Micheal Hartman launched a Kickstarter campaign and discovered that 84% or so of Kickstarters are generated by men buying from the platforms. In this episode, Michael shares with us his experience, new learnings and new strategies you can use for your business and how failure is not final on or off Amazon.
Michael’s story since the launch
- Launched $12,000 and we hit hard on the email lists
- 220,000 emails drove traffic but no conversions from there.
- Conversions were generated from Facebook ads and trails off after a few days
- When we hit our optimal zone, we could not go higher or lower and ended up with 2.4 ROS (return on spend) while starting at 3.2
- We cut the advertising and see if more conversions are coming in organically and we got NO (organic) TRAFFIC whatsoever.
- Facebook ads was not scalable.
- Cut back and place our resources on other projects which had better ROA and return-on-time
- We got feedback that it was not person-inclusive due to limited size options for the dress. And shipping costs due to the weight of the material.
- 50% of backers were men, and 40% were from Japan
- Japanese reviews are neutral but they demand quality.
- Japan has its own Kickstarter platform and maybe we’ll try that.
Key Lessons from Michael
- Look. We will fail. Michael prepared his partner and wife to the possibility of failures on her first campaign. But it’s OK.She’ll be disappointed but she understands that it is on to the next one.
- You can learn from your failure and build it to your next project.
- Picking up a note from our previous guest Fernando and Nick, nearly half of their products are dumped and considered failures but they move on.
- Never put your money into one basket.
- It is never failure! It is learning.
- Many failed the first time and won the second time around!
- Test small. Don’t blow all of your money away on the testing phase.
What will you do differently, next time.
- Get successful product from Shopify, modify it and place it on Kickstarter.
- Targeting the audience specifically by doing more market research.
- Will not use Facebook ads because of pixel issues and effort it takes to advertise.