If you’re thinking of jumping into crowdfunding to kickstart (see what we did there?) your latest entrepreneurial journey, you’re definitely not alone. Kickstarter, arguably one of the biggest crowdfunding platforms right now, currently has more than 4,000 live projects. To date, they’ve launched a little more than 354,000 projects, with around 125,000 of those successfully funded. And while the art of crowdfunding may be a little trickier than what it used to be, the formula to get started remains the same; you need an idea, an estimated starting fund, and maybe a little know-how on kickstarter video production.
Why Do I Need A Kickstarter Video?
First off, video has proven itself one of the best forms of media for communication, engagement, and visibility. There’s a whole laundry list of current statistics that can back this up, and a whole lot of other resources that say the same thing. Right off the bat, Hubspot has 31 video marketing statistics for your 2017 marketing strategy, all packaged in a neat little infographic.WordStream has a further 37 factoids for the year 2017 as well.
Basically anyone—be they marketers, entrepreneurs, authorities, or otherwise—looking for visible, measurable results should consider adding a video or two to their repertoire of online advertising and marketing gimmicks.
Second of all, Kickstarter itself has stated that projects with video “succeed at a much higher rate than those without,” at a difference of a 50% (those with) versus 30% (without) success rate. After all, one of the best ways to get funding is to get potential backers to sympathize with your cause, and that can easily be done through telling them your story.
Why use static text and images to tell your story when so much more raw, human emotion can be projected through video?
Kickstarter Video Production Costs—And Why It’s Worth It
Entrepreneur put together a list of what one would presumably spend when putting together a crowdfunding campaign and their respective average costs. A product prototype done through raw materials or 3D printing can cost you a few hundred to an even $1000 dollars. Promotions via professional public relations firms may mean an extra $5,000 a month for the full PR package. A Kickstarter video, on the other hand, can costanywhere between $1000 to $10000, depending on the video production company you hire.
Already the sums are looking to be a bit much. The good news here is that you can cut out most of the expenditures if you’re on an extremely tight budget. Prototypes can be switched out in favor of detailed—and arguably cheaper—sketches or blueprints of your product. Most creators opt out of public relations (although if you have the budget for it, it’s highly recommended), choosing instead to take to social media and traditional word of mouth to raise awareness.
Out of all the elements of a crowdfunding campaign worth investing in, allotting more than half your budget for Kickstarter video production may be your smartest move.
Professionally produced Kickstarter videos can be a bit pricey, starting at maybe $500 as the absolute minimum. Others may choose to DIY it to save a spot of cash, which is fine, but usually creators don’t have the time, resources, or know-how to create and produce a video.
The reason it’s worth sinking upwards of $1000 into your Kickstarter video is because a Kickstarter video can be reworked and reused over and over again—even when your crowdfunding campaign is finished. As mentioned earlier, having a video significantly increases your chances of successful funding. Between spending $2000 for Kickstarter video productionor $1000 for, say, 3D printing, we would still argue that the $2000 would be a better investment overall.