How To Crowdfund Music Like A Pro
How To Crowdfund Music Like A Pro – Video:
How To Crowdfund Music Like A Pro – Podcast:
Here’s something every musician needs in today’s rapidly changing music economy – MONEY. And while more music lovers are consuming to their favorite music for free (or close to it), the expenses associated with creating music haven’t changed much at all. Every musician who has ever faced the wrath of costly recording studio rates and expensive service fees knows how much money it takes to make a new recording project happen. Even if you’re an independent artist just starting out, this is where crowdfunding can bust in and save the day! Here are five power tips on how to crowdfund music like a pro:
1. Get organized. Do yourself a solid, and plan on at least 1-2 months of prep time for the launch of your crowdfunding campaign. You’ll be surprised how often artists “wish they had more time” to get ready for the big launch – and once the campaign clock starts ticking on major crowdfunding platforms like Kickstarter, PledgeMusic, or Indiegogo – you don’t have any time to waste. Start thinking about the people you know – anyone who has supported you and your music over the years – and start organizing these people into priority lists. You might even survey some of these people in advance with a rough draft of your campaign to get helpful feedback from those who believe in you the most.
2. Tell your story. Don’t just slap a quick video and campaign description up on a page explaining only what you’re doing and how much money you need to get the job done. People care more about “why” you’re doing what you’re doing than they do about “what” you’re actually doing. Start by asking yourself these questions; why is this campaign important to you, and what is the value it will offer to others?
3. Play with different budget scenarios. I know that musicians would rather gouge their eyes out then deal with financial spreadsheets – but if you take the time to do the math, you’ll be amazed with the confidence boost that comes along with it. Musicians often sell themselves short before they’ve even begun by not feeling comfortable asking for enough money to truly finance their project – and before they know it, they’ve fun out of funds to finish the project. You’ll feel self-assured in asking for what you truly need once you’ve crunched the numbers! I recommend creating at least two different budget scenarios: a “baseline” budget and a “dream” budget. Consider your “baseline” budget your bare minimum to get the job done, and let your “dream” budget consist of whatever your little heart desires – regardless of what that will cost. This will provide great perspective on things, and it will even help you to get a better grasp on some potential “landmark” goals.
4. Create “landmark” goals. Some call them stretch goals, but I like to think of them as landmarks worth celebrating! Make sure you’re happy with your “baseline” goal no matter what, but your “dream” goal will help you determine some of the things you can do with any additional funds that are raised beyond your “baseline” goal. Every “landmark” goal will help educate folks on what you’d ideally like to accomplish above and beyond your bare minimum, and what each additional aspect is going to realistically cost.
5. Hire a Campaign Project Manager. Consider working with someone more experienced so that you can ensure your success of meeting your goals. Studies show that 45% of crowdfunding campaigns fail when administered incorrectly, but take comfort in knowing that campaigns with a team make 70% more money than those flying solo according to Indiegogo. Lucky for you, I happen to be an experienced Campaign Project Manager myself – so if you’re ready to crowdfund your next music project, check out my services page for more details on how we might be able to work together: http://thecreativeadvisor.com/services.
You’re a rock star. Never change.
Here’s to your creative genius!
-Gregory Douglass, The Creative Advisor
P.S. Want more power tips like this to help fast-track your music career? Sign up below for more free training and creative advice I only share through email…