Let Go of These 5 Myths to Raise Money for Your Film
by Carole Dean
The reward for crowdfunding your film comes not just in money, but knowing that others support you and your work. At From the Heart Productions, we’re partners with Indiegogo and have helped filmmakers raise over $2 million for their films.
But, that support or money did not always come easy. We provide lots of resources to create a successful campaign and fiscal sponsorship that allows tax free donations, but it took work and dedication from filmmakers.
And that only happened when we got them to let go of the myths they have about crowdfunding.
Myth 1 – You build it and they will come.
Nonsense. No matter how fantastic a campaign page you create, how important the cause, or how great the concept, you need to bring your crowd to the crowdfunding campaign. You will probably get 98% of your funds from you own email list. Not from Facebook, Twitter, or any of your social networks. Just from people you know. Focus on getting your list to send to their lists is the first trick of crowdfunding.
Myth 2 – My film’s budget is $85,000 so that is where I need to set my campaign goal.
Your film’s budget has nothing to do with where you should set your campaign goal. Raising money is not easy so why set your goal for an amount you will have trouble getting. Break it up into achievable segments.
How to know what you can raise? Use the number of names in your data base and multiply by 5 for the number of donations you will get. Example: Let’s say you’ve got 1,000 names. 1,000 x 5 = 50. So, you can expect 50 people will give you money.
At From the Heart, we have an average of $100 per donation. That means for 50 donors you can raise $5,000.00 (per those 1,000 names). Don’t plan on getting much from your name on your social networks. They do not donate much. Focus on your data base where you can send emails every 5 days. These are your prime donors.
Myth 3 – I’ve got 45 days reach my goal so I can take my time.
You may have a 45 day campaign, but it’s critical to hit 30% in first 72 hours. If you hit that, your campaign has an 80% chance of succeeding.
What amount can you raise in 3 days? $3,000.00? You may want to work backwards and use this calculation to set your ultimate goal. If you think you can raise $3,000 in first 3 days, then you ask for $9,000 and you can probably hit it.
Lots of work? Yes, but the payoff is more in marketing than you would ever imagine.
Myth 4 – If I don’t hit goal, I still get money so that’s ok, right?
Hitting your goal is essential. The record of how your campaign performed and how it was accepted by others will be out there forever. While not necessarily an accurate judgement on how successful your project will ultimately be, it will be seen by some that way.
Distributors want to know you understand social networking. They think crowdfunding is an example of how good you are at marketing so they judge you by your success. Be prepared for this.
Myth 5 – T-Shirts make great perks.
I like gifts that are personal and I like you to be part of the gift. Send me something personal. John Trigonis, Film Campaign Strategist at Indiegogo, wrote a poem for those who donated to his campaign and he was very successful.
Make your gift something that sets your project apart and makes other take notice. One crowdfunder asked his potential donors, “Where is your dream vacation?” Then, he took a picture of you and put you in that location. He did very well because people posted these items on Facebook. That got him new leads who eventually donated because of the extraordinary gifts.
Whatever you do on your campaign, let go of the myths and you will be much more successful.
Carole Dean is president and founder of From the Heart Productions; a 501(c)3 non-profit that offers fiscal sponsorship for independent filmmakers. She is also the author of The Art of Film Funding: Alternative Financing Concepts. Her Intentional Filmmaking Class teaches filmmakers on how to get their films funded. New classes begin February 29th.