The two most popular reward-based crowdfunding sites are Kickstarter and Indiegogo. Each has its own set of advantages: Indiegogo, for example, has less severe project requirements, but Kickstarter has a considerably larger backer base. There are also significant variances in the funding options available to creators on each site. So, how do you determine which crowdfunding platform is best for your project: Kickstarter or Indiegogo?
Your decision will be influenced by the following factors:
- platform guidelines and specifications
- platform charges
- models of funding
- popularity and project categories.
It’s All or Nothing
All Kickstarter projects use an “all or nothing” financing model. If a project creator does not reach the financing goal at the end of the crowdfunding campaign term, the creator will not be paid. Backers can pledge with confidence knowing that they will only be charged if the campaign accomplishes its financial target.
Kickstarter is regarded as the leading crowdfunding platform by both backers and creators. It has unrivaled brand recognition. Many first-time creators have already donated to Kickstarter campaigns, so they are already acquainted with the platform.
How to Improve Raise Capital
Selecting the platform is just the beginning. You should think about how to create money. Here are some things you should think about to earn more.
How Will You Market Your Campaign?
A simple approach to getting the word out about your campaign can be helpful. Your marketing approach should include things like increasing your social media presence, networking at events and sending pre-launch emails. However, if you are conducting a larger campaign, there are paid marketing solutions that can provide an additional boost and may be worth the money. Facebook advertising that targets audiences that are likely to be interested in your product can help boost campaign participation. You could wish to hire a marketing company to help you serve advertisements.
Who Can Manufacture Your Product?
You have a lot of alternatives here, so selecting the proper companion can be difficult. Consider scalability, location (costs for local and international manufacturers can vary greatly), and whether the manufacturer has previously worked on projects similar to yours.
How Do You Collect And Manage Donor Data?
You must thank your donors after your project has been successfully funded. To accomplish this, you must first send surveys to donors to collect their shipping information as well as their item preferences. To acquire the information you need to complete it, Kickstarter provides a survey tool and Indiegogo has Perk Item possibilities. You should, however, investigate whether these features are sturdy enough for your requirements.
Most developers find that having a property manager simplifies the process of gathering and managing information about the backer and preparing for execution. You don’t want to sift through a table after table of supporter information, which is inevitable if you use the basic polling tools on Kickstarter or Indiegogo.
Is your project full of one-of-a-kind elements and dispenser options? Then think about hiring a property manager. BackerKit lets you define Inventory Management Units (SKUs), which are the unique identifiers allocated to each item you make available to backers. BackerKit’s support team is full of professionals that can assist you in setting up goods and navigating the post-campaign phase. You can even hire a property manager to raise more funds through add-ons and pre-orders.
How Will You Ship Your Product?
You may be able to handle the shipment yourself depending on the scale of your project, the number of things offered, and the number of individuals on your team. If that isn’t a possibility, you’ll have to rely on a third-party logistics provider (3PL) to manage storage, delivery, and fulfillment. Another advantage of using BackerKit Pledge Manager is that it interfaces with prominent 3PLs, making order processing simpler.
While weighing the advantages of Indiegogo vs Kickstarter, you must also identify the partners who can assist you in completing these critical tasks. Whether you’re a novice or a seasoned creator, you need to take use of the tools and services available to help you get the most out of your campaign and make the most of your time so you can enjoy your crowdfunding experience.