The School of Film and Television has created a partner page with the crowdfunding site Indiegogo. The platform is one of the best thanks to their global outreach to 220 countries and flexible funding–you keep what you earn–something that other platforms cannot guarantee. Other benefits include a 25 percent discount on fees for aligning your campaign with the SFTV partner page, a dedicated campaign specialist throughout a campaign’s lifecycle and access to funded monies from day one.
Marc Hofstatter, Indiegogo’s Head of Film, spoke to SFTV students at a recent FilmCraft event to launch the partner page and to share some tips on what makes a successful crowdfunding campaign.
Being able to pitch a project is one of the most crucial elements of getting a movie funded. A good pitch includes a video, text and the perks that are being offered. Each of these elements is integral to the whole, especially a well-made video. Campaigns with video pitches make 370 percent more money than those without. Brand yourself as a passionate filmmaker with a dream and explain why a funder should care by answering the five W’s of journalism: who, what, when, where and why, to be effective.
Master Tip: Avoid plain text in your written pitch. Include photos and graphics to provide more details.
Setting a reasonable and manageable goal is one of the most important aspects of a successful campaign. Hoffstatter advises that campaigns should focus on a portion of the film’s cost to be an achievable goal. Eighty-nine percent of projects that hit their goal go over by 30%, meaning that being conservative with your campaign can yield bigger rewards.
Master Tip: Be wary of the green bar effect, i.e. setting a goal too high that potential donors see a low green bar when you are close to the deadline.
Perks are a fun, and an incredibly important part of generating excitement for the campaign that can yield significant boosts (143 percent more revenue earned for a project with perks than without). Strive for three to eight perks that will motivate contributors to give based on the three P’s: passion, participation and pride. More than just a digital copy of the movie or a shirt, perks should be creative and unique to the project, especially the low perks that only cost a dollar or two.
Master Tip: Do the math! Shipping costs per item and time needed for fulfillment can add up, so make sure to take the cost of the items into the total fundraising goal.
Once you’ve gotten the above things in order, the campaign comes next. A “soft launch,” around 24-48 hours before public launch, focusing on family and friends can start a campaign off right. When considering a launch date, look to Tuesday and Wednesday, as those days raise 14 percent more in the first week. Continual updates are also necessary to keep the campaign going, as is grassroots outreach to bloggers and organizations, to breathe new life into the project.
Master Tip: Having a team is crucial to a successful campaign. Campaigns with teams raise 339 percent more than projects that are promoted solo.