Crowdfunding has emerged as a revolutionary new tool that musicians can use to develop a relationship with their fanbase, reward them with cool swag, and get funds to release a new album, go on tour, or host a concert.
There are a lot of different websites out there that musicians can use to launch a crowdfunding campaign, like Kickstarter, Indiegogo, PledgeMusic, and the ongoing fundraising platform, Patreon.
But, the real question is, how can you maximize your chance of succeeding on one of these websites?
1. Bring your own crowd
The music category is the 5th most popular category on Kickstarter, in terms of total dollars raised, and the second most popular category in terms of the number of projects that have been launched on the website.
This might seem like music projects are wildly successful, but it’s also important to note that 72% of all projects in this category raise between $1,000-$10,000. Only ~5% of projects launched in the music category have raised between $25,000 – $100,000.
Most of these pledges will come from:
- The musician’s social network.
- Existing fans of their work.
A smaller portion than you’d think will come from strangers, who have stumbled upon the music project. Unlike the design or gaming category, there is less leverage and broad marketing appeal in the music category with regards to regular backers.
You should plan to line up 30-40% of your funds ahead of time through direct outreach and using these tools. Make sure that those individuals pledge within the first two days of your project’s launch to encourage momentum and build your project’s social proof.
2. Master the art of communication
It’s very tempting to adopt the mentality that just because you’ve launched this new crowdfunding project, all of your fans are going to want to learn more about it and want to get involved, because they heard about it on your Facebook or Twitter feed.
False!
You need to really sell the benefits of joining you on this quest and why they absolutely need to check out your video. Don’t just assume they will. The best way to do this is to:
- Come up with interesting rewards and swag that they can claim if they pledge.
- Share key updates and behind-the-scenes facts, footage, and photos.
- Underscore the urgency. “This cool concert or this album will only happen if they pledge within the next 30 days, and if you hit your goal early, you’ll release an awesome new bonus reward.”
As I describe in my free Kickstarter course, marketing is everything.
Each social media website is a different animal. You might see a lot of engagement on Twitter, whereas another artist might see a lot of engagement on their Facebook page or on Instagram.
Although I recommend having some kind of presence on every social media platform that points back to your main website, I do believe in the 80/20 rule of marketing, meaning that typically, 80% of your results or engagement is going to come from 20% of your effort.
That’s another way of saying that it’s best to figure out which social media platform your audience uses and to then become super focused on engaging them through that medium.
Hopefully, you’ve set up your email list, so you can also leverage that when you’re updating and building a relationship with your potential backers.
4. Prepare an engaging story.
Why are you raising money through a crowdfunding campaign? Why are you passionate about music? Why this type music in particular? As an artist, what do you want to bring into to the world?
When I bring up the term “story,” most artists and creators that I talk with usually think about the advice I’ve given regarding a good PR story, but it’s much more than that.
Your story differentiates you from the pack. Your story answers the question as to why people should pay attention to you, when there are so many other musicians out there. When someone resonates with your music, you’ve found a fan, but when someone also loves your story, who you are, and what you stand for, you’ve made a fan for life.
Great musicians aren’t just good at playing music. They are personalities. They stand for something and bring a certain kind of energy into the world.
5. Think like a marketer.
Okay, I know the last thing you want to do is sales, marketing, or any kind of promotion, but unfortunately, if you want to reach strangers or music fans with your crowdfunding campaign who haven’t already head of you, then you’re going to need to put together a marketing and PR plan.
If you’re going to be using Kickstarter, I highly recommend my free course, which can be accessed here. Otherwise, I think the most important questions that you can answer are:
- Where do fans of your genera of music “hang out” online?
- What publications do they read?
- Who do they view as an authority in your genre?
- Which podcasts or youtubers do they listen to?
- Where do they find out about cool new music?
Depending on your answers it might make sense to write a press release, buy advertising, or use some of the marketing techniques that I’ve included in a SlideShare below.
