In Episode #146 Ari talks to Clay Herbert of Crowdfunding Hacks, a blog that talks tips and tricks when it comes to crowdfunding. During the interview, Clay details the differences between IndieGoGo and Kickstarter, explains what makes a campaign a boon versus bust and why some products simply don’t work for crowdfunding.
Watch Ari bring the lessons of Less Doing to some of Europe’s most famous cities including Barcelona, Munich, Amsterdam and Budapest for the 2015 European Growth Summit. Ari will be joined by fellow masters of entrepreneurship Steve Martin, Director of Influence at Work in the UK, and Verne Harnish, founder and CEO of Gazelles.
On June 18th, join Ari at the Fairmont Waterfront Hotel in b-e-a-utiful Vancouver, B.C. as he takes the microphone for EO Vancouver. Enjoy this unique opportunity to watch Ari candidly discuss life as an Author, Speaker, Teacher and – most importantly – Achievement Architect.
Want to get access to the FREE Less Doing Ringtone? Click here to Tweet about our live event and get instant access to the ringtone created by our very own Fantastic Felix!
The Less Doing LIVE Event in NYC is less than six months away! The best minds in business and productivity are joining Ari in his hometown of New York City to share their tips, strategies and secrets for success. VisitLessDoingLive.com to learn more about this fantastic opportunity running from May 1st – 3rd.
Looking for an opportunity to see Ari speak live somewhere on the west coast?—Look no further! On April 29thand 30th, Ari will be featured at the Mastermind Talks event in Napa, California. To learn more about this opportunity to watch Ari “Optimize, Outsource and Automate” in wine country, click here.
Time Stamped Show Notes:
- 30:00 – Introduction of Clay Herbert of Crowdfunding Hacks
- 31:22 – Clay explains what he does: Help entrepreneurs fund their dreams using IndieGoGo and Kickstarter
- 32:34 – The concept of crowdfunding
- 35:10 – What shouldn’t be crowdfunded
- 35:35 – There needs to be a tribe of people who will get excited about the product being crowdfunded
- 35:46 – Is it a portable story that the backer will want to tell their friends about?
- 36:35 – You won’t get funding just based on the quality of your product: the quality of your marketing and your ability to find people who are willing to get interested are more important
- 37:55 – The importance of setting the right funding goal
- 38:12 – One of the biggest myths surrounding crowdfunding is the existence of a “crowd”
- 38: 35 – Set the funding goal as low as humanly possible to complete the project and deliver on your guarantees
- 39:00 – Lower goals give confidence for later backers
- 40:10 – Crowdfunded products are proof of market AND traction
- 40:35 – The two elements that make or break a crowdfunding campaign?—Traffic and conversion
- 41:10 – Traffic is rarely the issue, it’s conversion
- 41:45 – Tell a great story with the video and keep it as short as possible, ideally 2 minutes or less
- 43:07 – Own a position in your customer’s mind
- 43:40 – Fundraising and crowdfunding are NOT the same
- 45:15 – Fulfillment risk
- 46:00 – Lack of clarity—poor copywriting—is a huge issue with branding and marketing
- 47:45 – Momentum is big—Use the bartender fishbowl mentality
- 49:20 – Crowdfunding is the single best marketing laboratory AND it offers research AT-SCALE
- 51:00 – Kickstarter versus IndieGoGo
- 52:55 – Bluesmart Suitcase campaign
- 55:40 – Clay has worked on 120 campaigns and raised over $25 million
- 55:55 – Crowdfundinghacks.com
7 Key Points:
- Carefully examine products and services before considering crowdfunding as a source of investment—some things do not work with crowdfunding.
- A short, enticing video is an absolute MUST for the promotion of a crowdfunding campaign.
- Make your crowdfunding goals as low as possible.
- Find a position within your target consumer’s mind and own it.
- Want to demonstrate the potential of your product?—A successfully crowdfunded campaign demonstrates a viable consumer market AND social traction.
- Momentum is a huge component of success—Try starting your campaign off with a large donation, even if you have to provide it yourself.
- There is no “crowd” in crowdfunding.
- Healing Power of Personal Data – A NYTimes article that highlights how personal medical records can improve the body’s ability to heal
- Married v Single – A Medical Daily article talking about the pros and cons of companionship when it comes to health
- Enveloupe – Send a PDF by mail
- AirBNB in Cuba – AirBNB is now up and running in Cuba
- Leanne Brown – A PDF cookbook that focuses on a $4 per day budget
- Moni.ai – Basically Siri for the iPhone but it’s role is to perform functions rather than collect information
- Worry and Work – A WSJ article explaining how moderate pessimism and concern can result in higher productivity
- That Sugar Film – A new Australian film that studies the dark history of sugar in western culture
Reviews, Comments and Questions:
- 02:02 – Question – From listener Rebecca – “My question is: I have an iPhone and want to limit the hours in which email can come to my phone and I’m looking for either an app or a mail client or a work-around through I phone, but I do have email based in several different platforms. Do you know of a way to make that happen, to control the inflow of email to my phone? Thank you!”
- 02:28 – Answer from Felix and Ari