Hardware 101: From Ideation to Iteration

Are you getting ready to launch your Indiegogo campaign? Wondering what steps you can take to set yourself up for success? Here’s a recap of our webinar about how to launch a hardware crowdfunding campaign.

What does success in crowdfunding look like?

You might be surprised, but a campaign’s progress isn’t just measured by the amount of funds it collects. In fact, the some of the strongest campaigns utilize Indiegogo’s platform not only to raise money but to build a global backer community, find market validation and gather user feedback.

The characteristics of a fruitful campaign

Did you know that if you collect 25 percent of your funding within the first week of your campaign, you’re five times more likely to reach your overall goal? To set yourself up for success, Indiegogo’s experts recommend including these four, tried-and-true components in your campaign:

1. An attainable goal

Don’t get wrapped up in the numbers — setting a higher goal doesn’t necessarily mean you’ll raise more money. Instead, opt for an amount that is obtainable for your campaign. Why? Reaching 30 percent of your funding goal within the first 48 hours of your launch is crucial for establishing a sense of trust among backers.

2. A compelling pitch

This is where you bring the story behind your campaign to life. Here are a few tips for crafting a winning pitch:

• Make a video. Campaigns that include a video pitch raise more money than those that don’t. Just be sure to keep it under two minutes and answer all of the basic questions about your idea in the first 30 seconds.
• Tell your story. Don’t just talk about the product — explain why you’re crowdfunding and why it’s important to you. Keep in mind that backers want to know who you are, so talk to them directly on a casual, inviting and personal level.
• Include a strong call-to-action at the end. Tell backers what you’re offering and be honest — transparency fosters trust!

3. Strategic perks

One of the most recognizable aspects of crowdfunding, perks allow you to raise money for your goal while giving backers something they want. They are also a great way to keep interest in your campaign from plateauing.

4. Proactive promotion

When it comes to launching your campaign, promoting your idea is key. It is recommended that entrepreneurs spend at least one month (3-6 months is ideal) prior to launching designing their campaign’s promotion plan. During this time, you should identify the following:

• All of the communities (target audiences) you’ll market your idea to
• The type of content you’ll be using to promote your product
• How you’ll deliver your message to different backer audiences

Ready for the next step?

Turning your idea into a market-worthy product requires a lot of planning, dedication, and knowledge. Start your campaign off on the right foot.