Being an independent musician isn’t always the best paying job until you catch a break. You probably spend more money on renting out a space to practice, equipment repairs and traveling to gigs than you actually make from the show. This is why Crowd Funding has become the mainstream for most musicians to really help them pay for the bigger ticket items, like recording, producing and manufacturing an album. It can be more expensive than you think. Here are a few reasons why maybe your crowd funding didn’t work.
One of the biggest reasons that you didn’t reach your goal was maybe because you set the goal too high. There is a big difference between asking for 4 grand to get your album put out there to the worth as opposed to an over the top 15 thousand dollar production. People have a hard enough time paying their own way. If they see your goal is smaller, they will feel more inclined to help you reach that goal because it looks achievable. If it is something that they could use to buy a new car, they will give you a smaller donation or no donation at all because they can’t justify it. It’s a little bit of psychology on this one. Keep your goals as realistic as possible for your current situation in the music business without selling yourself short.
Another big reason why your crowd funding didn’t work is because maybe your Backer Rewards didn’t make any sense. If you want to give an incentive it should make sense. Let’s say your Backer Reward is a free signed CD for a $30 donation. Think about it. Why would a fan pay $30 for your CD when they can buy it for $10 or $15 through your online store or at a show? It doesn’t make any sense. If someone is going to donate the amount of money you are going to sell that CD for, the are almost “pre-ordering” it while helping you out. For $30 they should be getting a CD and a shirt. Your more expensive Backer Rewards need to be something cool and something that your fans want!! So take the time to think about it. Feel free to even take up a poll on social media to see what it is that they want!
If you’re running campaigns too close together, your fans might already have the rewards that you’re offering. So, really, what is the point of giving you more money so quickly? At this point they are probably going to say, “Get a Job!!”
Happy funding and good luck!