If you find yourself with surplus funds, it’s worth contemplating the high-budget approach that many campaigns employ to initiate audience development. Paid advertising stands as an effective method to generate enthusiastic leads for your endeavor, particularly if you lack an existing follower base.
Among the platforms available, Facebook, Instagram, and Google reign supreme when it comes to assisting entrepreneurs in cultivating email leads and constructing remarketing lists.
Here, we’ll outline four frequently employed high-budget strategies for Kickstarter promotion.
Budget Your Ad Spend
Before you officially kick off your campaign, it’s strongly advised to meticulously plan your advertising budget.
Setting your objective at reaching “100% of the total amount” is not necessary; all you need to target is achieving 30% of your total funding goal on the campaign’s first day. This recommendation draws from Kickstarter’s extensive experience with numerous successful projects.
Moreover, hitting the 30% mark on day one comes with several advantages:
Attaining 30% on the initial day serves as a signal to the crowdfunding platform team that your campaign deserves their attention. This could potentially lead to additional promotional support from the platform, such as being featured in newsletters or earning coveted Project We Love badges.
Campaigns that secure 30% funding immediately are more likely to entice new backers. This phenomenon taps into the collective psychology, as individuals are inclined to be part of something fresh and promising that seems destined for success. They want to be among the first to support it.
Meeting this goal can also help alleviate reporters’ reservations about covering your campaign. Every time a journalist publishes an article, their reputation is at stake.
Having immediate access to at least 30% of your funding target and a substantial supporter base instills confidence in reporters, making them more likely to cover your campaign without doubts about its ability to reach its funding goal. This, in turn, simplifies your personal PR efforts significantly.
After establishing your advertising objectives, you can employ the following formula to determine the number of leads your ads should generate on the first day of your campaign launch:
Number of leads needed at launch = (30% of your total funding goal) / Price point of the primary bonus tier * Email list conversion rate (which may vary from 0.05% to 5%, depending on your email list quality).
Subsequently, you can begin budgeting for the necessary advertising expenditure to attain these leads. Initially, aim for an average CPL (cost per lead) of around $2 for your advertisements. Going below this figure might lead you into unproductive territory with non-converting email lists, while exceeding this cost indicates that your audience targeting might not be precise enough and may not justify the expense of expanding your audience further.
Hence, the budget required to acquire sufficient leads through advertising can be calculated as follows:
Budget to generate leads through advertising = Number of leads required at launch (calculated above) * $2
4 High-Budget Kickstarter Promotion
1. Create Your Audience On Facebook
For novice entrepreneurs, Facebook and Instagram should be your top choices, boasting cost-effective options, intricate targeting capabilities, and an extensive outreach potential.
To create an ad on Facebook, begin by visiting the Ads Manager. However, before crafting your ads, it’s crucial to ensure you have a relevant audience to target. The key to effective lead generation here lies in addressing customer psychographics rather than demographics.
As you construct your audience within the platform, focus on factors such as interests, occupations, favorite TV shows, popular music bands, and shopping behavior, rather than solely relying on age or gender. Facebook provides a wealth of options for targeting—virtually anything that users can “like” or become “fans” of on the platform is fair game.
When honing in on your Facebook audience, aim for an ideal audience size of approximately 2 million people. A larger audience might generate more clicks but could yield fewer conversions, while a smaller one may lead to higher per-click expenses.
Furthermore, you can tailor your audience to specific regions, countries, or even international locations. If you’re planning a global product launch, consider including the top five countries with a strong interest in crowdfunding, which, as of 2022, are the USA, U.K., Canada, Australia, and Germany. And the five countries most interested in buying cards are (as of 2022): USA, U.K., Canada, Australia, and Singapore.
Ultimately, the most effective audience will resemble those who have already opted into your email list. Facebook’s algorithms can identify characteristics shared by past interested individuals and predict future prospects. Once you’ve amassed at least 100 email addresses, start creating “lookalike audiences.” Upload your email list to the Facebook platform, and their algorithms will take care of the rest, helping you reach a highly targeted audience.
2. Place Ads On Forums And Related Websites
If you still have some budget allocated for promotion, consider experimenting with advertising on card forums or other websites dedicated to card enthusiasts. You can often find opportunities for business collaboration by visiting the contact pages of these forums.
Visitors to these platforms are already pre-qualified as passionate card players. They engage in discussions about cards and seek recommendations for new ones. By enhancing your presence in these spaces, you may discover individuals who are inclined to support your project.
If you intend to pursue this strategy, here’s a valuable tip: commence your advertising efforts once your campaign has achieved full funding. This timing enhances the impact of your ad campaigns as it enables you to boast about your campaign’s achievements, such as “100% funded on Kickstarter” or “funded on Kickstarter in just 10 minutes.”
Furthermore, when people click through to your project and see that it’s already fully funded, they are more likely to have confidence in the project and its ability to deliver the cards they’re interested in.
3. Rewards And Giveaways
Running a viral giveaway presents an excellent opportunity to rapidly expand your contact list. The key to a successful Kickstarter or Indiegogo campaign lies in offering rewards that genuinely resonate with your target audience.
In the realm of cards, consider enticing incentives such as unique packaging, exclusive collection cards, game-themed stickers, eye-catching posters, badges, and related accessories.
These offerings not only attract potential backers but also serve as tangible expressions of appreciation for their support. Crafting rewards that align with your audience’s desires can significantly boost engagement and bolster the success of your crowdfunding endeavor.
4. Establish A Recommendation System
Referral programs stand out as one of the most potent marketing strategies, with data indicating their peak effectiveness when implemented either one month into the campaign or when 60% of the total funding goal is attained.
Crafting recommended campaigns allows for ample customization, and the more inventive your approach, the greater the impact on your audience.
Your referral structure can be as simple as a single level or include multiple tiers based on the number of referrals your backers secure. For instance, consider tiered rewards like offering a unique add-on product or service for 2 successful referrals, free regular shipping for 4 referrals, or fast shipping for 8 referrals, and so forth.
Before diving in, it’s crucial to meticulously review the specific rules of the crowdfunding platform you’re using, as these regulations are subject to change. A well-thought-out referral program is essential to prevent any campaign disruptions or potential bans due to non-compliance with platform guidelines.
In conclusion, regardless of the size of your Kickstarter budget, it’s advisable to blend both low-budget and high-budget strategies when promoting your project and nurturing a grassroots community from the ground up.