Thoughts from a first-time self-publisher Part 23: Crowdfunding Myths Continued.
Hey everyone! Welcome back.
Best Part of my week (so far): My youngest daughter turned 3 yesterday! We had a great get together over the weekend and a nice family party yesterday. There is nothing quite like the joy of a 3-year-old on their birthday! In the world of Game Design, I submitted my entry for the GameCrafter’s Single-Card Contest. There are a whopping 240 entries! If you care to give Quarter Masters a look and a vote, it is appreciated!
Most stressful part: Launching the Backerkit Pledge Manager is not even close to as stressful as launching a Kickstarter. But it’s not exactly a picnic either. I did it!
Financials: With the Backerkit Pledge Manager open, extra funds are coming in. I did a smoke test yesterday (surveys to 5% of backers in each pledge level) and opened up the full one about 12:30 EST today. As of 3:16 PM, this has brought in an additional $2,085 with about 25% responding to their surveys so far. The Acrylic Upgrade pack has been a hit and will be getting manufactured! After the end of the KS, it’s nice to watch those numbers start going up again! It will be interesting to see where the numbers ultimately land and what kinds of manufacturing choices I will be forced to make. Right now, it looks like I will might get close enough to the 1,000 copies needed mark that I will need to consider whether a 1500 print run is a worthwhile risk. I get a nice price drop per unit at that level, but I will need to have a solid plan to sell the extras in order to make that mean anything! Stay tuned.
Crowd Funding Myths Continued:
The Rule of Thirds: One thing I heard repeated a lot of times was the following expectation for Kickstarters: What you make in the first 48 hours will be approximately the same amount you will make in the final 48 hours and approximately the same amount you will make in the middle section between. I’m not saying that this isn’t true on average, but I have a few things that I would want aspiring self-publishers to consider when they hear this:
Not Necessarily! Were this to hold true for my own campaign, I would have made around $34,500. My actual breakdown looked like this (approximately): 48 hours: $11,500, Middle section: $4000, Last 48 hours: $2000.
Using the other two campaigns I discussed last time:
Bah Humbug’s projected earnings based on the first 2 days: $12,000. Actual breakdown (app): 48 hours: $4000, Middle Section: $17,000, Final 48: $4000.
We’re Sinking’s projected earnings based on the first two days: $76,000. Actual breakdown (app): 48 hours: $24,000, Middle Section: $50,000, Final 48: $12,000
So one campaign that failed to meet this expectation, one that defied it by a lot, and another that somewhat proves the rule but not in the proportions expected.
2. For goodness’ sake don’t plan on it! I have said my peace last time about what kind of considerations should go into setting a funding goal. But don’t set one at 1/3 of your desired outcome with the thought that hitting the funding goal in 48 hours will make that a reality. Beyond that consideration, pay attention to the day-to-day growth and how you can impact it. Things like these projections and Kicktraq can really amp you up and really bring you down with the possibilities. Focus on the realities and how you can impact them.
3. Don’t think you’ll be the exception: All that said, if your first few days don’t get you to at least a third of your funding goal, don’t expect to outperform the “rule of thirds”. And in general, don’t bet on doing better than the averages. I’ve seen a number of creators expect/ depend on beating the 10-20% conversion rate for their email list or pre-launch followers. This particular “rule” did pan out in my case and I wouldn’t ever bet against it.
Thanks so much for reading! If you have a moment, I would love to get your vote for the GameCrafter’s Single-card contest! My entry is called Quarter Masters! Next week, I plan on having another guest post!
