Creative Funding Show

In this episode, I do a crosscast with Richard Bliss from the Funding the Dream on Kickstarter Podcast. The episode will go out on both feeds and if you haven’t checked out his podcast, you really should.

We talk about what it takes to lose your Patreon followers, how to get them back and a whole lot more.

Announcement: The Creative Funding Show will be going on indefinite hiatus soon. If you have a question you want me to address in a wrap up Q&A episode feel free to leave it as a comment below.

In this episode, Jamie Jenson from the Creatives Making Money Podcast interviews me about crowdfunding. You can find her version of this episode here.

Tom Boruta (Baruta) is a Software Engineer who created Graphtreon because he wanted to follow the progress of Patreon creators.

Questions:

For our listeners who did not listen to episode 4, what is Graphtreon?

Why are analytics so important?

What is new about the new system?

 

Links:

Graphtreon

Michelle Kopper has helped thousands of creatives, small business owners and entrepreneurs embrace self-promotion and selling as serving. Michelle’s combines her journey overcoming crippling stage fright, with her performance background and her ability to intuit aligned marketing language to help clients share their transformational message with full confidence.

Questions:

* Why is fear such a challenge for so many creatives?

* Has fear kept you back as a creative?

* How did you overcome it?

* What advice do you have for creators when it comes to fear of criticism?

* Let’s talk about haters and trolls. What is a troll and how should creators handle them.

 

Use Novel Marketing’s Patreon Affiliate Link to make an extra $50 for your first 30 backers.

About Michelle:

* Website: www.michellekopper.com

 

Stress and busy work are the biggest enemies of creative people. And today we have someone on the show to help solve that.

Kim Sutton is the host of the Positive Productivity podcast, runs a team of 10 people and has 5 kids. So you can say she knows a thing or two about productivity.

(Twitter handle, special requirements, etc.):

* https://twitter.com/thekimsutton?lang=en

* https://www.instagram.com/thekimsutton/?hl=en

* https://www.linkedin.com/in/kimberlyannesutton/

* https://www.facebook.com/kimberly.anne.buckley

Question:

* Let’s talk about Working with VA’s

* What is a virtual assistant?

* What are some tasks that VA’s can take off creator’s hands.

* Where can creators find good VAs?

* Upwork

* Virtual Assistant Jobs on Facebook

* Tips for working with a VA’s

* Mistakes creators make when working VA’s.

 

Use Novel Marketing’s Patreon Affiliate Link to make an extra $50 for your first 30 backers.

Your time, energy, and money are valuable, but many people struggle to assign a dollar amount to each. Creators running crowdfunding campaigns often need help deciding what to offer backers and how to price each reward level. 

Janene Liston helps her clients build value and know what and how to charge their customers confidently. She reminds her clients that having a profit mindset in their businesses makes them smart, not greedy.

Janene is a Certified Pricing Professional, experienced in value creation, and a European Public Speaking Champion. She believes each person possesses the wisdom they need to thrive in life, but sometimes they need help tapping into it. This belief led her to “pack up” her pricing experience to step out of the corporate world and into the entrepreneurial world.

When I interviewed Janene, I asked her about pricing crowdfunding campaigns. 

Why is pricing products and services so difficult?

Thomas Umstattd, Jr.: For many creatives, pricing their products and services is the hardest part of launching a Kickstarter campaign or Patreon page. Why is choosing a price so hard?

Janene Liston: First, it’s difficult because people fear rejection. For some reason, we attach that rejection to our personal value and worthiness, which brings up baggage from our growing up years. It can be very uncomfortable.

Second, most people simply don’t know how to choose a price. They believe there is a specific method to follow, but they don’t know what it is. If they do choose a price, they often feel uncertain about whether they’ve chosen correctly. 

Thomas: It’s particularly difficult for people who are offering a service. For example, a photographer who’s been taking photos for free will find it difficult to start charging. When they do set up a fee schedule, they often charge too little. 

It’s hard to know what your time is worth, especially for people who struggle with their self-worth. Choosing a price point is more psychologically challenging than choosing a logo or writing copy for the page. 

How do you know if you’ve priced yourself too low?

Thomas: Whether you’re running a business or creating art, people often price themselves too low when they’re starting out. What are some signals that you’re not charging enough?

Janene: It is a common problem, and there are several signs that you need to adjust.

Customers Tell You

If your customers tell you, “You should be charging more,” please heed their advice. Your customers know the value of what you’re offering. 

Thomas: Sometimes they’ll use different wording and say, “Wow. This is a great deal!” If people always talk about your product’s price as a “deal” or “steal,” you may be priced too low

Spinning Your Wheels

Janene: If you feel like you’re working hard but making little progress, you probably need to charge more. For example, if you have loads of customers but you’re having trouble meeting your financial goals or needs, you’ve probably priced yourself too low, particularly for service-based businesses.

For product-based businesses, if you’re delivering more value than your competitors but are still priced lower, you’re not operating with a healthy or profitable pricing strategy.

Thomas: You might think you could put your competitor out of business with that strategy, but you’re more likely to put yourself out of business because you run out of cash.

When I launched my first Patreon page, we had $2.00, $5.00, and $8.00 levels. The first 15 people to back the campaign chose the $8.00 level, which told us that we priced that level too low. It was supposed to be the luxury level that only a handful of people would want. It was a limited level, and it sold out. 

Why do people back crowdfunding campaigns and creators on sites like Kickstarter, Indiegogo, and Patreon? What makes them want to support creators they don’t know personally?

Two words: social triggers.

What is a social trigger?

In marketing psychology, a social trigger influences a person’s behavior by indirectly creating a need. For example, if you are compelled to run to the store before their sale ends, you have been influenced by the social trigger of urgency.

In this article, we’ll explore ways to use the social triggers of Urgency, Scarcity, and Popularity to influence people to support your crowdfunding campaign or your Patreon page.

Social Trigger Trifecta: Black Friday

When urgency, scarcity, and popularity work together, we get the Black Friday phenomenon. People stay up all night to be first in line. They elbow each other to grab a limited product, and the frenzied crowd rushing from the same item tells us the product is popular! Everyone wants one, or so it seems.

We may not like the fact that we are so easily influenced on a subconscious level, but we can’t change it. Humans respond to social triggers. The only people who don’t are hyper-rational sociopaths, and they are not in the majority. Marketers must learn to dance with people the way they are, not how we wish they were. 

To motivate people to back your campaign, you must understand what causes people to act and how you can use social triggers to propel them.

Urgency

Why is urgency important? 

Creating a sense of urgency in your campaign is more important than ever. The modern education system trains us to wait until the last minute to act. For example, most people cram for a test the night before rather than the week before. 

We are chronic procrastinators, and we don’t act without a deadline. That’s why Kickstarter and Indiegogo have built urgency into their platforms via the countdown clock. The countdown is a powerful motivator. Every second that ticks away brings users one moment closer to losing their opportunity to get rewards. 

As a creator, you can make a big deal about the deadline. Kickstarter’s all-or-nothing approach is better in this regard. On Kickstarter, if your campaign is not completely funded by the deadline, not one backer is charged, and you will not receive a dime. It creates a greater sense of urgency for you and your potential backers. 

For most people, there has to be “blood in the water.” Consumers must buy on Black Friday, or they’ll miss the sale. 

Urgency doesn’t have to mean a lower price. Apple uses urgency even though they don’t discount their products. Users who want to be the first to own the latest iPhone rush to be first in line on the day it releases. 

Strategies for Creating Urgency

Reverse Coupon

The reverse coupon offers a limited-time, low price that will increase at a certain point in the future. When I launched my course, The Five-Year Plan to Becoming a Bestselling Author, we priced it too low. We occasionally raise the price to remedy the problem, but we make a lot of noise about it before we do. We warn our subscribers, patrons, and listeners that the price will increase on a certain date. The only way to get it for a lower price is to buy it before the increase. The threat of missing out on the lower price provides urgency and causes people to purchase.

Creating a solid sales page is the key to success. In this episode, you will discover the necessary secrets for: storytelling and the value of vulnerability and for crafting a sales page that sells.

Introduction

This is the meat and potatoes of your Kickstarter campaign.

If you do your promotion right, people will spend hundreds of hours looking at this page.

A good page not only convinces them to back the project, but also to invite their friends to back the project.

Storytelling and the Value of Vulnerability

You’re not crowdfunding a product, but a story.

Frame the value of your potential product by telling a compelling story about WHY you are creating what you are creating and WHY it will make the world better.

Make you laugh

Educate you

Entertain you… whatever.

Be willing to be honest and vulnerable. You want your audience to RELATE to you.

It’s ultimately NOT your story; it’s their story. Bring them into the story.

Crafting a Crowdfunding Sales Page that $ells

This is the heart of your campaign. The quality of your kickstarter page will be an amplifier on all your other  efforts.

Elements of a sales page:

Project Image

The first thing people will see on Pinterest, Facebook & Google Plus

Consider paying for a logo/cover before starting your Kickstarter campaign.

99 Designs or Fiverr is cash is tight.

This will pay for itself.

Project Title

This is the only thing people will see in a Tweet.

Think about SEO

Provide a Clear Benefit

Category

Only get to pick one so pick a child category.  This should be pretty straight forward.

If you are an author pick either fiction or nonfiction on Kickstarter

Pick Writing on IndieGoGo

Short Blurb

This is the larger font text right under the video shown within Kickstarter.

135 Characters on Kickstarter

160 Characters on Indiegogo

Funding Duration

The benefit of short campaigns:

Intensity,

Faster money

Less of the sagging middle.

The benefit of long campaigns:

More time to raise money.

Time to make adjustments and make up for mistakes.

Project Location

Kickstarter will show people projects near them.

If you don’t live in a big city select the nearest big city. Give the answer you would if you are in a conference in another state and someone asks where you are from.

Page Copy

Headings Headings Headings

Zoomable

Tell your story in images.

You can change (improve) this as you go.

FAQ

Testimonials from others (Video).

Your credibility. (Mary showed her books.)

Other places on the web where you’ve discussed your topic. (Trust symbols)

A gracious, thankful tone.

Risks and Challenges:

Spend some time thinking about this. Failing to plan is planning to fail.

Common Risks & Challenges:

Launching on time

Going over budget

Use Novel Marketing’s Patreon Affiliate Link to make an extra $50 for your first 30 backers.

Today we are going to talk about email.

But first, I would like to say we are not going to have an episode next week. I will be at the New Media Summit all week and won’t have a chance to record an episode.

Why Email is So Important for Creators

Platform Independent, if YouTube or Facebook keeps you from contacting your subscribers you need a way to tell them you’ve moved to a new platform.

While your fans may not see every Facebook post or YouTube notification they will get every email if you follow the advice I will give you in this episode.

Email is often the primary driver of new Patrons and Backers. For my Kickstarter campaigns, it is not uncommon for 60-80% of the backers to come from email

Before we talk about email, let’s talk about how to have an excellent email newsletter, but first let’s talk a bit about respect.

Respect:

Spam is in the eye of the beholder.

Creepy / Charming (thin line in between)

Permission

Tip 1 Give People A Good Reason to Subscribe

* The initial incentive you give someone to subscriber to your email list is called a “lead magnet.”

* If you are a band, give a free mp3 of one of your songs.

* If you are an artist, give a free wallpaper.

* If you are an author, give a free short story.

* If you are a guru, give a tip sheet or a resource guide.

* How to Create a Lead Magnet

Tip 2 Create an Onboarding Campaign

The emails that automatically drip out to your subscribers is sometimes called a drip campaign.

These emails are great for introducing new subscribers to you and your work.

It allows you to focus on true fans in your periodic emails.  

We having an example of this for authors at the Novel Marketing podcast.

Tip 3 Provide Consistent Value.

Only send out emails that your fans want to read.

New Book Announcements

Concert in Your Area (MailChimp makes this easy)

Fan Art for Your Book

New Video on Youtube (if you don’t post often)

Tip 4 Use MailChimp at First

It’s Free

Everyone uses it so tutorials are easy to find

Integrates with everything

Has decent onboarding features

I am an affiliate and have used MailChimp for over five years. If you want to support this show, use my affiliate link.

Once you have over 10,000 subscribers, there may be reasons to move to something more powerful like Drip or Convert Kit.

Tip 5 Be Consistent

Don’t Boost Your Frequency Without a Good Reason

Don’t go dark for too long or you will hit spam traps.

Tip 6 Experiment

Split Test Your Subjects

Emotional Headline Analyzer

Tip 7 Measure Your Results

Read your email campaign reports

Poll Your Readers.

Ask them what they want. www.SurveyMonkey.com.

Tip 8 Keep it Short and Simple.

Beautiful emails are more likely to go to gmails “Promotions” tab

Beautiful emails get fewer clicks

Beautiful emails sell fewer products.

Beautiful emails are more work to make.

Use Novel Marketing’s Patreon Affiliate Link to make an extra $50 for your first 30 backers.

Do you ever feel like you Patreon has hit a plateau in terms of backing? Patreon CEO Jack Conte shared some research Patreon had conducted in a recent Hang Time. I was there and I have some highlights for you.

At the end of the episode, I have some exciting news, so stick around.

About The Research

They did data analysis on a bunch of Patreon campaigns that were at a plateau and then saw a big jump to see what they did.

How to Break Past the Patreon Patron Plateau

#1 Revamped tiers and benefits.

* They changed the benefits and tiers associated with their Patreon page.

The system you have is perfectly designed to give you the results you are getting right now.

Get rid benefits that don’t work.

Add new benefits that do work.

#2 A large increase in the number of locked posts.

* Locked posts are highly motivating to potential patrons or patrons at lower tier levels.

Take advantage of the teaser text that everyone can see. Let people know what they are missing out on.

#3 Limited Time Offer

This creates a sense of urgency. Very powerful.

Examples of what this could look like.

Get featured in my next album/video/book whatever if you become a Patron by the end of the month.

Limited Time Deal: Book Launch Blueprint Patrons Only Discount

#4 Patron Recognition

* Jack said, “If you use a person’s first name in a message to them, those patrons retain better.”

* One of the causes of a plateau is current patrons leaving at the same rate new patrons come on board.

* How do you retain your patrons longer? Say “thank you.”

* I think it is a great policy to message everyone a personal “thank you” after they become a patron. This can also trigger very fun and helpful conversations.

* People want to feel seen, noticed. A simple “I see you, I notice you” can make someone’s day. This stays with them and keeps them from wanting to drop out.  

#5 Look at what fast-growing creators do and then copy them.

In other words, stay subscribed to this show.

Let me know if there is a Patreon page you want me to do a deep dive on.

 

#6 Poll Your Fans. Get to know them and what they want.

Don’t assume you know what your patrons want.

When we polled our Novel Marketing listeners, we found out nearly all of them were planning to independently publish.

Poll them about what annoys them. In the Novel Marketing drip sequence, one email is all about pet peeves. As people answer that email with their pet peeves, we get a better idea of what is bothering them. This helps us craft solutions for those very pain points.

#7 What they didn’t see.

Do to the fact that the research looked only at the patreon pages themselves, there is one thing they didn’t see I want to add to the list.

Big promotions!

Changes to the rewards, limited time offers, and large increases in limited posts all correlate with a big promotion.  

If you haven’t had a “pledge drive” in a while consider doing one to break the plateau.

News

Contact forms on CreativeFunding.show were not notifying me of new messages!

We have a YouTube Channel! Thanks to repurpose.io (affiliate link) for helping make the videos. 

If you want me to review your Patreon or Kickstarter live on the show, drop me a line.

Use Novel Marketing’s Patreon Affiliate Link to make an extra $50 for your first 30 backers.