How to succeed at crowdfunding: Market Research

Crowdfunding is marketing. And it’s the best kind – you get paid for it, rather than vice versa!

“Marketing” can be a word that gives artists hives. But all it is is stepping way back from your project and looking at it through the eyes of your audience. What will entice them before they’ve had the chance to read your book / hear your album / see your film?

Most marketing works on the paradox of “similar but unique”. You’ll want to be well-versed in what is familiar to your audience, and after that identify the element of your work that will uniquely grab their attention. The first step is knowing your audience as precisely as possible.

blog images - market research

Think of a handful of people you know who will enjoy your work the most. Then answer these questions:

  1. What is their age?
  2. Gender?
  3. Relevant characteristics? (This could be geographic location, race, socioeconomic status, religion, shared experiences, shared passions, etc.)

This gives you a good profile of to whom you’re talking when you’re sharing your message. Many artists think they’ll sell more if they explain why really their book / album / film / project is for everybody – but it won’t. Get specific. This helps to set the right tone.

Step Two is another one that artists often dislike: classify your work. You may think your project transcends genre – and maybe it does – but that will not help sell your work. Pick the genre that is the best fit. Which (online) shelf does your work match? This helps to set the right layout for your cover or preview.

Step Three is to research bestsellers to your audience in your genre. Fortunately, online retailers like Amazon and iTunes make it easy to research bestsellers in just about any digital media. If your project does not fit these two websites, find some that do sell your craft. If all else fails, you can browse through your category on Kickstarter and Indiegogo to see what kinds of messages work and don’t work for projects like yours. You’ll want to keep an eye out for things like:

  1. Color scheme
  2. Font
  3. Layout
  4. Design elements / icons
  5. Voice / word choice
  6. Price
  7. For video: soundtrack, voice over, timing, cuts, captions

Pick 3-5 examples that stand out to you as great. What are the common components they share? Borrow these in your own marketing. This helps you to meet your audience’s expectations.

Step Four is the fun part: identify the one unique element of your work that will be of special interest to your audience. Artists often want to select the sixteen elements of their work that are unique and amazing. And your audience will love them all -eventually. But you need to pick the strongest, most appealing one to sell your work first. A confused observer does not become a buyer. A strong unique element in a familiar layout will help you to surpass your audience’s expectations.

Step Five is to work with a designer, writer, videographer, or others to actually turn this research into the pitch for your project. With the above information and successful projects that have gone before you, you have what you need to be on the same page and craft a pitch your audience can’t resist.

 

For a free crowdfunding analysis of your project, please fill out our Artist Questionnaire. We typically respond within two weeks. We look forward to hearing about your project!

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