Setting a low target is a common tip for a crowdfunding campaign, but Jones says they decided to ignore that advice and pursue an ambitious goal as a way to raise interest and commitment in a market sceptical about home-grown hardware start-ups.
“We’ve gone in the opposite direction: we’re trying to set a new Australian crowdfunding record and have a massively ambitious target of $250,000,” Jones says. “By setting a significant goal we’ve made it clear that we’re serious about doing this properly, and if we achieve our record-setting target, we have a good chance of getting a second hit of publicity and awareness.”
The need to make a big splash on launch day drove much of the vtalk team’s early activity, but Jones says social media has been a more responsive market than media so far.
“Aiming for early momentum in an ideal world you’ll have all your social media, bloggers, media relations and other marketing all making a big splash on launch day, but in reality, we’ve found that very hard to do,” Jones says.
The vtalk team has been exploring the roles of different social media networks can play in the campaign. They’ve set up a Facebook page and Twitter account they’ve been posting regular and relevant news from, and lurking on social media network aggregating software Hootsuite.
Jones adds he’s been targeting particular users who are likely to be on board and equipped with networks open to crowdfunding.
“I have a shortlist of influential Australian start-up industry figures who I’ve been specifically targeting, assuming that each time one of them back the campaign, it gets auto-tweeted and reaches their social media audience with a positive message,” Jones says.
Jones says he’s convinced LinkedIn could be a breakthrough for tech start-up crowd funding campaigns, as you’re able to showcase the experience of your team more easily than on Kickstarter.
“So I’ve spent some cash on a premium LinkedIn account, which lets me reach out to potentially influential industry people who I’m not already connected to on LinkedIn. As soon as our Kickstarter page was live, I started hitting up a few each day with a link to the campaign,” Jones says.
He adds one thing he’ll do differently next time is to create a Kickstarter account for the campaign under the brand name, rather than the individuals. The vtalk account is being run from founder Jeremy Bogan’s account.
“While Jeremy’s an awesome and experienced guy, I think one person trying to raise $250k is not as credible as a company name, even if you’ve never heard of the company before,” Jones says.
“Cutting through the credibility gap is the biggest hurdle in crowdfunding for most campaigns: if you’ve never done this before, how do you prove to potential backers that you have what it takes to succeed bringing your idea to market?”
This article first appeared on StartupSmart.
Rose is the current head of growth at Rampersand Ventures. She was formerly a reporter at StartupSmart.
