Money is power, right?
Well, I could spend a lot of time telling you about how much I disagree with the idea that everything involves money. But in the music industry, the truth is that money helps. Don't get me wrong, I don't think it's mandatory, but sometimes a few dollars can open some doors.
For this reason, I want to touch on a welcome Internet trend that can help you on your music career journey: crowd funding.
Crowd what?
Crowd funding is a really simple idea that has been gaining acceptance this past year. Basically, the idea is that a person with a fresh idea makes a pitch to the "crowd," and anyone interested in investing in that idea can easily donate $1, $5, $100... you name it. In fact, this concept has been so successful, many musicians have raised thousands of dollars to fund CDs, music videos, performance art projects, etc.
Now you can utilize this funding source by linking over to sites like Kickstarter, Oocto, and New Jelly. Go check out these sites and see if you can benefit from them. If you think you can run a top-line crowd funding campaign, I have some tips and advice for you. But first, think about this:
Asking for money is not easy... at least, for most people. Crowd funding isn't about registering at a website and then watching for the money to roll in. You need to be hands-on, always working to drive people to your crowd funding page. So, be prepared to go outside of your comfort zone.
And one crucial word of caution... crowd funding sites do not have any protection for your intellectual property rights. That is, if you post one of your great, original ideas on a crowd funding site, there is nothing to stop others from taking your new idea and using it themselves. So, don't forget this.
Advance Work
You should never begin a crowd funding campaign without preparing ahead of time. If you try to figure it out as you go, you will probably not do very well.
As you put your campaign together, start thinking about which groups of people to approach. Your fan list is a good place to begin. And your family and friends. But if you really think hard, you will probably come up with other groups of people who might want to invest in you, too. What about the kids who were in your high school band? How about your fraternity brothers or sorority sisters? Are you a member of any music-related associations or organizations?
Your Pitch
Most crowd funding sites allow you to put up a video to pitch your project. When you make your pitch video, think of something dramatic to capture the viewer's attention. Draw the viewer in. After your attention-getting introduction, begin your pitch, but don't just pitch your project. One of your best marketing tools is your story, the events and people of your life that make your music different from everyone else's. As you summarize your project, make sure you also tell your story. The goal is to sell yourself as well as your music.
And when you write your pitch, save yourself some work. Read the pitches of the best projects on the site and write yours in a similar fashion. Why should you try to re-invent the wheel?
How Much and How Long?
One of the most challenging parts of the crowd funding adventure is trying to determine how much money to ask for. Initially, you should make a detailed list of every expense you can think of, and not just the obvious stuff. Will you need mailing supplies? Will you need to hire an artist? Will you need to hire workers? Try to think of every detailed expense and total everything up.
Now, in an ideal situation, you would just list your grand total as your goal and start the campaign. But there's a catch. On most of these sites, if you don't reach your goal, you don't get any money at all. So, you have to decide whether your real number is doable. Run it by a few trusted friends and get their feedback. After all, if you are raising money to complete your CD, and you're asking for $100,000, most people aren't going to take you seriously.
And here's a money raising tip. Make sure you donate to your own campaign. People like to see that you're investing in yourself. It makes you look more serious about the project.
Now, once you've decided on a cash amount, you need to select how many days to run your campaign. This may sound counterintuitive, but as a general rule, shorter campaigns are more successful. A good approach is to limit your campaign to one to two months.
And another tip. Since most people are online Monday through Friday, it might be wise to begin your campaign on a Monday and end it on a Friday. Remember, Friday is payday, and people like to spend money when they get their checks.
The Campaign
After a contributor donates money to you, be sure to stay in touch with them. Give them regular personal updates on the project (as well as updates on your fundraising page). Remember, these are not only funders, but new fans, too. And you my find that some of your funders are so excited about your project, they might volunteer to help you promote it. Plus, hey, if they really like you, and they feel like they're getting attention from you, they may make a second donation.
Once you have your campaign figured out, break it into parts and execute each part, one at a time, during your project's run time. This will keep your campaign fresh and exciting. Plus, this will spread out the donations, which will make your project look good.
Whenever you mention your fundraising - on a website, on a flyer, or in a live show announcement - make sure you give the link to your fundraising page. It's useless to get people excited about helping you and then make it hard for them to donate. Also, if you're using social media sites like Twitter or Facebook to periodically promote your project, make sure you tweet and post at different times of the day. Remember, everyone checks their computers at different times.
And the most important thing to remember: Show how much you appreciate the help. Make sure that all your donors know how much you appreciate their interest and contribution to your project. Often, a simple thank you goes a long way.
Incentives
In most crowd funding situations, you need to offer contribution "incentives". These are rewards given to funders to both encourage their ongoing support and to thank them for their donation. Common music-related incentives are:
1. A signed copy of a CD
2. A donor's name listed in a CD's liner notes
3. A free download of the new single
These are easy ideas. But don't be afraid to get creative. For example you could:
1. Perform a live 3-song concert online
2. Send a donor a pack of every promo item your band has ever had
3. Put a photo and blurb for every donor on your band website
Most crowd funding projects that I've looked at offer a lot of inexpensive incentives and a lot of expensive incentives. Be sure to offer a number of mid-cost incentives, too.
Plus, always remember to interact often with your donors. In a way, hearing from you is the ultimate incentive. People like to know that they are connected to the projects they support.
And finally. As you explore the crowd funding websites, check out the artists who are trying to raise money. Maybe you can donate $5 to a music project and help another artist realize a dream.
Well, I could spend a lot of time telling you about how much I disagree with the idea that everything involves money. But in the music industry, the truth is that money helps. Don't get me wrong, I don't think it's mandatory, but sometimes a few dollars can open some doors.
For this reason, I want to touch on a welcome Internet trend that can help you on your music career journey: crowd funding.
Crowd what?
Crowd funding is a really simple idea that has been gaining acceptance this past year. Basically, the idea is that a person with a fresh idea makes a pitch to the "crowd," and anyone interested in investing in that idea can easily donate $1, $5, $100... you name it. In fact, this concept has been so successful, many musicians have raised thousands of dollars to fund CDs, music videos, performance art projects, etc.
Now you can utilize this funding source by linking over to sites like Kickstarter, Oocto, and New Jelly. Go check out these sites and see if you can benefit from them. If you think you can run a top-line crowd funding campaign, I have some tips and advice for you. But first, think about this:
Asking for money is not easy... at least, for most people. Crowd funding isn't about registering at a website and then watching for the money to roll in. You need to be hands-on, always working to drive people to your crowd funding page. So, be prepared to go outside of your comfort zone.
And one crucial word of caution... crowd funding sites do not have any protection for your intellectual property rights. That is, if you post one of your great, original ideas on a crowd funding site, there is nothing to stop others from taking your new idea and using it themselves. So, don't forget this.
Advance Work
You should never begin a crowd funding campaign without preparing ahead of time. If you try to figure it out as you go, you will probably not do very well.
As you put your campaign together, start thinking about which groups of people to approach. Your fan list is a good place to begin. And your family and friends. But if you really think hard, you will probably come up with other groups of people who might want to invest in you, too. What about the kids who were in your high school band? How about your fraternity brothers or sorority sisters? Are you a member of any music-related associations or organizations?
Your Pitch
Most crowd funding sites allow you to put up a video to pitch your project. When you make your pitch video, think of something dramatic to capture the viewer's attention. Draw the viewer in. After your attention-getting introduction, begin your pitch, but don't just pitch your project. One of your best marketing tools is your story, the events and people of your life that make your music different from everyone else's. As you summarize your project, make sure you also tell your story. The goal is to sell yourself as well as your music.
And when you write your pitch, save yourself some work. Read the pitches of the best projects on the site and write yours in a similar fashion. Why should you try to re-invent the wheel?
How Much and How Long?
One of the most challenging parts of the crowd funding adventure is trying to determine how much money to ask for. Initially, you should make a detailed list of every expense you can think of, and not just the obvious stuff. Will you need mailing supplies? Will you need to hire an artist? Will you need to hire workers? Try to think of every detailed expense and total everything up.
Now, in an ideal situation, you would just list your grand total as your goal and start the campaign. But there's a catch. On most of these sites, if you don't reach your goal, you don't get any money at all. So, you have to decide whether your real number is doable. Run it by a few trusted friends and get their feedback. After all, if you are raising money to complete your CD, and you're asking for $100,000, most people aren't going to take you seriously.
And here's a money raising tip. Make sure you donate to your own campaign. People like to see that you're investing in yourself. It makes you look more serious about the project.
Now, once you've decided on a cash amount, you need to select how many days to run your campaign. This may sound counterintuitive, but as a general rule, shorter campaigns are more successful. A good approach is to limit your campaign to one to two months.
And another tip. Since most people are online Monday through Friday, it might be wise to begin your campaign on a Monday and end it on a Friday. Remember, Friday is payday, and people like to spend money when they get their checks.
The Campaign
After a contributor donates money to you, be sure to stay in touch with them. Give them regular personal updates on the project (as well as updates on your fundraising page). Remember, these are not only funders, but new fans, too. And you my find that some of your funders are so excited about your project, they might volunteer to help you promote it. Plus, hey, if they really like you, and they feel like they're getting attention from you, they may make a second donation.
Once you have your campaign figured out, break it into parts and execute each part, one at a time, during your project's run time. This will keep your campaign fresh and exciting. Plus, this will spread out the donations, which will make your project look good.
Whenever you mention your fundraising - on a website, on a flyer, or in a live show announcement - make sure you give the link to your fundraising page. It's useless to get people excited about helping you and then make it hard for them to donate. Also, if you're using social media sites like Twitter or Facebook to periodically promote your project, make sure you tweet and post at different times of the day. Remember, everyone checks their computers at different times.
And the most important thing to remember: Show how much you appreciate the help. Make sure that all your donors know how much you appreciate their interest and contribution to your project. Often, a simple thank you goes a long way.
Incentives
In most crowd funding situations, you need to offer contribution "incentives". These are rewards given to funders to both encourage their ongoing support and to thank them for their donation. Common music-related incentives are:
1. A signed copy of a CD
2. A donor's name listed in a CD's liner notes
3. A free download of the new single
These are easy ideas. But don't be afraid to get creative. For example you could:
1. Perform a live 3-song concert online
2. Send a donor a pack of every promo item your band has ever had
3. Put a photo and blurb for every donor on your band website
Most crowd funding projects that I've looked at offer a lot of inexpensive incentives and a lot of expensive incentives. Be sure to offer a number of mid-cost incentives, too.
Plus, always remember to interact often with your donors. In a way, hearing from you is the ultimate incentive. People like to know that they are connected to the projects they support.
And finally. As you explore the crowd funding websites, check out the artists who are trying to raise money. Maybe you can donate $5 to a music project and help another artist realize a dream.
