Kickstarter vs. Fundable: Part 3 – Now We’re Funded…
It has been 34 days since launching our BottleKeeper campaign with Fundable and I must say, it’s been quite the experience. We have gone from being 66% funded within the first 6 days, to being 117% funded with 100 backers and 11 days outstanding. This illustrates a point that became increasingly clear; linear progressions don’t exist in crowdfunding. Shocking, right?! No, not really.
In one hand, I feel that having spread the campaign over 45 days created too much space in the “middle”. What I mean is that people whom intend to pre-order larger volumes of BottleKeeper’s, know that they have lots of time to pull the trigger, which exacerbated the lull that we experienced from days 10 to 25.
On the other hand, there are numerous benefits to spreading the campaign out that only relate to Fundable (as opposed to Kickstarter). The most major of the benefits is the fact that Fundable has a Public Relations department that has incredible connections. These are not just people they “kind of” know, they are legitimate editors and reviewers at major publications and blogs. In addition to turning the list over to you, they guide you through the process of contacting them so you can get the most reviews and successful contacts possible.
For example, in any business that I’ve ever been involved in, I’ve never needed to communicate with publications, journalists or bloggers, so I honestly didn’t know how. I’m sure I could have figured it out by trying, making mistakes and changing course, but I didn’t have that kind of time. If you feel this is easy, think about it; what is the best day of the week or time of the day to email them? Call them? Send a follow up to a non-response? How do I effectively structure the subject line so it stands out and grabs their attention? How short or long should the email read? What’s their incentive or motivation to review a product? And so on…
The point here is that you can’t just fire off a bunch of emails and hope for the best. Having professionals that are there to help you be more successful, and in many cases, send “review opportunity” emails out for you, is incredibly beneficial and reason enough to extend the life of your campaign in order to accomplish as many of these opportunities as possible.
The positive results of the PR processes inside Fundable became immediately apparent. We currently have 6 different publications that are awaiting a BottleKeeper of their very own to test and write reviews on, a couple of which are major publications, and we were even able to get an article up with a great online publication, FirstToKnow.com.
With 11 remaining days and 100 backers thus far, let’s make it interesting. I believe that there will be a surge in the last 7 days as a result of people, many of which will be family, friends and those that have already seen the campaign, waiting until the last minute to execute their pre-order.
So here’s my formal hypothesis: BottleKeeper will jump from 117% to over 175% within the last week of the Fundable campaign.
Understanding that procrastination isn’t a new idea or methodology, it will be interesting to see how the numbers change over the final 7 days. Only time will tell…
Follow our progress at Fundable.com/BottleKeeper
**Hypothesis Follow Up** Want to know how the fundraise actually turned out? We hit 378% of our goal (thanks partly to an unexpected article in Gizmodo), raised almost $14,000 and pre-sold nearly 1000 BottleKeepers into 6 countries…not a bad start!