Episode 309 – New Markets for Artists / All-or-Nothing Funding

All-or-Nothing Funding

Let’s say you are a musician and you want to make a CD, that will cost about $4,000 dollars to produce. Your Kickstarter video might be some creative form of you talking about your music and maybe playing a song. You are allowed ninety days or less to raise money. If at the end of ninety days only $3,500 is pledged, the project’s financial goal has not been reached and you will get nothing. The reason funding is all or nothing is so that the project actually gets done well. It also ensures that the donors’ money will only be spent on successful projects. The key to any project on Kickstarter is to create interesting rewards for those who donate larger amounts of money. For example, all donors will receive a personalized thank you email from you; or those who donate $5 will receive an mp3 of one of your songs, $10 will earn them a copy of your CD, and $15 gets them tickets to one of your shows. The more creative and enticing your rewards are, the more likely people are to donate.

You as a Philanthropist

The easiest way to see how Kickstarter works is by exploring the website. You will see that most projects never get funded, but the ones that do get funded all have promotional angles and good rewards that make them special.  Try funding a few projects for a dollar to see how it works. In the case of non-visible art, we wanted the rewards to be the art itself. We thought we could make a video describing the museum and raise $5,000. The rewards would be descriptions of the non-visible art. For a certain donation amount, we might describe a painting of a horse in a field. That is what we wanted to do, but the challenge was deciding how to make the videos and promote the project.

Promoting the Project

The reason project promotion is so important is because if you just post something on Kickstarter and wait for pledges to come in, usually nothing happens. You have to tell your friends on your various social networks what you are doing. And if you are trying to raise a significant sum like $5,000 or more, you may even have to make calls. Promotion is something you must tackle and manage well. In our case, we began with deciding how to make our video. Since we didn’t actually have anything to show we thought we should both talk about the museum. As we discussed that possibility, we also thought it would help to have someone else in the video who understands what we were planning to do.

To learn more about Brainard Carey and his services for artists, or to take a class from him, click here.  To join one of his free weekly webinars, click here. To download the workbook mentioned in this series, click here.

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