Transcripts

2. Crowdfunding: What is it? What are the best uses?: - welcome to how to succeed it. - Crowdfunding. - So this course is a overview of crowdfunding plus and in depth strategic plan to be - successful at a project. - I am Joe Malone. - I am a serial entrepreneur in crowd funder, - personally raised around $300,000 on Kickstarter. - I've just been fascinated by crowdfunding ever since I heard about it a few years ago and - plan on using it again in the near future. - I think it prepared a great course. - I've used my experience that I've had. - Plus, - I've added tips and tricks from other people that have been very successful through - crowdfunding and also from interviews of people that have had projects that completely - bombed. - So I've also act image. - I'm not affiliated with Kickstarter Indiegogo, - so I can provide unbiased viewpoint on a nose, - and the course is broken out into five different sections. - So first just got the untrue kind of going over. - You know what exactly cut funding is and such? - Then we've got the project plan in the marketing plan or section two and three. - So those air gonna be both the sections that you do before the campaign actually begins - just before you ever launch online for anyone ever season the clock starts. - So those air all year all your prep work and broken out into two different sections, - Then we've got section for which is the execution. - So this is actually the while the campaign is running. - So from the time that clock starts, - the time of the clock ends, - you know, - what exactly should you be doing? - And lastly, - we have a closed out section. - So once oclock ends, - what do you do at that point? - To completely finish out your project? - And you know, - if you're going to be moving forward with something or if it completely ended that point - kind of over all of that and again, - I'm Joel Malone. - My email addresses is right there. - Joel A. - Malone at gmail dot com. - And you know you can feel free to contact me with anything. - You know, - I love to get any kind of class feedback on. - Like I said, - I do a lot of crowdfunding. - So if you need advice on upcoming project of your more than happy toe, - give you some. - If I could help you, - I'll let you know. - And if I can't, - I'll let you know that as well. - First section we've got is the intro to a crowdfunding. - So we're gonna go over what exactly it is we'll go for best uses of crowdfunding. - You know what? - What can you do with those funds? - Different schemes that people have tried and to be wary of ideal project. - So what project will actually be able to raise the most money? - What what components do you need to have a really good successful project? - Also, - the different risks that come with launching something through crowdfunding versus maybe - traditional investment methods also just the different platforms. - So we will do a side by side comparison of Kickstarter and Indiegogo and we'll end it some - of the others. - But those are the two that will really dive into. - So let's get started before we start talking specifically about crowdfunding out to get - great thing to do is to talk about traditional investment methods to show. - The difference is that crowdfunding now offers traditionally most common methods Air - friends of family credit cards, - banks which would be loans or s b a loan. - Small Business Administration angel investors, - which are wealthy individuals, - tend to specialize in one field, - whether it's someone that made their money in the medical industry. - Or maybe it's in the Internet or law, - so they tend to invest in that similar industry. - And so they're investing smaller amounts on fewer businesses and deals usually ranging - 250,000 to a 1,000,000 or two. - And then you have venture capitalist veces, - which are institutional money. - So these people are similar to hedge fund managers and in regards to they are tasked with - investing OPM Other people's money best kind of. - So what they do is they approach, - let's say, - a large university and with with their endowment fund and asked to manage that for them. - So their job is just to invest in many deals. - They're large fund and to seek really high returns. - So when they invest, - they tend to strive to take a company public or sell it their acquisition as quickly as - possible. - They just want extreme rapid growth on just 0 to 60 real quickly. - So no, - but these air, - you know, - all of these about tend to be, - you know, - more So the DBC angel stuff s b A loans. - Banks are larger amounts after a few sources. - This is even with credit cards, - this is where you're getting an amount of you know. - You may take out $20,000 in your credit card. - Max it out for your for your business or for your project. - And these tend to be in exchange for equity. - Other than, - let's say, - friends and family and credit cards aren't quite that way on credit cards or alone. - Friends of family, - sometimes with gifts, - sometimes alone S B A loans air actually backed, - usually some sort of collateral. - So if your business wanting to expand, - you need the funds. - If you are, - let's say, - buying a new building, - the back it using the building as collateral. - But then they don't need equity. - But angel investors veces definitely and equity transaction. - So what exactly is crowdfunding? - Crowdfunding by definition by Matt Inman A successful crowdfunding. - He defined it as crowdfunding is using tons of people to pay for things that you couldn't - previously raise money for. - I love how you put things. - So he is actually, - um, - had a couple campaigns through Indiegogo, - um, - some slightly controversial, - But it's pretty cool because he sells a story. - You know, - he's not about selling products. - Uh, - or albums or films, - but it's usually getting behind something that he just strongly believes in. - And, - uh, - you know, - I really respect that about him. - So crowdfunding, - as opposed to traditional Bell Smits. - This is many sources providing small amounts. - So this is, - you know, - thousands of people providing $10.20 dollars, - $50 verses, - people providing you with $30,000 or a 1,000,000 or two veces or, - you know, - providing multiple rounds of, - you know, - $20 million on the low end. - And sometimes you know hundreds of millions on the higher end. - So with crowdfunding, - you tend to be providing a promise of goods or services and for for their capital in their - money instead of equity. - So this is in the form of any kind of, - uh, - a star is good. - It could be a specific product. - It could be T shirts. - It could be stickers, - you know, - Whatever is related to that project services could be different from if it's a band I'm - doing. - Using crowdfunding. - The service could be performing a concert or writing a song for somebody, - but like I said, - these are not equity transactions. - However, - things are currently changing Obama signed the Jobs Act, - and it's going into effect, - Um, - where it's going to actually expand the possibilities of crowdfunding. - Historically, - returns for different assets have been, - um, - I have been very different. - So savings account stock market are generally pretty love 69%. - However, - Angel investments have been averaging close to 27% so that's a return. - It is obviously much higher than the average average middle income people can gain. - And due to, - um, - current laws in the US you have to be a accredited investor trees. - You have to have a certain amount of income, - and you have to go through a process to be certified to invest. - So it's it's being restricted to a few people so they couldn't middle class, - couldn't access this type of investment. - Uh, - however, - like I said, - things are changing. - So with um, - part of the Jobs Act there are is titled to Entitle three. - Title to is expanding accredited investors. - So these are people that they're redefining what an accredited investor is in there, - explaining that to slightly lower brackets than currently are there. - So that's supposed to add an estimated $20 million to investments on your future that's - annually. - And, - um, - for Title three is when they're actually going to allow non accredited investors to to - invest in these deals, - and that will really expand it. - So basically, - that will allow virtually anyone to invest in these these equity deals that were once - restricted to accredited investors. - It will be based on income. - There's not necessarily an income requirement, - but the more your income, - the higher your income, - the more you can invest. - So it's kind of a it's kind of a percentage breakdown. - So So someone making $40,000 can invest in these things. - And I'm just a smaller amount to someone making 50 year, - 75 or 80. - But also, - uh, - this Jobs Act is allowing four deals to be, - um, - to be solicited online, - uh, - to the mass market, - which they weren't in the past. - So that's something else that's really changing with that. - So the capital from Crowdfunding this kind of best uses here, - you know, - Like I said, - it's a lump sum. - You know, - it's not like the investment rounds at a milestone base that you see with BC and Angels, - where they say, - Okay, - we're gonna give you $250,000. - Build out your software, - approve your concept, - get a couple customers and then we will then give you another 1,000,000 or two to develop - it further once you reach a certain revenue level will give another five million to grow it - . - That kind of thing, - that's all. - Milestone based, - Um, - so from crowdfunding, - you know it's It's in advance. - Um, - you know, - people are giving you money before you've done anything proven. - Proven your idea before they've seen a product. - When it's just, - it's just annoy idea. - That's all it is. - So it's it's it's faith based money, - and it does create an opportunity. - Let's say if you're creating a product, - you're manufacturers most likely gonna have minimum order quantities. - So you know, - they may say that you have to order 500 units of your widget that you're creating before - they manufacture anything so that can create a big burden. - You need a large amount of capital of fried, - so also, - if they say you know you have to make, - you have to order 500 before we make any, - they may say that maybe $2 per unit, - But if you order 1000 will drop it to a dollar 50 if you order 2000 will drop it to a - dollar. - So that's the other thing with crowdfunding it. - Since it's such a large lump sum and your in a sense kind of pre selling those, - then a lot of times you can take advantage of that quantity based pricing and, - uh, - and drive the cost down. - Also, - you know, - Thies, - this lump sum is helpful if you need two written on a recording studio. - Do software programming film the movie? - Because these are things that obviously also require a lot of money up front before - anything is produced and before you actually have a commodity, - whether that's an album or a movie or some form of software. - So the other advantage of crowdfunding um, - you know, - you retain the equity and creative direction, - so retaining the equity, - you know, - if you're looking at creating a business, - this is obviously huge is this allows you to get off the ground while without losing any of - the potential upside of your business. - So, - um, - if you're like a film director, - you keep the creative direction you don't have, - um, - you know, - these producers breathing down your neck, - wanting Teoh. - See clips all the time and look over your shoulder and see you know what's been happening. - You know, - it's completely still up to you. - Um, - you gain exposure by being on these platforms. - Um, - you know, - it's a place to drive people. - I wouldn't say just because you're on there, - you're going to get a lot of exposure, - but you will get a little a little bit and, - you know, - through your PR stuff, - reiterate that soas faras saying that you won't get any for being on there. - You will get some if you're on there through all of your strategies. - Just if you just put a campaign on there and didn't do anything, - you won't get exposure. - People think that it's just a magic machine that if you're on Kickstarter, - you're on any go go. - There are thousands of people constantly just looking at your project and wanted to give - money, - and that's not the case, - and we'll we'll go more into the depth into that a little bit. - Also with crowdfunding, - it really serves market research, - So if you've got a product idea that you know you don't know if it's gonna be good. - People are gonna want it. - Um, - you know, - putting it out there on crowdfunding. - You haven't invested heavily in it. - You know, - you may have made a prototype. - You may have paid someone takes photos. - You know, - you put together your project, - but, - um, - your investments very minimal, - and you're able to test market the product now. - So if people turned out not to like the product, - you didn't spend the time to make it. - You know, - you didn't pay for a quantity. - You you're not stuck with your house full of boxes of products that you have nothing that - you could do with. - Also, - You know, - your product may have just needed some feedback from people that you're going to get - throughout the campaign. - They may say, - I like we're going with this. - I wouldn't buy it in a current state, - But, - you know, - if you tweak it in this direction, - then it might be something I'd be interested in. - So, - you know, - that's direct feedback that you're gonna get from people. - That's really helpful as well. - Um, - Scott Wilson, - I got a quote over there on the right side. - Hey, - said it makes buying the inventory and thinking about retail a lot easier. - He had the lunatic, - which was a hey, - watch, - um, - kind of a watch case. - So it fit the iPod Nano in the last generation. - And so it turned the iPod Nano into a watch. - And it was the, - you know, - leading crowdfunding campaign with over $900,000 for the longest time, - the most funded it sent Its been broken by many campaigns, - but it was at the top for a long time. - And, - um and that's just kind of another insight into what it can do if you are trying to make a - product, - um, - just allowing him toe by a lot of majority. - And and it also creates a lot of leverage with retailers because now they've seen that a - people want their product and they start calling you rather than you having to solicit them - and be a sales person 3. Risks, Schemes, Ideal Projects, Different Platforms: - risks of crowdfunding in the pains of cross on it. - Um, - risk of failure. - Obviously. - You know, - the time you put in this campaign is gonna be heavy. - You're gonna put in a lot of time, - and you could put a little bit of money. - Probably. - Um, - so you know, - that's one of things that you're going to consider into if it's worthwhile for you. - Um, - public image. - You're gonna feel like it could be stained Just a failure out there. - You know, - most of these campaigns are kind of internalized. - Indiegogo has taken down some campaigns that have failed. - Kickstarter leaves everything on there forever, - so people could always find it again. - So if you think it could hurt your image in the future, - I mean that that is a potential possibility. - Um, - it is very, - very stressful. - Don't be surprised if you would lose sleep over it. - Um, - you know, - it just you're gonna be staring at it 20 hours a day and just constantly refreshing it. - Um, - it could put strains on relationships. - When you launch your campaign and you start telling friends and family. - Hey, - this is what I did. - You're not necessarily listening them, - but it can create awkward situation when they're like, - OK, - well, - am I supposed to give to them and my not, - um, - you know, - they're gonna feel pressured to and you know, - you're gonna try to answer them. - Is I hate It's all right, - it's not. - You don't have to support me on here, - but it creates. - Ah, - weird situation. - Um, - also next point, - there is no nondisclosure agreement. - So if you're putting out, - um, - a product solution if your if your project is one of those, - um and you're concerned about someone stealing it, - then craft findings Pride? - Not for you. - No, - it's better for things that you have the competitive advantage on. - If someone else just knowing your idea with a little bit advance notice could do it better - than you, - then they're the person to do it in the first place. - So, - um, - you know, - this is more relevant. - Maybe with some with AP ideas or software, - things of that nature that could possibly be completely replicated in a very short period - of time, - like during your campaign. - And people on the Internet aren't quite as forgiving, - patient or illogical as you would hope. - If you've ever gone to YouTube, - you realized this comments are 99% negative and 1% positive. - So if you know if you go through crowdfunding, - you're going to realize this very quickly that it's people say things on the Internet that - they won't never say in person, - and you will get unfiltered feedback. - This is can be very stressful. - But you know, - it is very valuable. - Being able to get that authentic feedback that you can't really get in other places is - easily so. - There are some schemes out there that people have tried. - Um, - so the first of which is when you know that a big debate is whether or not you're legally - obligated to fulfill the the rewards or the perks of your campaign. - Um, - because there is a sense of risk. - Do it. - You know, - if you if you raise this kind of money and to make the product to make an album to film a - movie, - whatever your project is and you weren't successful in doing it, - do you have to give the money back? - Um, - so, - you know, - there have been instances where people have raised money, - nicked up, - made up excuses and try to just keep the money. - They were thinking no one would ever see him potentially or they just, - you know, - they obviously thought they'd get away with it. - However, - there has been an instance. - Where have at least seen one? - That bunch of your pledged very small amounts, - Uh, - and then finally a class action lawsuit against somebody and then having to file bankruptcy - . - And it was a big mess. - Um, - being honest, - have integrity, - don't tryto rip people off. - Um, - other thing posting projects on multiple sites is back to my point of Just because you're - on Kickstarter Indiegogo doesn't mean you will get a lot of exposure for the sake of from - the second being on there. - Um, - if you look at how many projects they've had to have thousands of projects and they're - constantly thousands of projects out there, - um, - so posting years on both sides doesn't necessarily help you or even more sites. - On top of that, - you're better off sticking with one. - Choose the one that works best for you because it really does divide people. - You know, - people hear about your project are interested and they realize you're on both. - They're gonna be very confused. - They're not going to know what to do. - I'm pretty sure it violates the terms of service. - I haven't checked because it's not necessary to check because I think it's a stupid idea. - Anyway, - you will lose all credibility and no one will support you. - Here's an example. - Um, - I don't want to speak to their project per se. - I'm not saying they had that project. - I'm saying they posted on both and you go, - go and kick started with overlapping timelines. - And you know, - that was the results. - Both of them. - They feel so of components of an ideal project. - This is, - you know, - prime my favorite slide that we're gonna go over on the entire course. - I think it's just the most relevant. - Um, - you know, - you really need a compelling story If people don't know why they should support your - project. - And if your product doesn't scream to them. - Hey, - I really should be involved in this. - I should support this. - Then it's gonna be really tough to get anyone to do anything. - Um, - if your project is mass market, - So when I say components a media project, - I'm talking about ideal for raising a lot of money So, - you know, - if your project is something that you're like, - Hey, - I don't need a lot of money need for $5000 that's fine. - You don't necessarily need all of these things. - Um, - mass market would be the one that's probably not relevant two years, - But I'm approaching this from the point of, - you know, - just trying to make the largest financial impact. - Just so you know, - so mass market, - um, - thes platforms are in international states. - You will get supporters from around the world. - Um, - I did one product campaign for me. - We end up shipping products to I believe it was over 80 countries. - And, - um so you know, - it's international, - very diverse viewership. - And if your product is your project is a project that appeals to the mass market. - Not just a small niche, - not one specific type of person, - but it's it's kind of open to a lot of people. - Then you will have more blawg opportunities. - There would be more bloggers that might be interested in your project. - Um, - the next thing is a popular category film, - video game, - and product design projects have raised the most money. - Statistically on, - um, - Kickstarter and Indiegogo. - So you know, - you know, - just by mathematics, - if you use one of these, - you know, - these are the type that people are at their current currently liking to support and a - strong team kickstart actually run the numbers on this. - Two or more people have raised 80% more money. - Four more people, - on average, - 138%. - So that's very significant. - Uh, - and I think it's because it doubles or triples in size your network if you have two people - , - um, - the amount of people seeing your campaign, - senior social posts and stuff like that are gonna obviously be double. - You know, - just if you build a strong team, - you know, - when you're building your team focused on people that can, - uh, - fulfill where you lack know your strengths, - know where you're not so strong, - and find people that you know help in that area, - there are many different platforms obviously mentioned kick starting in any go go. - They are by far the most popular. - Um, - you know, - it's pretty much a two horse race at the moment. - It may change. - It doesn't look like it will in the near future. - Um, - first we're gonna talk about Kickstarter. - However, - Kickstarter is larger. - Um so naturally in many articles when people are talking about the two, - they say that Kickstarter you know, - it has been the leader and then you go came along and you know, - they, - um I gained a lot of traction, - but they haven't done as well. - However, - any go go was here before Kickstarter so salted so Kickstarter they like creative projects - . - One thing you learn about Kickstarter Indiegogo is Kickstarter is more particular about - what they allow on their site. - They really wanted to be a platform for creativity. - They don't like businesses. - Eso if if you want to launch a business which I have launched a business through - Kickstarter before you get creative about what you're doing. - So it has to be a project. - They want projects with specific ends and goals. - So, - for example, - if you want to start a sock company, - you're gonna make really cool socks that no one's ever seen before. - You're bringing back the tube sock. - I don't know, - um, - your your project per se that you're gonna be saying you're doing a Kickstarter is, - uh you want to manufacture a sock? - It's something that you could say. - OK, - I need $50,000 to make up my, - uh, - order first order of of socks. - So there's a specific end goal if you raise the money, - you're ordered socks. - You made socks, - you know, - afterwards, - after the project ends on Kickstarter, - you have a stock business, - but you're gonna have to kind of spin your idea a little bit if you're trying to start a - business and you want to use Kickstarter. - Kickstarter does not like causes. - They don't like funds to go towards, - um, - not for non for profits, - not for profits and charities. - They don't want you to launch a charity or not. - Excuse me, - non profit on their, - um, - I've run into some of this before, - and they're very particular on this there. - Reasoning that doesn't make much sense is that if they have a cause on their one campaign - is they're putting, - um, - giving nets to Children in Africa to protect them from malaria. - And the next campaign is someone, - um, - over here in the U. - S. - Trying to produce their first music album. - They think that no one will support the music album. - Personally, - I completely disagree with them, - but that that is their viewpoint. - And they're very particular on that. - So they do filter out campaigns, - and they look at at them pretty stringently, - but they let up a little bit on their process. - It used to be much more time consuming to get approved and get on there. - But things are going a little easier. - They do all or nothing. - I'm sorry. - I skipped. - Must fit in the category. - Yes. - Your project must been one of the categories. - They have a list, - and if it doesn't fit that, - it's not something they want. - So, - you know, - keep that in mind looking there category list? - Um, - they do all or nothing funding. - So you set a goal? - Uh, - because your project needs a certain amount of money toe happen. - So, - for example, - your sock company, - if you said set out to raise $50,000 What you're saying to people in communicating is that - I can't make, - um socks without $50,000 because that's what's gonna be required of me up front. - That's what it costs to make my project happen. - $1 lesser, - one cent less. - And I'm not going to do my project. - You know, - I kind of understand where starters coming from on this. - Um, - so I can't disagree with them on this part. - Um, - so that's something to keep in mind, - because if you ask for $50,000 you raise $49,999.99. - You will ultimately not get a penny when that clock runs out. - Backers are charged at the end of the campaign, - so people are pledging that amount. - But their credit cards are not charged until the end, - so people will change their pledge off around. - But you have to have at least reach your goal at the end to get any money at all. - On it is the largest crowd funding site, - with total money raised of nearly six times Nico go, - uh, - so Kickstarter has a success rate of right on 44%. - That's really really good. - Especially considering their all or nothing funding. - Uh, - and their fees are, - um, - 5%. - If the project succeeds and they go straight to Kickstarter and then you also have 3 to 5% - from Amazon payments and that fee can change depending on the quantity on and and the total - amount that you're actually running through there. - So that's just a credit card processing free fee. - And, - um, - act it those feezer not really negotiable. - So any go go few project restrictions? - Um, - the restrictions were pretty much limited to what is illegal. - So, - um, - you can put on there pretty much whatever you'd like. - Um, - this is a resulted in a lot of projects on their It also has resulted, - I think, - in a lower success rate, - 9.3% they do fixed or flexible funding. - So fix funding is like the all or nothing funding that Kickstarter has. - If you don't hit your goal, - you don't get any money. - Flexible funding, - uh, - is different. - Flexible funding is regardless of how much money you raise, - uh, - you will get that much. - You will get that money. - So if you set out for $50,000 and you hit $24,000 to $2000 whatever you will get that money - as well, - I think it kind of makes the whole point of the coal useless. - And it's kind of confusing Teoh potential backers saying, - You know, - you need $50,000 but you're fine with $20,000 still make it work. - Um, - another difference is contributors are charged immediately. - So, - um so that's something to keep in mind that it's a little different. - So your ultimate support will very less with the knee. - Go go with Kickstarter, - especially if you run a longer campaign. - If you did two months, - 60 days, - a lot of the people that pledged in the beginning their credit cards may have expired by - the end. - Um, - or maybe they just forgot that they pledged to you, - and all of a sudden, - now they're gonna Overdrafts of funds aren't gonna go through, - so you're gonna have a lot of failed transactions. - Starter still charges you that fee based upon the total support that you should have - received. - So there could be some issues there. - Uh, - and for any go, - they do encourage you to be successful in their fees. - It's 4% if you reach the goal and 9% if you're unsuccessful with flexible funding. - So I didn't mention this with kick, - sir. - But if if you don't hit your goal and you don't raise any money, - there are no fees within you. - Go, - go. - If you do the fix funding. - Excuse me, - if you do fix funding and you don't reach your goal, - there are no fees. - But if you flexible funding and you don't hit that $50,000 mark that you set out to raise - and you reach 20,000 they will take 9% of your $20,000 that you get. - So you're definitely still encouraged to reach your goal. - Um, - and the 9.3% success rate is based upon projects reaching their goal so and flexible - funding campaign that raised $40,000 when they're asking for 50. - It's counted as he unsuccessful campaign in those figures. - So now, - side by side success rates I mentioned a couple times can I wanna touch based on you know - why? - I think this is because if you just look at the success rate, - you're like, - why would I want to go with an ego? - Um versus Kickstarter got a much better chance of success. - I don't think necessarily the case. - I think it's because, - you know, - flexible funding of Indiegogo does make the goal kind of arbitrary. - If you pledged on that campaign we talked about and it's up to $40,000 their goal was - $50,000. - Um, - but they're doing flexible funding. - They're gonna get the money regardless. - And that's gonna happen. - And you're gonna get your perks, - no matter what, - there's no motivation. - You know, - all the motivation is gone, - and, - um, - just kind of removes the whole point of the goal, - in my opinion. - So, - um, - I think a lot of these campaigns and projects that could have been pushed over the goal - just don't reach it because of this. - Uh, - there's also kind of a lack of quality control with any Go, - go. - You know, - Kick starter is very specific on their categories there more specific on their categories, - and they are quality. - But any go go will allow, - Just like I said just about anything. - If you want to post something on there and say that, - Hey, - you just you just want people to pay your rent on your sort of project to raise money for - everyone to pay you rent. - From now on, - um, - you could do that. - And no one is going to support you, - and your project will fail, - and then you will contribute to that 9.3%. - So, - um, - I think a quality project. - I think the success rate for you would be the same on Kickstarter or Indiegogo. - I think it's I don't think it's about the project. - I think it's about the pool of projects that they currently have on their platforms. - So we just finished the first section of Introduction to Crowdfunding. - So now we're going Teoh in the next section, - go over kind of the first part of the project plan. - You know, - the things that really make up the project and what people see the potential backers from - the Project home page to the video and other media and stuff like that, - so that so you can expect the next one. 4. Project Homepage + Video: All right, so now for the project plan. So here we're going to start by talking about the project home page. What? You should put on it. How it should look. Also the video. You know, how can you make a great video? What do you need in a good video? Different tips and stuff on how to do that cost effectively. Um, and you know, just without breaking the bank. Also, just any additional media that you may need for your project. So things that were relevant beyond what the obvious are as far as a photo of the team. And you know the video for the project also dive into the reward specifically, and your fulfillment date. How do you choose that? How far out should be, how close? How does that impact your potential funds your race? Also, you know what your shipping costs. What's the best way to calculate that? Do you expect more to be local? Do you expect to be far away? What about international and how does that come into play? Also, your goal. How do you set your goal where you know should be higher where you raise more If it's higher do you make it less ambitious, More realistic? You know, different strategies for setting that are things that we're gonna discuss and also stretch goals. There's a big debate out there on whether or not people should you stretch goals and how they impact your backers. And your project as a whole will go right into that as well. So there's a great section, and I think you'll learn a lot. So the project Home Pages is the hub of your project. It needs to be 100% complete. You don't launch before you've completed the whole thing. You know, brands, projects, cos everything always needs to be seamless. It seems there where else and you start looking at professional on people and you lose credibility and people stop trusting you, you need to answer three critical questions. Who are you? What are you doing? Why should I care? Everything you know is related to those three questions. Anything beyond that is, um, too much information are unnecessary information. So, uh, which in the Why should I care? Question is by far the most important. Whether this is, you know, I should care, because you're doing something really cool you doing something really thoughtful. You're helping mankind. You are making really cool products that I want to own. You know, I'm cold and I need a hoody. Um, that kind of stuff. So on the product title, you know, it needs to be concise, and it really describes the what you're doing. And why in this instance, air right here on the right, you know, they're making a city on their making Hiti to last a very long time. Um, so they want to make a quality hoody, And they didn't mention who they are in the title, as I recommend, because looks like Jake Bronstein on no offense Jake Bronstein. But I don't know who he is. Chances are you probably don't either. And because his name, if his name was in the title, that's not gonna make you click on it. If your celebrity, then it might be worthwhile. But otherwise people are more concerned about what you're doing and why. Um, the description is goes right underneath here. Its every stitch tells a story, a premium sweatshirt designed for life guarantee for a decade and backed with free mending . So this is where you can expand on the Y and mentioned the reward. So there, you know, they elaborated on it, gave you a little more details and, you know, it just it just makes it more compelling. Um, and then in the text body is when you really start elaborating on this description and you can also go into you know who you are on a kind of background on your project. Um, I'm gonna show you other parts of the home page. So, you know, obviously you have your video upfront. You have a static image that you have displayed on there that you choose for when the video hasn't been played yet over to the right. You know, it's the number of backers they've had so far. Their goal is listed there underneath on the amount pledged. Typical on how much time is left on the funding period. I'm on Kickstarter page, obviously, and he goes, they're very similar here. It's everything about the project owner right underneath and at the top. You've got updates, backers and comments so updates or anything you send out to people you can usually choose between sending that update. Teoh everyone, the public or you consider it to only the people that have supported your project. Uh, you know, backers is just a list of people's profiles that have supported this project. In the comments or anything, any of the backers leave. Um, And when we go down on the right side, you have your rewards. It goes the same way they they're called Perks on Indiegogo site and they're usually ordered by the pledge amount. So they started $1 they go to 10 to $89 so on. On knees, they show how many people have supported each of those each reward package on. They detailed the rewards. They say when they're going to be shipping estimate delivery on where they will ship. Um, And if the whole ship outside of the U. S. As you see on the $10.1 you have to add feet. You can also do limited rewards or perks where if a certain tell a certain number of quantity for that reward is hit, then that one has sold out at the $89.1. There you can see that they limited that 1 to 2000 backers and they still that of those. So then down the middle of page on the left side is your just your whole project page. Everything under the video in the description is is the body of the page. So there you can at photos, words, imagery, you know, whatever. Whatever you want to support your project all the way down to the bottom. I have a really long project. They elaborated on the team throughout the fine print, and then something Kickstarter started for risks and challenges. Uh, this is to combat the potential scheme that I mentioned before of people running off the people's money. Excuse me, but also just letting people know that there is potential for this to fail. And sometimes that happens where they seek out to do something and, you know, but they raise a lot of money and they try to do it. But they're just not successful, and therefore they weren't able to provide any rewards in these instances. You know, for a project owner standpoint, you would have to be honest if you're honest, forthright, and, um, she was provide transparency, the whole situation and show how it went bad and and how you did everything you could and you know, very apologetic, You know, most people believe will be understanding. Some people will be upset, but but that is kind of part of of the whole crowdfunding thing. It is a risk when you're supporting a project. So those things do happen. So at the bottom, for risks and challenges on Kickstarter page, each product creator will add, You know what risk that they foresee in the future and the challenges of the campaign, then F a. Q is a great place, for if anyone asks any questions and you're going to see a question over and over again, you can kind of put it down there. All right, so the video videos, um, are critical to your campaign on, and they are a driver of success, I say critical to success. If you don't have a video, yes, that you will be successful. Statistically, you're less likely for pick starters statistics, it's It drops from 50% success rate with the video to 30% without, um, you know, playing Devil's advocate here. You can also argue that that's because that 30% that failed without a video, those people weren't really committed. If they were committed that would have made a video, um, if they weren't committed. And they pride in try very hard throughout the campaign without a video. Anyway, To hell with videos. Try harder. So regardless, I think videos air very helpful. Um, they, you know, they do set the tone for your brand or your project, and they can really just kind of humanize your project. I think it's a great idea for project creators to star in the videos on there. Just a a media that can make people more engaged than they would be otherwise, you know, There, you know, it takes a lot more for someone to read a paragraph of text on, get emotional about something and really start caring. But when you see it, when you watch a good video with a really good message, it's got good music behind it. It can make a big difference in regards to setting the tone for your brand. I think it's very relevant that you're that everything lines up with this. So, for example, if you're, um, project is, um, something dealing with humor, Um, if you're making something goofy or, um your goofy people, then I think your video should be the same way. It should be funny and should be goofy. If it's if you're raising money for a cause or a nonprofit, then I think your video should be serious. Um, so it just really needs the lineup. Also post the video on YouTube. It's great for surgeon marketing. Um, YouTube is owned by Google, and therefore your video will rank well on the search engines for that. People searching for things. Um, and it provides another access point for media s. Oh, this is for but media I'm talking about, You know, bloggers, journalists, those people that may need to learn more about you or may want to link to some resource is eso. This just makes a little bit easier for them. Also, keep your video short. Viewership, as you see in the chart, I have to the right, um, it declines dramatically. You lose on average 1% of your audience every second of video for the first minute. So, in other words, at the end of the first minute of video, 40% of people are still watching. So, you know, I like to keep videos at around a minute. Um, you know, you know, crowdfunding is a little different. It is something that people are really trying to seek out to learn more about you. So, you know, a minute and 1/2 2 minutes. Who's okay? I would try to keep it under that for sure, though, Um, no one wants to watch a 456 minute video. Um, but also, um, you know, the data on viewership can lead you to another point, and that's that. You need to get your message across very quickly because not only eyes important, um, to try to make your video engaging. But if If you're losing your viewership so quickly and this is just gonna happen, no matter what, then you want to make sure they that you got the information they need to hear to them very quickly. So, you know, right up front, you need to answer those questions of why should they care And what are you doing? You could spend the rest of the video getting creative and stuff and elaborating on that. If they want to hear more, they'll keep. We'll keep watching. Um, but you need to hook him right up front. As I mentioned keeping it short? Um, very, very relevant Here. Um, what the content. Determine the length, not the other way around. Don't set out and say All right, we need a four minute video. We need a three minute video. We need a one minute video. If you've got good quality content, then let that determine the length of your video. But you still want to keep a shorter background. Music makes a dramatic impact. It really does. If you, um if you could watch ah feature films and they just take off the musical to send, it's gonna seem like it's a homemade picture. It just makes a huge impact on professionalism and and how it could set the mood, especially if you're doing something serious. If it's cause related, Um, it's very, very helpful. Um, a static image needs to be intriguing. So aesthetic images I mentioned previously is the image that is displayed when your video has not been played yet. So our example on the right for woollen prints, you know, they have their logo, a static image. They are a brand making dress, shirts for men, and they are trying to be hiring. So I understand the logo on everything, and I think they're static. Image fits. I don't think it's the most intriguing, but I think it fits their brand of all. Um, they had a fantastic video. Uh, you know, I think you should definitely watch if you haven't seen it. Um, you know, the what they did was they made a dress shirt that could be worn over and over again. Uh, didn't after you wash and have to be dry cleaned and didn't get wrinkles and insert smelling? I mean, it's just good quality shirt that last and naturally, what they did for their video. Very humorous. But it is. She showed the quality. Very well. Um, the guy that camp with a shirt actually was a war a shirt for, I believe, 150 days straight. And you started walking around town asking people to smell his shirt and tell him what what they thought and said, Hey, you know, how's my shirt smell And everyone says it's most fantastic. And he's just walking around asking people. It's just a great video and, you know, it showed off the project product well on. It worked very well for their project Hey, got a lot of PR for it and moralist stories. You got to do something very relevant to yours, but also make it to your project. But make your video intriguing and interesting to people. Do something to a friend. 5. Additional Media: - as far as graphics and media Don't If you notice whenever on the, - um the 30 project a second ago looking at their home page, - they had a lot of imagery. - They did very, - very well in their campaign. - And if something could be explained in an image, - uh, - do that people prefer images over words any day. - Um, - and also, - your main cover image for your project is what will display in searches. - So this is if someone goes to Indiegogo or they're gonna kick starter and they search for a - project up there in the search box. - Um, - you know, - if they search for your city, - they search for Los Angeles up their project. - Any projects from Los Angeles pop up the little Icahn image will be your main image. - So it needs to be something that people want to click on. - Um, - having a team picture is great. - People want to see who they're supporting. - There is much more connection with crowdfunding. - There is through other things, - as far as, - like, - retail and stuff. - So, - um, - people you know, - people like to get personal. - Um, - make sure your photography in your imagery is quality. - Um, - especially if your product is based on a product. - If you're giving if you're selling something in a sense on you've designed a product, - you know the imagery quality photos will sell it. - Um, - I've seen projects where people were giving away T shirts and stuff, - and there's not even a photo of the T shirt. - It's not gonna make anyone want something by saying, - Hey, - we've got a T shirt with sequel to shirt, - then they want it. - Um, - you can always find semipro portfolio building photographers. - It's not hard posted an ad on Craigslist or just about anywhere you could call a local - photography school or a local college photography program and tell them what you're doing. - They would love the exposure, - so you should be able to get someone pretty inexpensively that can take good photos on. - The other thing is, - if in those instances, - a lot of times you can just get people that don't even charge you. - If that's the case, - you could always get a few people. - Andi, - choose the photos you like the best on just be forthcoming with them about what you're - doing, - Um, - infographics. - I love him elemental sense. - I will if I see an infographic on. - Um, - cardboard is made. - I would want to read it, - read it and stare at it for 30 minutes. - I mean, - it just they're just super interesting. - And I think there Ah, - fantastic way to display your different support levels of your rewards in your parks. - Um, - because a lot of times, - like on this project we've got over here on the right side, - where do they have 1234567 11 12 14 or 15 different levels? - And if you had to read the description for each of those that air detail ing everything, - it's in those. - It's going to be 30 minutes, - but you can very quickly see with a, - um, - infographic. - You know, - the difference is in the in the different levels and what's included, - so definitely do that, - especially if you're if your rewards are complicated, - if you've got a lot of things in each of them. - If your project will remain in existence afterwards, - you'll need a logo. - This is if you're a band, - and you know your band's gonna keep performing after the end your project. - You're an artist going to keep producing art or you are starting a business. - You're making a product, - and you're going to sell it afterwards. - Uh, - then you will need the logo. - Um, - if it's a one time project, - then I wouldn't worry about it. - I would, - you know, - find a really good, - enticing image and just post that around. - But otherwise you should really work on a logo. - And, - you know, - I think it's worth investing in, - especially if it's gonna be used long after the campaign ends. - You might as well um, - pony a up front and get a good one than you would afterwards. - Unless you are only going to do the project if it does well, - so in other words, - like the sock company I mentioned, - if you're going Teoh, - start a sock company. - Uh, - regardless, - if crowdfunding fails and you're still gonna make yourself company investing Loga, - if you're gonna if you're test marking your sock company Hey, - I don't know if you don't want to my socks. - If no one wants my socks and it fails and crowdfunding, - I'm not gonna start assault company. - In that case, - I wouldn't invest heavily on it. - Um, - expensive options are like crowd spring. - It's cross from dot com. - It's really cool site. - I think it's about 253 100 bucks right now, - and you can actually get a lot of designers. - I think most of them are overseas, - will design logos, - and you will get more designs thing you would ever expect to get. - It's crazy, - but you can also do it aeration so you can tell you give him each feedback and say, - Well, - um, - you know, - I really like it can make a couple tweaks in this area or I really hate it. - You could do a complete redesign. - Um, - so you have a lot of creative flexibility there and complete creative direction. - Um, - so that's really cool on. - And, - you know, - it's it's pretty inexpensive, - and ultimately you just choose the design you want. - And that's the one you award the funds to, - um, - Freelancer works very similar. - What I would you know just urge you to do is to pay for results. - I've made the mistake before. - Hiring graph Desire paying $1500 is on your logo. - Um, - you're gonna get a couple designs, - maybe, - or they're gonna design one logo for you. - Um, - if you don't like it, - you're out 15 air bucks and you're back at square one. - So this way with crowds spring freelancer, - you're able to see a lot of options. - And you only pay for something you like, - so leaves everybody happy. - An hour to the goods. - I'm sorry. - We're not We're still at additional media 2.3. - Um, - crowdfunding thrives off the bandwagon effect and moment. - Um, - so I think it's a really cool idea to put a map up. - Show your different backers and supporters contributors, - whatever you wanna call him, - depending on your platform. - And just so where they're coming from, - you know, - when people see that a lot of other people are are supporting projects, - you know, - they want to jump on the bandwagon and, - um, - projects air just thrive off of momentum. - Um, - so, - you know, - you need to always emphasize that a lot is happening and create the sense of community, - especially people see pinpoints in their city, - or even the office of they say, - Hey, - no one's done it in Dallas yet. - I'm gonna be the first person in Dallas. - I want to see a pinpoint in the graph. - Um, - so, - you know, - use any other graphics and media that you think of that can, - um, - make things more engaging. - Um, - you know, - as many photos and videos of the processes Utkan take and use them in updates, - it's really helpful. - Um, - also, - you need to think about any other relevant media to your project. - You know, - if you're doing product design, - you know, - people like CAD drawing, - especially if you're trying to say you made a quality product Quality products don't really - start by you walking down the street to some random manufacturer and just kind of doing 1/2 - way job and just kind of trial and error type of thing. - It's usually done you no more mathematically cad drawings, - more using engineers, - stuff like that. - Yeah, - chances are you may have not done it, - but it just getting cad drawings of Even if you did the prototype down the street, - take the prototype, - get CAD drawings made. - It adds to your whole essence of quality, - and people are going to trust the product a lot more. - And currently, - Kickstarter now does not allow product renderings. - They do allow images of prototypes, - but no rendering. - So, - ah, - lot of times people understand the difference between renderings. - CAD drawings. - Just so, - um, - cad drawings. - You know, - they look like a drawing on a paper. - It's obvious that that is not an actual product. - It's not a physical product. - Product renderings are win. - It's a it's a computer design. - Um, - that results in a three D image of a product. - Apple uses product renderings, - and in most of their ads it looks exactly like an iPhone. - But it's actually a computer image of an I found it's not in existence. - It wasn't a photograph. - So if you have a prototype your product, - you can take pictures of it. - You can use CAD drawings to show how is made, - but you can't show product renderings. - And this is just, - um so that, - um, - let's say you were gonna make your own phone and you did a product of rendering of it. - It looks like a real phone, - and people are supporting you, - saying I want that phone and then you come out and say later, - your project fails and you say, - Hey, - we weren't able to make the phone and they're like, - What? - What about all those photos of the phone? - No cell phones. - I know they were able to make phones. - It's so that that doesn't happen because you never cell phone as a phone, - you saw just a rendering of a phone. - So what they don't want is renderings that look like the product they can't look that - similar. - I don't want people to be confused about what state your project is in at the beginning. - They just want it to be completely transparent. - So I think I think it's a good thing. - I don't know how many projects I've seen, - though, - this time of relevant media that I've seen product by musicians and they don't have any - kind of music list that they don't have a link to go hear some of their current stuff. - It's really hard to sell film without a trailer. - I mean, - uh, - that's one thing that I think if you're gonna if you're gonna make a film and you want to - raise some money, - I think you need to first financially invest yourself and make a trailer for the film - unless you have a cult following, - which we've seen with a couple Franek. - Amar's um um you know Spike Lee had a following. - So whenever he decides to make a film. - He gets the support without trailers, - but otherwise people haven't heard of you. - You're gonna need to trailer. - That's what's going to sell your film. - Now we're on the goods. - So the goods are ain't the rewards in the perks. - Whatever. - You're actually giving people sometimes its services as well. - Um, - this is arguably the largest driver of funding as far as talking about projects that have - just raised a lot of money. - So, - um, - you know most of the highest products of either giving people a video game copy of a movie - or a physical product. - It hasn't been, - you know, - cause campaigns. - They haven't been nonprofits. - Um, - some of the best projects have failed with poor decisions in this area. - On I think the opposite is true as well. - Um, - so I just think it's very important to have half really good rewards and perks. - Then there's there's a big debate out there on on whether or not you need good rewards and - perks. - Um, - you know, - some people think that it's a lot of people call it a donation. - I don't think it's a donation. - I like that quote. - I got at the bottom from Spike Lee. - He recently raised about a 1,000,000 1/2 for his next film. - And you know, - it says it's not a donation. - You make a pledge and you get something. - Um, - someone asked him, - you know, - about why do people donate so much money? - It's not that, - you know, - I really don't think it is that way. - Um, - if you've got if you've got a cause, - you know people are gonna be giving you more than they're getting At times, - they may be willing to do that. - Generally they're not. - So just, - you know, - keep that in mind. - And analysis of most funded projects will reveal amazing rewards time and time again. - And people do like only opportunity items. - I like this project. - I could have your own the writers on a rocket hub, - the lunar orbiter immune recovery project. - So, - you know, - they raised $62,585 which, - um, - for rocket, - Others on the most funded campaigns. - If they were on Kickstarter Indiegogo, - I think they would have done a whole lot more. - But I think they still did very, - very well, - especially for being on rocket up. - Did isn't quite as much traffic. - But what I love about them is their is their reward options. - You can see down here on the right For $50 you're able to get these microfilm images that - were taken, - uh, - from a lunar orbiter stir getting images of the moon down for the $250 you're getting a - bite in images with, - um, - with verification that they were authentic authentication letters of, - you know, - different missions. - They were taken. - I mean, - really, - really need idea on there. - Definitely one of a kind of rewards that I've never seen any royalist and definitely beats - things like T shirts. - So, - you know also stressed that this is the only time people we'll to get those those items and - those rewards or their parks after the campaign is we're not giving those away. - So I mean, - it really motivate people to support your campaign. - Unique. - Crazy Off the wall rewards are great PR opportunity. - So good creative. - Um, - you know, - people tend to really get creative, - especially in the higher and things for $10,000. - Or do you get to do I think Spicoli actually, - did you get to go to a Knicks game with them any take you to dinner and you hang out with - him for the night. - Um, - don't look a lot of fun doing it, - so, - you know, - get creative. - Um, - sometimes the crazier your ideas, - the more likely someone's gonna want to talk about him and try to keep the items universal - . - Um, - this is something that, - um, - doesn't necessarily help for your for raising money, - but it will definitely help on the back end if if you're like, - hey, - we're gonna do T shirts and people love T shirts. - I'm not saying T shirts or bad. - I've done T shirts before and they're very effective. - People like him. - But if you decide to do, - um, - let's say you're going to three different designs or hey, - we want people to choose if they want our shirt and black, - red or white. - Okay, - that's only three different shirts, - right? - But if you're gonna have to do and you know an extra small a small medium, - large excel double Triple XL, - you got seven different sizes of three different shirts. - Now you have 21 different inventory items that you're gonna have to purchase, - and you're gonna have to purchase extra because people are gonna want to exchange sizes, - and they're gonna be issues with how they fit. - People actually ordered the wrong size, - and then you're out additional funds for shirts that you do not want or need. - So keeping them universal makes things a lot easier. - Um, - also different size shirts weigh different amounts, - and they take of different months of room. - So you may have to use different size boxes for your words, - so keeping things universal is very helpful. 6. The Goods, Fulfillment Date, Shipping Costs, Goal: - the wording on your rewards in your project plane is a whole. - Your project home page is the whole should be simple. - Keep it minimal. - Um, - especially on the rewards. - When? - If you're gonna have a long list of, - um, - you know, - if you want a $1.5 dollars 10. - 25 fifties have you have 100 so on. - People don't want to have to read through pages and pages of text to understand your awards - before they can. - Finally, - then go back and say, - OK, - I think I was leaning towards thes three. - Any to read, - um, - against which they are like the differences you're gonna lose people. - People are gonna come your site, - and they're gonna leave before you know, - they ever make a decision because it was too complicated and they didn't have the time or - they were bogged down by all the text. - So you got to make it simple, - so they can very quickly see what they're gonna want and the differences between them. - Uh, - the infographic, - I think, - helps very dramatically in this one. - Um, - pricing the rewards, - actually, - back to the wording fast. - I got that quote in the top right. - This is from Amanda Palmer. - She on her first campaign raised $133,000 for her music project. - To think she was gonna be touring the West Coast, - if I remember. - Right. - So it's for music to her. - Um, - she said in the in the pitfall what we learned for next time department. - We should have been a little clear with some of our wording. - Um, - one thing that they, - uh they I made a mistake on WAAS in their text body she mentioned, - um, - Kickstarter backers were gonna get the first opportunity to purchase concert tickets. - So after the product ended, - concert went on sale. - She sold the tickets to the general public and got a lot of flak from the Kickstarter - backers. - You're saying why did she offer them to them first? - Well, - what she meant was that she actually had a couple packages at the higher reward level. - I think there were $500.1000 2000 something like that. - Those included tickets for our tickets to some of her concerts. - Those are the ones he was referring to. - That if someone backed her at that level, - they have to first they'd have those first tickets. - She wasn't referring to them having the first cell in the future toe all of her backers. - So that's one thing that she could have been a lot clear on and, - you know, - would have made things a lot more smoothly. - G on her second campaign, - actually praising. - I believed it was a little over a $1,000,000 for a next door. - So she's done very well through crowdfunding pricing. - The rewards, - Um, - you know, - for a rule of thumb, - I like to have a 50% margin. - You know, - you know the point of your project. - You know, - obviously you need profit to do your project to create inventory or, - you know, - you're gonna need a buffer. - You need profit for whatever your project is. - So I like Teoh. - Figure out what my margin is overall on each reward package and make sure it's at least 50% - . - So you're gonna need to keep in mind your reward cost. - Whatever those actual physical rewards are, - um, - your fees from the platform credit card processing, - that kind of stuff, - whatever shipping is gonna cost you packaging. - Um, - hopefully you can keep these things down. - I will go over later on how to keep these things down. - One of my favorites now is that you know a lot of people doing comics or books, - cookbooks, - novels, - um, - films, - music there. - So they're giving digital stuff. - That's a PdF MP three or and P for Meg Peg for whatever for a film. - Just a digital file. - So that way it can be emailed to you. - You have it instantly. - It costs him nothing in a sense toe. - Reproduce it, - and it saves them on shipping packaging. - So something you mind if you can do things digital, - do it. - You can always sell physical hard copies of things at a premium. - That's a hard copy book or an actual blue ray disk or something, - or even a vinyl. - If you're doing music, - so and if you do, - I don't make this clear as I can. - I'll read it first. - Project costs should be based on quantity pricing at their project goal. - So when I mean by that is if if your project is to make socks using my sock example, - it's simple. - People understand it. - So let's say you set your goal at $5000 and your cost is they're gonna charge you, - Um, - a dollar a pair. - And they're making you order 5000 pairs. - So you need $5000 to make your first order. - It's a dollar a pair. - You set your goal of $5000. - You need to price each pair at, - um at a 50% margin based upon you just hitting that goal on based upon them costing you a - dollar a pair. - So that way, - if you end up raising $10,000 or $50,000 your costs prepared drops because you're ordering - a lot more from your manufacturer, - your margins just get better. - Don't say all primaries 50 grand's. - It'll probably only cost me 25 cents a pair because then when you raise $5000 your and your - major margin there really small because you thought you're gonna raise a lot more money and - you thought your cost to be a lot cheaper. - Now you're not gonna make squat. - Your margins are gonna drop so bad, - and you're gonna make no money at all. - So, - you know, - just based your product costs, - um, - off of your goal amount. - So then you know you know, - it's just as they say. - It's all gravy. - If your goals exceeded in your margins just get better. - So you got a plan for playing for your dole. - Um, - and people do expect rewards to be priced similar to retail or better. - Um, - you know, - this was something that was misunderstood. - Whenever cut funding started, - could people still thought things? - These things were donations. - So people were putting things on crowdfunding sites and asking for more than retail because - they were thinking, - you know, - yeah, - people want this reward. - Plus, - they want to support us. - Um, - you know, - it doesn't really work like that. - People expect to pay what they would retail. - Uh, - but they you know, - if you really want to Seoul, - they love a discount, - especially for the first run of products. - If you're making a product in you, - um, - you know, - you say, - hey, - you know, - on Indiegogo we're offering this product for $50. - After the product ends at retail, - you know, - we're gonna be pricing a $75. - Um, - you know, - it's a big motivated for people. - Pre retail discounts are very effective and provide opportunities for all support levels. - You know, - Kickstarter really pushes this. - Um, - you know, - on their stats page, - they mentioned that projects with the reward of $20 or less succeed 45% of the time. - But if if if you don't have one a $20 or less, - the success rate has only been 28%. - You know, - I I'm not concerned about 26 success rate. - I think it's more relevant because I love offering a $1 reward even if they don't get - anything. - But, - you know, - a a virtual high five. - Because what you're doing is you're allowing someone access to all your updates. - What they're doing is they're paying you to be on your email list in your newsletter. - You typically pay for that. - And now they feel a part of what you're doing. - Even though they're only a dollar engaged, - they're a fan of yours. - They may promote for you. - They may ultimately spend more money and get something. - So I mean, - you're basically they're paying you a dollar to become a customer of yours. - So, - you know, - allow everyone opportunities. - Teoh, - engage with your project, - the more the better. - Uh, - so the quote I got at the bottom was from a film director who, - actually, - I believe he's done three or four films their crowdfunding now, - one of which raised about $12,000 he says. - It's easy to kid yourself into thinking that people will support your project because they - really like you or because they believe in your project just as much as you do. - But the end of the day, - they want stuff. - So back to my point of, - you know, - no, - these aren't donations. - Um, - and if they were there, - so many products out there, - why would they donate two years so they would choose one that, - you know, - is is the most compelling and pulls at the heartstrings on So, - you know, - keep us in mind. - Rewards are very important. - So your fulfillment date is the date at which you sell people that you will be able to - deliver their rewards or the perks. - So that's something that you're gonna really need to think about. - You know, - I've heard that, - uh, - from I believe it was Kickstarter that said that less than 50% of projects actually deliver - on time, - so don't become one of those. - So plan for the worst, - which is a huge success. - What I mean by that is, - if you know you're planning on making wallets and you ask for $10,000 you're like, - OK, - 5 $10,000. - You know, - I'm gonna make my Walter $10 apiece. - I'm gonna make 1000 wallets. - Manufacturers is it'll take a month. - I'll get myself another month ship. - He's out. - So I could deliver him in two months. - So what I say is planned for the worst, - a huge success. - Because what if you end up, - um, - you know, - raising $10 million? - So now you're gonna make a 1,000,000 wallets, - and you told everyone you're gonna deliver them in two months. - That's gonna be a problem. - So, - um, - you better off saying $10 million might be a bit much, - but, - you know, - better off saying, - Hey, - what if I end up raising $200,000 or $300,000? - How long is it gonna take me to produce that many wallets? - And if you're like, - OK, - that will take me 3 to 4 months. - Um, - put your fulfillment date out there three or four months. - And, - um, - you know, - this create creates an opportunity that If you raised less money, - then you know you'll just be praised for delivering early. - So, - you know, - it's kind of a win win at that point, - cause then if if you end up raising a lot of money like you planned on, - you know, - you plan fulfilment for, - then you deliver on time. - So whether you're earlier on time, - people are gonna be completely thrilled with you because 10 people that back projects in - the back a lot anyway, - so they're used to people never delivering on time. - So, - um, - one thing that I haven't really seen anyone exploit well on really leverage. - Um, - it's 1/4. - Pull it down. - Indiegogo is flexible. - Funding campaign. - Flexible funding feature allows. - Um, - you know, - people are charged on their credit card as soon as they pledge their contribution to your - campaign. - So, - uh, - one thing that I think this creates is if you do a flexible funding campaign, - people are going to, - um I mean, - that money is there, - regardless of what you end up at. - So I think you could potentially start shipping your awards as soon as that first - contribution is made. - And if you do that and people are getting the rewards that early. - If you're able to actually have their some of the rewards or all of the rewards before your - campaign starts that you can ship these, - those people are gonna become huge advocates for you, - and they're really going to be talking about your campaign and you're gonna blow people out - of the water. - So if that's something you can do, - I think that would be awesome. - I'm still waiting for someone to try that out. - Um, - alright, - shipping cost. - I'm gonna try to make this a simple Asai can, - although I think I made it complicated, - but I really did so for your benefit. - So, - um, - domestic costs should be included. - Domestic shipping. - Um, - people don't wanna have to add extra fruit for the shipping of domestic. - It just kind of Ah, - you know, - a standard people have set for online shopping or anything of this nature. - Um, - it's OK for international. - Be additional. - It's expected people are used to it if they order a lot of stuff from the US or their order - stuff international. - Um and you just you can't incorporate that enterprising. - It's just it's too costly. - I don't guess on what this human costs will be. - Actually figure it out. - So take your different war levels that you've created make an actual package for each of - them, - and then you're gonna need to go and figure out what the cost is that for that package. - So let's say you've just got a package. - It's a T shirt. - Take that T shirt the post office put in actual box and, - um, - asked them, - Let's say you're I'm here in Dallas. - Sold based on that. - So I would then say, - All right, - what's this gonna cost me to ship this to Austin? - Not too far. - Um, - So then they're gonna Let's say they say $5 then I must. - All right, - what's going to cost me to ship it to New York location across the country. - This is location being now I'm talking about There's alright, - it's $10. - Okay. - What's going to cost me a ship? - It to China. - They say All right, - it's gonna be $20. - So you're gonna use those three figures to figure out what you're expected? - Shipping costs are so I kind of creative formula here to help you with this. - So you needed then? - Um you know, - plugging those numbers into this formula, - and then that's the number that you're gonna want to incorporate into your expected costs - on your awards, - so that will help you price out your rewards. - So if you're a locally focused project, - So this is something like, - I am starting a farming coop here in Dallas. - If that was the case, - it's very locally focused. - People around here are gonna be supporting me more than people in New York. - Um, - so if that's the case, - I say you're gonna take your your costs of the location close to you, - which would've been my shipping to Austin for $5. - Add it to my shipping to New York. - That was $10.15 dollars. - I would divide by 2.25 and that's the number I would use. - And that's what I would expect my shipping costs to be. - And I would use that figure for my domestic shipping. - Um, - so that just leans a little more heavily towards towards the Dallas Austin shipping unless - to the New York side. - So if your project I wanted it as if a mountain made in Montana and a Floridian retired - woman would equally care about your project. - You're expecting shipping costs is dysphonia, - so this would lean more towards just being completely widespread. - So if I'm starting a like my wallet company, - as I mentioned, - if I started a wallet company selling wallets, - I don't think someone in Dallas or Austin is more likely to purchase my wallet in someone - in New York. - So if that's the case, - then use that former Take your take my $5 Austin Shipping added to my tender or New York - chipping and divide by 1.8. - And use that as my general shipping for my domestic for international. - Take your delegation there was on the office is out of the world. - So when I said you know what's going to be shipped to China, - they said to take 20 bucks. - I would take that. - Multiply it. - Times 1.2 gives me $24. - So, - you know, - I based International off of the furthest, - which is gonna be the most expensive, - and I added a little bit of a buffer, - and that's because shipping international is a pain. - You have a lot of issues. - Things are gonna come back. - Addresses air really complicated they may be in another language. - Um, - sometimes you're going to re ship things and you have to pay for international shipping - multiple times, - So you got to make sure that you come out on the right into that. - So that's why I price international shipping kind of high. - I think you should do, - depending on the size your packages. - You may or may not have Hawaii, - Alaska and Canada fallen domestic. - Or you may have to decide Teoh that they have to pay international shipping. - But you need to make this evidence they know to look for this when they live in Hawaii, - Alaska or Canada. - They're used Teoh looking for this on a page whenever says shootings included. - They still look because they know that a lot time, - with the exception of that rule. - But if it's if you get really small packages and it won't cost you much more for Hawaii, - Alaska, - Canada, - I think it could really open up some opportunities for you. - If you can afford toe, - leave it in the domestic and not charge additional. - But you don't really want to say, - you know, - add $24 for international shipping at $5 for Hawaii. - $7 for Alaska, - $10 for Canada. - I mean, - you're just gonna brought people down, - keep it simple. - So choose either make them pay for international or keep it domestic. - So on setting the goal, - you really just first off need to determine how much capital will take to complete your - project. - So what did you seek to do? - What did you What do you want to accomplish? - And how much is it gonna take to do that? - What's your minimum order? - Quantity. - What's the recording studio going to charge you? - What? - Your film production estimate, - um And then ask yourself So if you said that, - all right. - You know the recording, - Susana cost me $5000. - That's going to charge me, - make my album. - So I want to send my goal at Are you willing to eat, - sleep and breathe your project for $5000? - So because you're gonna have to go through a lot of prep work, - as you're probably seeing Minute, - Teoh, - prepare for your campaign. - You got to go through the entire campaign promoting it day and night for however long you - set your goal or set your duration and then afterwards, - you have to complete it. - You have to ship out rewards. - That's gonna take you a month or two. - I mean, - it's you're really gonna have to put a lot of work in. - This is gonna take a lot of time, - a lot of sweat equity. - So you decide. - Is it worth it for that same $5000? - If you say no, - I don't want to deal with it. - If I'm still only making the $5000 even though I'd have to money to record the album, - you know, - I would do it if I'm able to record an album and then do a small tour. - So you say, - Alright, - How Some said to go $25,000. - So you gotta figure out what it will take for you to be happy about the project and not be - kicking yourself afterward and say, - Why did we do this? - So make it worthwhile for yourself. - Um, - but, - you know, - you gotta be realistic, - but you can't set. - You just can't set it lower than what it would take to complete the project or you're - really asking for trouble. - Um, - and also for setting the goal compare similar projects. - If you're an unknown band trying to raise money, - um, - to record the album and do a tour and you're wanting $25,000 you start looking at local - bands and really raising, - like, - four or five grand chances are it's not gonna happen. - So you have to be realistic. - So compared, - similar projects and see what you can expect. - Also, - you gotta evaluate your network. - Are you very well connected? - Do you know a lot of people with money? - Do you think a lot of people will give to you? - Um, - you know, - any go recommends spending 25 or 30% expecting 25 to 30% of your total funding to come from - your network. - I think this really varies. - I don't think it's a good baseline. - It's very dependent on your product category project category. - If you are a band, - I think this number could be higher than this. - I think you need May need to expect about half of it. - Um, - so these are people that probably already know your banner of heard of heard about you. - Um, - if you're making if you're making wallets, - um, - I think it could be different because its people are gonna be wanting. - You're running your product so things things might change and might be lower than that. - You can expect more from outside sources. - But don't kid yourself into thinking, - you know, - setting a really high goal and you have no connections and thinking that it's just gonna - actually come true. - So you sell these different figures that we talked about on this page and and final that's - attainable. - Um, - that is enough to actually complete your project, - and it is worth your time. - But Robert Hirsch of Exit It Well, - it's not about magic. - It's hard work. 7. Stretch Goals: - Lastly, - what about stretch goals? - So a stretch goal is a milestone that people create in addition to the main project, - to encourage funding beyond the main goal. - So that's just ah, - definition I made up that I think, - I think, - describes it well, - so So this is whenever you sought out, - we'll go back to the music example and you said you for $25,000. - We're gonna go on tour and recording an album. - And let's say you hit that $25,000 to get like, - 10 days, - like in your campaign. - You say All right, - well, - I'm gonna tell people that I'm going to give them an extra T shirt if we raise $50,000. - So that's what a stretch goal is. - You know it's not an official goal because your official A 25,000 is going to stay there. - But you could add in your in your project description and the body and stuff. - But that's what a stretch goal is. - You keep it's it's people use it to encourage additional funding beyond it, - um, - my experience, - my opinion. - I've used it for helping people encouraged to increase pledge amounts. - And it's worked out very well for that. - Um, - I had one campaign that had a lot of small contributions around the $2025 range, - and I felt like I had a really, - really good rewards starting about the $40 mark. - Um, - and what I did was I created a stretch goal that everyone at the $40 up pledge amount would - get something additional. - And with this, - what this created was, - ah, - scenario, - everyone wanted to be at the $40 up mark. - So I had a lot of people jump from the $25.20 dollars and they all just in one day. - I was like, - management next to it. - Two grand in the couple hours, - and it was all people just increasing their pledges. - So, - um, - so it was very useful for that. - I've never heard of anyone else mentioned using it for that purpose, - but, - you know, - it worked out very well for me. - Kickstarter hates it. - He started hate stretch goals. - I blogged about it. - They don't want people to do it. - They don't restrict it, - but, - you know, - but they just they think that it's a lose lose for everybody. - But if you'd like to read more about that, - it's a It's a very long topic and I'll create. - I'll put the link in. - The additional resource is but but it's it's a complicated situation. - Indiegogo thinks that it's a great way to maintain momentum, - which this is what cracks me up that you know, - they're both doing the same thing and you go on Kickstarter. - And yet they both have complete office that opinions. - So I just think that I don't think it's simple, - Um, - but bottom line stretch goals will be effective if they benefit future and current - contributors. - This is kind of part of kick starters opinion of lions A lose lose because they think that - when someone contributed your campaign to help you raise your $50,000 market and help get - you there and then now you're worried about another goal that kind of feel like what the - heck, - where's the celebration? - We just did this, - like when? - This the whole point. - They kind of feel like they're gonna be disappointed at that point. - When you're not even concerned about that anymore, - it's almost like you're not concerned about them anymore and what they helped you achieve - wasn't wasn't good enough. - Um, - so you know you need It needs to benefit current and future contributors. - It needs to provide additional features rewards that are desired. - So if you create a stretch goal that gives people craft they don't want and it's not gonna - be effective, - let's say you're creating a If you're making a video game, - we'll keep it simple and say You're making a video game and you sought out to make 20 - levels. - Um, - and your stretch goal is Hey, - if we reach $60,000 we're gonna add another five levels were $70,000 for about another five - levels. - You know, - that's something that people are clearly gonna want if they if they care about that video - game. - Also, - you know the stretch goals need to be realistic. - I've seen some stupid ones out there where campaign was about $5000. - Hit it at a couple days left, - they said if we reach $500,000 we're gonna buy a Mercedes and demolish it on a live stream - . - I mean, - sure, - that's funny and interesting, - but I don't know it's not realistic. - I think it kind of just detracts from their campaign. - So we just finished our project plan. - Now we're gonna go specifically into the marketing side of things. - So you know, - your PR your blog's your advertising, - you know? - Timing what? - Time and day to start the project. - Exactly. - And how does that impact, - um, - your ultimate funds raised in the end? - Also, - feedback that you receive throughout CRM, - which is customer relationship management. - So what what do you do with CRM software? - And how can that benefits you during the campaign, - but also after the campaign ends? - Andi also social outreach. - It's such a big part of any campaign. - So we will give you strategies for doing it with Facebook and Twitter and others and, - you know, - just best uses and best practices for using those software. - So first up will be timing. 8. Timing + PR: - So we just finished our project plan. - Now we're gonna go specifically into the marketing side of things. - So you know, - your PR your blog's your advertising, - you know? - Timing what time and date you start the project. - Exactly. - And how does that impact your ultimate funds raised in the end? - Also, - feedback that you receive throughout CRM, - which is customer relationship management. - So what What do you do with CRM software? - And how can that benefits you during the campaign, - but also after the campaign ends and also social outreach. - It's such a big part of any campaign. - So we will give you strategies for doing it with Facebook and Twitter and others and, - you know, - just best uses and best practices for using those software. - So first up will be timing. - So when I mentioned timing, - I'm actually talking about two different things. - You talk about the project duration, - how one you're actually gonna have the campaign running, - you know, - from the you know how long you're gonna allow people to give you support? - 30 days, - 60 days, - five days. - Whatever you decide to do. - Other form of timing I'm talking about is actually like when you decide to start the - campaign started six PM four PM What you gonna do? - So first, - we'll talk about duration. - Kickstarter claims that projects less than 30 days have a higher success rate. - Um, - you know, - I personally think that they say that because they want turnover of projects. - They don't want things to become stale. - They want things to be fresh and always have new projects on their side of feeling they're - motivated. - Ah, - little selfish down that one. - Indiegogo recommends 40 days. - Neither one is really provided much, - many statistics behind it to try to prove what they say. - But I think it's really interesting that Kick starts is less than 30 and ego says 40 and - you know similar platforms where they clearly have very different results. - The recommendations on length are also there broadened their not category specific. - So, - you know, - I think the category urine is very relevant. - How long your campaign will be running on how long you should make it run ESA researcher - category. - See what works for what you're doing. - For example, - if you're doing music, - art or dance, - I think you can anticipate more of your support coming from your network, - not coming from random donors and contributors throughout the world more Most of the time, - it looks like a larger percentage of that is from your network. - So if that's the case, - Mom doesn't need 60 days to donate. - Your friends don't need 60 days to donate. - You know, - I think you can stay within the 20 to 35 day range and I think they'll be plenty of time - consumer products. - Or if you're doing something that's really out there and you're really relying on a lot of - PR and blawg support and stuff like that, - you may need more time. - Eso You know, - I'd recommend 30 to 45 days for things of that nature. - So this allow you time so that, - you know, - bloggers can hopefully notice what you're doing and notice your project will pick it up - because it may take a couple weeks. - So you want to make sure you do have enough time, - but you don't want to long regardless of what you're doing. - Just because, - like I said, - it becomes stale and, - um, - you know, - it loses all moment. - Um, - and you know, - people are just ready for it to end. - So the start time. - The most important thing about it, - I think is that actually determines when in. - So if you say I'm to do it for 30 days and you started at 4 30 PM it's gonna into 4:30 p.m. - 30 days later. - So, - uh, - you know, - you want to make sure that that in time of day works out very well because the last day is - very, - very crucial. - Um, - you know, - a lot of times, - um, - you know, - the first day is a big day for campaigns, - but statistically, - like the last day is the largest. - So you want to make sure that it ended a good time. - You don't want it to end at two AM or four AM because the people today before still feel - like they have a lot of time left, - and then they wake up the next day and they missed it. - So you want them to feel like a sense of urgency. - So the way I like to look at is if if you think your product to me big internationally, - you have decide, - is that gonna be in the U. - S. - And Europe? - Where do you think that'll be more U s and Asia. - So if you do U S and Europe, - you probably do morning time in the U. - S. - So if you do that, - you'll get in Europe in the evening and us an evening with Asia in the morning. - You can't get all three. - So, - you know, - you'd really have to choose if you're not concerned about, - um, - you know the international markets and you're really focused on the U. - S. - Then I recommend ending around 4 30 Eastern. - If you under a 4 30 Eastern, - you know, - Central and Pacific, - it's gonna be a little bit earlier than that 3 32 30 whatever 1 30 And that way you know - that anyone hearing about your campaign will most likely be a computer. - There's still a work, - Believe or not, - most people do other things that work big surprise. - So people are always browsing and doing other stuff. - And, - um, - you know, - Facebook has spikes during the daytime when people at work and so does Twitter and stuff. - So you know that allows everyone to be a computer on. - Also, - it gives them all day. - There are long worked. - It feels long and feel dragging along. - But they see your clock ticking down. - You know, - they may start their day and realize, - Hey, - you know, - they got six hours left, - you know, - a couple hours today. - Okay? - They got four hours left. - You know, - they come back from lunch like I only got, - like, - an hour and 1/2 left to donate to their campaign. - So they're going to see it multiple times because they're bored at work, - so it works out very well. - This is what I've liked to dio ended around that time. - And, - you know, - I've always been happy with the results. - All right, - PR. - This is arguably the, - you know, - the biggest impact to your campaign. - So first off, - I would recommend drafting a press release. - So, - you know, - this is a longer document. - This will, - you know, - describe everything about what you're doing so that it can be approached from all different - angles. - If a blogger wants to write about one angle of your of your project that there'd be enough - information for them or if they want to another angle, - that would be sufficient in that way as well. - So, - you know, - the press release would also be placed on your website. - If you have a website and what kind of address sampled it, - But, - you know, - it really is an exhaustive document. - Uh, - so the next area of PR local news, - they will care about what you're doing. - So submit your story through local news outlets, - you know, - focus on the things they would care about. - So focus on what you're doing in the community, - how you're hoping to employ people, - your background in the community, - that kind of thing. - They don't care about your rewards. - They don't care about other aspects of your projects like that is mentioned. - They do about how it impacts the community as a whole podcast. - Find relevant podcasts. - You know, - this was something that I kind of fell on whenever I was contacted by one in a campaign I - did where they asked if I had come on and speak. - So you know, - that's another good way, - because there do You have ah, - base and of, - uh, - listeners. - And you might build, - make a guest appearance and, - you know, - pitch and it's ah, - it's a good connection cause it's almost like an infomercial, - but it's longer. - It's as long as you're on there and you come across like a friend, - usually very quickly, - and people trust you, - and it builds fans very quickly. - Forums. - So I, - uh, - with one product that I launched a Kickstarter used forms a lot. - It was a highly technical product in the outdoor industry. - And we, - um we're using the forms to target that people that were really extreme into that hobby. - And I just introduced myself, - Start talking. - Hey, - I love to know what I'll think about my product and really just been open and humble about - it, - and it was really cool to get their feedback. - You know, - at first they're always like, - You know what? - I know it's better. - But through kind words and being humble, - it works out very well. - And you start this friendship with them and they will ultimately, - you know, - I realized that you're cool person and they want to support you, - and they do. - In that campaign, - we had over $10,000 race from those forms alone, - so it works pretty well. - Also, - it's great for criticism because the fact that informs everyone is a know it all, - and they will tell you what they think about your product or your project, - whatever it is, - and I love that. - It's a great way toe. - Get that criticism you gotta Yeah, - filter in the good Onda, - remove the bad. - But, - you know, - it's just it's very valuable tool user generated news. - This is what I call it, - cause I don't know what to call it. - I'm talking about Read it. - You know, - it's something that is curated by the users and the readers so they determine what news is - there aren't political things going on with your typical fox CNN NBC stuff. - So, - um, - you know, - it's a great way if you have something that's interesting on other people will care them - and it a little rank well, - so the way I read it works is simple sistemas faras people basically giving things that - thumbs up If they like him, - the thumbs down if they don't and really cool things rises very quickly, - and bad things fail quickly and get no publicity. - So if you're you got something interesting, - uh, - you know, - weaken, - It could work pretty well for you. - I've raised significant funds from Reddit alone. - So, - you know, - back to my point, - if you're doing something different, - you got to do something different. - If you're not, - no one will care. - Uh, - but you got to stand out. - You can do normal things, - but do it in a very unique way. - I love I. - Look what they did it, - who gives a crap? - So they were making toilet paper had it had social responsibility behind it, - but they just they approach it a really unique way. - Used a lot of humor, - bathroom humor if you won't use upon. - But, - um, - he actually decided to sit on the toilet until they raised their goal. - You could live, - stream him at any time and see him sitting on the toilet throughout his campaign. - Um, - you know, - that's just one of those things that you hear and you want to spread cause it's hilarious, - and it's really interesting. - So not that you ever thought, - Man, - if I had a camera and you look at someone on the told that I want to do it, - but you're like, - I want to go see this guy. - So, - you know, - just do something crazy off the wall and you know, - a lot of publicity. - He was all over the place, - um, - and they got a lot of publicity through many different news outlets and big names, - and ultimately they raised over 60 grand because of it. 9. Blogs + Advertising: - all right, - back to the blocks. - So, - um, - you people that follow crowdfunding you know, - people that are on Indiegogo and Kickstarter tend to be tech savvy. - You know, - they like blog's. - They like the Internet. - They they kind of know what's going on in the Web world on these same people tend to follow - Tech blog's. - So you know, - if you can get on those and get on these big blog's, - then you know it'll make it'll make a big impact. - Um, - that outdoor industry product that we launched a Kickstarter I mentioned a minute ago. - We, - um, - we were hounding the blog's day and night, - and we were making some ground. - I think it was about a week and 1/2 2 weeks under a campaign all of a sudden, - uncreative dot com. - If you don't know, - it's a it's a blogger for gear and cool gadgets that appeal to men. - So it's all cool stuff for men, - and they featured us, - Um, - and within within the next day or two, - maybe 24 48 hours, - I think from that block alone we raised about $30,000. - So, - you know, - blog's make a big impact and when the big ones pick it up all the small ones due to So they - just tend to look at the big guy and copy what they're doing. - Um, - so, - you know, - you gotta be kidding. - You got to get picked up by blocks and you gotta get creative when you're trying to appeal - to them. - So, - you know, - I got an example here that I think is a great way. - Teoh, - show what I'm talking about. - So it's, - you know, - the last round bullet down there. - Um, - my example is if your project is to manufacture an innovative jacket for men in your - hometown of Golden Colorado, - Uh, - what blocks will you will you try to appeal to? - So I think with that you're making a jacket. - You can appeal the general fashion blocks. - Uh, - it's a men's jacket. - So you know any blog's about men's fashion? - You know, - you should definitely writing them letters, - outdoor blocks. - It is a jacket, - um, - made in the U. - S. - Blocks making in Colorado. - They might be interested. - They're more interested in your company that I understood and how technical the thing is, - But there's happy that you're gonna be employing people in Colorado and using people in - Colorado to manufacture it. - Um, - gear for men in general, - it may not be specifically about fashion or clothing or apparel, - but, - you know, - they just want cool stuff for men like un create how I mentioned local blocks talk. - Just talk about what you're doing and golden, - you know, - mentioned the jacket, - but don't go in depth on that. - Go in, - depth on. - Hey, - this is where we're gonna