Indiegogo Film and Video Campaign Specialist, John Trigonis, has teamed up with IndieReign to talk Crowdfunding! Four Factors for Factoring Down Your Indie Film’s Crowdfunding Goal is the first monthly article from his ‘CrowdReign’ series. Check out his expert level advice below…
One of the most difficult things in crowdfunding for filmmakers is choosing the proper target amount for your campaign. Sure, we’re quick to say we’re gonna raise $100,000 for our feature-length films because certain celebrities are setting those standards, but we need to keep in mind the importance of setting realistic goals, ones we can surely commit to bull’s-eyeing.
So here to help are four quick things every filmmaker should take into consideration to make a more informed decision:
Size matters. But more than size, engagement matters most, and how long your network has been engaged with you and the kinds of content you’re keen to post on social media. What’s more impressive than 1,500 “Likes” on your film’s Facebook page? How about a post that garners 100+ “Likes”? That’s 100 people paying attention who may ultimately help pay for the making of your film.
For how long are you going to run your campaign? A month? Forty-five days? Longer? Campaign duration impacts how much funding you can raise. In choosing the right length, ask yourself this question: how much time can I put into running this campaign? It’s written in my book Crowdfunding for Filmmakers that crowdfunding is a full-time job. If you only have twenty hours per week to give to your campaign, keep it short. Two hours a day? Keep it shorter, and your goal lower so you can hit it quicker.
Sure, you can raise funds by yourself, but statistics confirm that by having a team by your side, you’ll raise more money. If you have a larger team, you can raise larger amounts of money, since each team member may have his or her own network to tap into. Also, having a diverse team with specific skills you can put to use during the campaign boosts your chances of raising larger amounts of funding.
With more crowdfunding campaigns launching every day, it’s become more important than ever to get creative with your campaigning, to craft experiences rather than run-of-the-mill fundraisers. The more creative you can get with various elements of your campaign like perks, for instance, the more noteworthy your campaign will be. Be different and push the envelope on what can be done through crowdfunding. Your audience is watching, but it’s also watching every other campaign, too. How will yours rank?
One final bit of advice
I recommend most Indiegogo campaigners to “shoot low and aim high” when choosing a goal. You want $50,000 from a modest initial network with 10 hours a week to crowdfund with a team of three on a campaign that’s a step or two above “standard definition”? Shoot for $25,000 and hit that goal in half the time. Then aim high for a $50,000 stretch goal. Set your goal at $50,000 instead, hitting only half of that seems a little less than successful. Surpass your $25,000 goal, however, and you become king of the crowd.