see what happens with the campaign before they donate, it tends to go in waves. You may want to seed the funding with friends and family.

If you have a large social network you can use a service like Thuderclap to ask them to help you announce it. The idea is they sign up and agree to automatically share a post you create on their social media and it all goes out at once.  You control the message and when it goes out. https://www.thunderclap.it/howitworks

Edited to add: You also need some sort of female presence on the campaign. With half the market and the majority of buying decisions made by women, you are missing out on a large audience with considerable buying power. Women want to see this as maybe something they can to WITH their SO instead of having the "guys" disappear for biking all the time. Highlight the couples package.

Highlight this is a sport that women can get into. Have people on the bikes. Do you know of any female bike clubs you can get in touch with? There are loads around where I live.

Also - You could do an unboxing/set-up video. Help people to know what to expect when they get their bike, how easy it is to set-up and what they have to do to get going with hints and tips to help them. This would be useful content to have anways.

If you are sharing on Facebook, do some Facebook lives to share updates, have a Facebook live Q and A about the campaign and your business.

Wise words - that hit like a bag of bricks!  :)  You're right, people buy the parts from me because they know me and that I'll back them up.  I'm not on the page selling myself, I'm TOO focused on the bikes.  There are some things I could do for lower priced perks for existing customers.  Part of me worries the campaign is dead in the water, but the other half of me says I never give up.  I'll be making some changes today.

swick

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Re: Campaign is stagnant - any suggestions
« Reply #6 on: April 06, 2017, 10:12:59 AM »

Wise words - that hit like a bag of bricks!  :)  You're right, people buy the parts from me because they know me and that I'll back them up.  I'm not on the page selling myself, I'm TOO focused on the bikes.  There are some things I could do for lower priced perks for existing customers.  Part of me worries the campaign is dead in the water, but the other half of me says I never give up.  I'll be making some changes today.

Sorry!  I don't have any experience with pulling down campaigns to retool them. I don't know if it would be better to overhaul this one or pull it and launch it properly with a full strategy. I think it depends on how many ideas you want to incorporate and what your timeline and availability to get some of this stuff (pictures, videos etc)  I think Nad would have better advice and experience on that, I don't focus on crowd-funding specifically.

Also, I gave you a ton of suggestions, again, Nad might have some ideas as to what the highest value activities are that you could include and get the best ROI

Edit for pep talk: It isn't about giving up, it is about developing a strategy that will give you a better chance of success and learning through the process.
« Last Edit: April 06, 2017, 10:16:57 AM by swick »

mpcharles

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Re: Campaign is stagnant - any suggestions
« Reply #7 on: April 09, 2017, 08:12:46 AM »
The bikes are quite ugly, I guess I have never seen one like this before. Maybe I am the wrong age group you are targeting. Why the fat tyres? Is this meant to be like a offroad motorbike?

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bunchbikes

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Re: Campaign is stagnant - any suggestions
« Reply #8 on: April 10, 2017, 11:24:28 PM »
I stayed on your indiegogo for about two minutes, which is probably 4x longer than most people did before they bounced.

I have no idea what your campaign is about.

It looks like you just listed all of your products for sale as perks.  If these products are new, yet to be released items, then you didn't state that anywhere.


I'm no crowdfunding expert, but typically they are created around one product, that is soon to be launched, and the entire landing page is about the features and benfits of that one product.

Your page looks like you tried to copy/paste everything from your website.

J Boogie

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Re: Campaign is stagnant - any suggestions
« Reply #9 on: April 12, 2017, 09:39:07 AM »
I think there are a few factors at play here, I don't think the problem is strictly your campaign.

I think the big problem is that you haven't fully understood the importance of a brand.  A brand will make people feel a certain way towards it.  A good brand will be one in which people feel exactly how the biz owner wants them to feel towards it.  This is half art and half science*.

I think your unique value proposition here is the universal platform, which gives your customers peace of mind knowing that parts and repairs will be manageable and affordable.  I think you might even want to embrace the universal/generic nature of your product.  Think American Apparel.  No Name Steaks.  Dollar Shave Club.  Also, velomobiles are an existing vehicle so I find the name velomobile a little confusing. 

The #1 rule I learned in B school is that you don't aim to compete on price because you will then go to commodity hell.  Startups CANNOT compete on price unless they have created some unique innovation that allows them to.  A bigger company with economies of scale can always beat your price.  That said, if you can make good money selling at that price point, go for it.  But I wouldn't make price your big selling point.  It's universality. 


*Listen to how Warby Parker's brand identity came into being.  This is a great example of how to create a brand identity.  Think of brands like Salsa and Surly.  They have a lot of personality. 
 http://www.npr.org/2015/08/07/430368248/neil-blumenthal-co-founder-of-warby-parker


I wish you the best man! Sounds like you have a solid idea and product and you owe it to yourself to do the extra work to build a solid brand as well.  It's a little more right brain but it's very doable.


Nad

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Re: Campaign is stagnant - any suggestions
« Reply #10 on: April 13, 2017, 07:03:13 AM »
I forgot to turn on the notifications for this thread, sorry! Just saw that you shared the link to the campaign and that there are a couple of other replies. I'll check it out and get back to you later today. 

wbranch

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Re: Campaign is stagnant - any suggestions
« Reply #11 on: April 14, 2017, 09:31:13 AM »
I stayed on your indiegogo for about two minutes, which is probably 4x longer than most people did before they bounced.

I have no idea what your campaign is about.

It looks like you just listed all of your products for sale as perks.  If these products are new, yet to be released items, then you didn't state that anywhere.


I'm no crowdfunding expert, but typically they are created around one product, that is soon to be launched, and the entire landing page is about the features and benfits of that one product.

Your page looks like you tried to copy/paste everything from your website.

I agree with this post. The campaign is unclear to me. I am not sure I understand how the $1 referral works and the rest of it looks like you are offering preorders of products that will be coming out soon and it took me a while to figure that out. Doesn't really fit with what I would think of for crowdfunding. Sorry I don't have any experience in the area for tips on improvement.

Nad

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Re: Campaign is stagnant - any suggestions
« Reply #12 on: April 15, 2017, 08:54:57 AM »
First of all, there is a lot of great advice in the replies above!

I won't repeat what has been said so here's what I have to add or emphasize:

- You have great photography in the video, but the video itself doesnt say much at all about your project and why/what you're crowdfunding. You easily add some parts where we see you talking about the project. And you could add a voiceover over the rest of the video.

- it's also not clear at all in the video that it's about electric bike. Never, ever, ever underestimate how quickly someone will decide if they're interested in your project or not. If you've not done so yet, go watch the videos for million dollar projects (on indiegogo or kickstarter). They're doing something right and you'll quickly see a pattern.

- why are you on indiegogo and not kickstarter? Kickstarter is most of the time a better platform if your project qualifies.

- I find the project page is messy and I think things are not presented in the right order. I'd reorder things like this: a very short section explained clearly and to the point what the project is about and why people should spend more time checking out the project in detail, some social proof, a little bit about the story behind the project (what got you into this, how did you come up with this product, ...), then present your offer and why it's so awesome, then finish off with technical and less interesting stuff like specs, shipping, fulfillment, etc...

- the $1000 entry pledge could be a problem. Is there anyway you can offer something cheaper? Maybe a kit to fit on a bike we own already? Or a very basic barebones version? Something around $300-500 would be ideal.

What worries me the most is that you do have a list that is not converting. There is definitely something wrong and it could be one or a combination of the following: branding as has been mentioned be someone else, the offer (i'm not familiar with bikes at all so I have no idea if the product is actually good, priced competitively, if it catters to a particular type of person or if it's trying to fit everybody, etc...), the presentation (why is your offer better than other offers? What is your bike the best at? Why should I buy your bike instead of a competitor's bike? Why electric instead of a normal bike? Why fat tire? What else could I do with the money that could get me the same or better emotions? Another sport? Another activity? A trip, an adventure? Then, why should I spend my money on your bike and not something else?)

I think this is the most important thing you can do at this point: figure out why your list is not converting. Then address the issue(s) head on, if at all possible.

Take this as a learning experience and you can always relaunch in a month, 6 month or next year with an improved video, improved presentation, new branding, and improved offer.