Crowdfunding rags to riches success stories make for splashy headlines, but they are few and far between. The majority of crowd funding projects fail to meet their goal. You’re a filmmaker. You need money for your next film. Where do you get it? For many, crowdfunding has become a de facto part of the financial equation. If done right, crowdfunding can become a financial windfall… if done wrong, a disappointing nightmare. Here’s 5 mistakes that are killing your campaign, and how to fix them.1. Failure to Plan. The battle is won before it is fought – a dictum from the ancient Chinese master of strategy, Sun Tzu. You can’t just post your campaign, spam your friends, and expect the green to come rolling in. Treat your crowd funding launch with as much care and consideration as you would your actual film release.
The first step in successful crowdfunding is to make a list of people who are likely to support your cause. Pitch these potential contributors your project just like you would pitch any other business to a potential investor. That means that you have a business plan in place, with a realistic budget, and realistic numbers for ROI. Hint: Using the ROI from the Blair Witch or Paranormal Activity is not realistic.
Perhaps you may want to offer very specific sponsorship opportunities: A pre-production sponsor, a location sponsor, a lighting sponsor, a camera sponsor, etc. That way people know exactly where their money is going.
Most importantly, get their feedback. Create real engagement. People support what they create, so get them involved in the funding process. I’m not saying you should give your investors creative input into the filmmaking process – that’s a recipe for disaster. But you should pull them in and make them feel part of the team. Perhaps they know other potential contributors? Maybe they want to become involved in outreach? Maybe they have marketing and PR assets, or other connections that may be helpful to the production?
Once you’ve garnered your initial support base, coordinate the crowd funding launch, so that all of your donors contribute the first day. Start strong out of the gate. People like to bet on a winner, so make your project look like a winner from day one.
Coordinate all of your marketing, press and social media around this launch date so there is an initial spike of traffic to your campaign. This enhances your chance of gaining more exposure on the funding platform, and therefore drawing in more contributors.
2. Targeting the Wrong Demographic. You are filmmaker looking for money. You are likely friends with lots of other filmmakers. They are also looking for money for their project. Your filmmaker friends are not likely to make any meaningful contributions to your crowdfunding project. So stop trying to squeeze blood out of a turnip. Focus on people who are not part of the film community. With the amount of data and analytics out there, it’s easy to find groups of fans that have interests similar to your film. Reach out, and get them involved.
3. Not Creating a Value Exchange. This is a concept lost on so many people. “I’m making a movie. It’s going to be awesome. Give me money” is not a value exchange. Contributors to your crowdfunding project are taking a risk… there’s no guarantee you will finish the film. There’s no oversight that prevents you from pocketing the money. And if you do finish the film, it could suck. For this risk, give them some value. If your are going to essentially pre-sell merchandise, then give your contributors a great deal for betting on you early. People love to see their name in lights, so make the special thanks credits extremely affordable – it will boost your film’s star meter ranking in the long run (and remember, people support what they create). Try to come up with as many unique perks as possible, especially one’s where contributors can really feel like part of the project.
4. Harassing Potential Contributors. If you’ve never met someone… never supported anything they’ve done… never interacted with them in a meaningful way… Don’t spam them on social media asking for money – it’s probably bad form. I personally delete those types of requests. And they are frequent. Honestly, if spam didn’t work, people wouldn’t do it… but it’s a numbers game, and in my opinion you burn far more bridges in the process than if you took a targeted approach, and used pull marketing instead of push. Create opportunities for involvement.
Keeping your contributors updated is one thing… going back to the well over and over again asking for more is annoying. Each contact with your support base should provide value to them in some way. We all have enough junk to filter out in our daily lives, don’t make someone regret they supported you.
5. Not Clearly Defining Your “Why.” Why are you doing what you are doing? Why is this film important to you? Why is it important to audiences? Contributors are not only supporting your film, they are supporting you as well… and they want to know what your motivations are and what you believe in. As Simon Sinek discusses in his excellent book “Start With Why,” companies that clearly define why they are doing what they are doing generate far more support and brand loyalty.
Hope these tips help, and break a leg with your crowdfunding campaign.
Have you had a successful campaign, please comment below and share your insight!
Follow @kerrybeyerKerry Beyer is a semi-finalist in the Nicholl Fellowships in Screenwriting, and winner of the Slamdance Anarchy Film Showcase. His photography has been published in Vogue, Lucky, Allure, the NY Times and more. His latest film, Rogue Strike, starring Academy Award Nominee Eric Roberts is coming soon.