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Kickstarter, Indiegogo, and other crowdfunding platforms have become a popular way to launch products online.
Author Will Russell makes a living helping people fund campaigns on these crowdfunding sites.
Russell - Campaign - Idea - Math
Russell says that an effective campaign comes down to a great idea and simple math.
Gone are the days when an entrepreneur can have an idea, quickly launch a crowdfunding campaign, sit back and watch the funding flood in.
Number - Adopters - Platforms - Indiegogo - Kickstarter
As an increasing number of early adopters flock to crowdfunding platforms such as Indiegogo and Kickstarter to find the latest innovations, so do creators to launch their products. Every day, more and more campaigns are battling for attention.
That's not to say crowdfunding opportunities are diminishing, though.
Fact - Market - US
In fact, the crowdfunding market is expected to surpass $1 billion in the US, and $9 billion globally, in 2018.
The opportunity remains; it's the approach required to succeed that's changing.
Campaigners - Million+ - Years - Center - Evolution
Having helped crowdfunding campaigners generate $3 million+ over the last few years, I've been front and center of this evolution. I've worked on many successful six- and seven-figure campaigns, across an array of products, countries, and crowdfunding platforms.
There are many commonalities between successful campaigns, but one now stands above the rest: a simple system that taps into crowdfunding platform algorithms.
Effect - Campaign - Traction - Visibility - Crowdfunding
Get it right and it creates a snowball effect: campaign traction leads to increased visibility on the crowdfunding platform (such as website visibility or newsletter promotion), leading to more traction, and even more visibility.
It's not magic, it's math. And it works like this.
% - Rule - Campaigns - % - Funding
The "30% rule" suggests that campaigns that reach 30% of their funding goal within the first 48 hours dramatically increase their chances of success.
As competition has increased, this rule has become even more critical. We now target 50% in the first 48 hours for our clients.
% - Milestone - Boy - Battle
And if the 30% milestone is missed … oh boy. It's an uphill battle from there.
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