Crowd-funding is the act of funding a project by receiving contributions from the public through the various online crowd-funding and investment platforms.
The concept of crowd-funding was at one time considered a finance raising method that would never be effective, however, in recent years it has proven as one of the most powerful forms of raising finance and is a great way to raise awareness of your brand.
What is it that drives the desire from anonymous masses of people to give their money to propositions and ideas?
It stems from the public’s belief in a project, the people behind it, and more importantly the initial, upfront demonstration of the final product as a work in progress. This presentation typically comes in the form of video content. This article will discuss how video content is used to improve and, in some ways, be the convincing factor of a crowd-funding campaign.
The video pitch is key
That’s right; the most essential piece of a crowd-funding project from the get-go is the pitch video. This is because video content will visualize for the audience what their money is being used for. The audience needs to be interested or reeled in within the first thirty seconds, otherwise their interests and investments will travel elsewhere. The video pitch has to make an impression that words alone simply cannot achieve. How can this be done?
Make it personal
As an individual presenting a product to a large number of people, as well as representing people who are a part of the project, catching the attention of potential backers rides on the approach.
Now when it comes to your crowdfunding pitch finding the proper balance between a personal and professional side is tricky but necessary. Allow the viewer to gather a sense of passion and care behind the project, understand and connect with those involved, and explain to them where there money is going to go.
Save the business details until after the initial pitch within the video, then break down the cost distribution afterwards to properly inform them of each step and how their money will be spent.
Tim Schafer, a man famous in the video game world for his bizarre yet brilliant adventure and platform games such as Psychonauts, made this exact approach. He introduced a project called Double Fine Adventure, which ultimate was released under the title Broken Age and his pitch video explained Schafer’s pitch to his fans and intrigued backers was by starting with establishing who he is. He starts humorously by playing the drums and then explains his love for video game development before expressing his desire to make an adventure game, one that large publisher backing couldn’t make. Then he explains that public backers could make it possible only through the crowdfunding website, Kickstarter. Through this process the audience gets to know the developers, where there money is being used, and the rewards they’ll receive as a result of their support.
The best part about his approach was he asked pledgers to help him reach his goal of $400,000 to make it possible. And how much backing did Schafer get?
Almost $3.5 million from over 87 thousand people!! Now it remains one of the highest backed crowdfunded projects of all time!
Crafting a video that is integral with the crowdfunding project will be able to exemplify a brand and the heightened level the product aims to reach compared to anything else on the market.
Think of the Oculus Rift for example. Video content was used in selling the virtual reality experience to the world, promising it to be immersive and affordable. The brand peaked the interest of Cliff Bleszinski (former design director of Epic Games), Gabe Newell (Co-Founder of Valve), and David Helgason (Founder of Unity Technologies); all of which became backers of Oculus Rift. With high quality being represented in video content footage, as well as early acclaim from well-known people in the gaming industry, Facebook would eventually purchase ownership for over $2 billion.
All it takes out of the box thinking, creative ideas, and a well planned presentation to a worldwide audience to convince investors the importance of a crowdfunded product. Video content not only can be used to improve the success of a crowd-sourced venture, but it can be the vital portion of the process.
Robert Benoit is an intern at Knice Creative who is currently studying English Writing and Mass Communication at Assumption College. He was born in Worcester, Massachusetts and is currently studying abroad in London. His future aspirations include film production and professional scriptwriting, as well as a passion for developing creative works. Connect with me on Facebook or Twitter.