Yes, we do learn more from our failures, but nobody likes to fail. Least of all me. Our reVue TV Mount is not a failure as a product, but using Kickstarter to launch it seems to be. Maybe you can benefit from our hindsight and reconsider your campaign before it is too late. Here are top 5 reasons NOT to Kickstart your product:
- The Fine Print – Kickstarter Stats – At the time I wrote this, there was a 66% Kickstarter failure rate across all projects. Stats are updated daily. Be sure to drill down and see your particular category. Today Design has a 61% failure rate – out of 4124 projects, 2380 fail. Don’t get sucked into to all the success stories – the failures are blocked from indexing in the main searching on the site and hard to find.
- No Email List – You need to have a large built-in audience, subscriber base or list of prior customers before you start. There is no way to get enough initial visibility from just your Facebook friends or the Kickstarter website. Unless your project succeeds quickly or gets great press, your chances of being highly promoted by Kickstarter is next to none. For example, we have determined that our project needs 40,000 video views to get enough backers to fund. This is impossible without a 2,000,000 person targeted subscriber list, full promotion on Kickstarter or national scale publicity. Wish someone had told us that before we Kickstarted.
- Rewards $50 or More – If you cannot provide a reward under $50, then don’t do it. The projects that succeed are the ones where people get things for a low cash outlay. Kickstarter tells you that they are not a store, but the backers say differently. They want something. The only exception is if you only plan to sell to a list of repeat customers who understand the cost of the product.
- Large Funding Goal – Needing more than $10,000 in funding makes you a long shot. There is a lot of game science conjecture behind Backers that indicate that they only want to pick winners. Maybe high funding amounts seem unlikely to a game-play Backer.
- Women & Children – If your product is targeted at women, non-whites, or people with kids or money, go elsewhere. Kickstarter demographics are eye-opening and not found anywhere in the Kickstarter Koolaid.
So would we Kickstart again? Absolutely, just not with another project like the reVue TV Mount.
About Hazz Design: Husband and wife team, Tom and Tracy Hazzard have spent more than 20 years living and designing together. As outsiders, they solve the problem of what to make, how to make it cost effectively, and, most importantly, how to make it stand out competitively and connect with the consumer. Their right-fit designs for home and work draw on their individual perspectives, talents and experiences. Be sure to check out their reVue TV Mount on Kickstarter and their School House Rock!-inspired animation “I’m a Design” of the journey from Design to Retail Product.