Is Crowd Funding Right for Me and This Project?
Seems simple, and probably a little obvious, but you’d be surprised by the number of campaigns that are launched without ever taking this into consideration. Crowd funding is not free money, and success isn’t made possible through the simple act of having a campaign. There are several questions to ask that will lead you to determine if you should be pursuing a crowd funding campaign or not:
Is the film interesting to people who aren’t working on it?
This is possibly the toughest question to ask, because people don’t like to consider the idea that they have a project that doesn’t really have an audience. Many filmmakers, are guilty of making films for themselves. This works when you’re footing the bill yourself, but when you’re looking for money from outside sources, you’re going to need elements that hook your potential audience. This may be a killer story, a unique way of making the film (stop motion, green screen, etc.), or noteworthy cast/crew (or anything else you can think of that makes your project stand out), etc. Preferably, you'll have a combination of things.
The key here is to make sure you have a project that will catch not only the eyes of family and friends, but also their friends, people who follow you on Twitter, and complete strangers that may happen by your campaign by any of a hundred different ways. The longer crowd funding is around, the more widespread its usage becomes, and the easier it is to become lost in the shuffle. It hearkens back to the early 90’s independent film boom: when there were less people out there doing it, it was easier to get attention, but with the advent of digital technology and the numerous DIY solutions, there are so many filmmakers making low budget indies that it requires more and more to stand out. This is quickly becoming the case with crowd funding as well.
The significance of this question grows with your financial goals. As we saw in the statistics, the number of successful campaigns drops significantly every couple thousand dollars you climb, so you really have to take stock of your film as honestly as possible. If you must, ask friends who aren’t afraid to tell you what they really think: “If you didn’t know this was my project, would you be interested enough to put in a few bucks?”
Do I have a network/fan base capable of raising a majority of the funds required to hit my goal?
Assuming you answered the previous question with ‘yes’, now comes the next tricky question. You might have 1000 friends on Facebook and twice that in Twitter followers, but that isn’t necessarily what it takes to win the crowd funding war. As the old adage goes: it’s quality, not quantity. What that means in regards to your campaign is: yes, you might have 2000 Twitter followers, but how many are people you regularly interact with/interact with you? How many are following what you do with an active interest? Additionally, the half of the question that’s even harder to accurately determine: how many of those are interested enough that they would toss a few bucks into a project you had? This goes back to “Is the film interesting to people who aren’t working on it?”
Kickstarter Success Rate: 2011
According to Kickstarter, they have a platform-wide success rate of 46%, which means you really need to be able to gauge the practicality of your campaign. This brings us to: