*Ok, it’s not only about the crowdfunding video, but find out why you should put your efforts into understanding how important your crowdfunding pitch video is to engaging potential supporters.
While most crowdfunding platforms still say it is not imperative to include a video with your project pitch, we should all know by now that your chance of success will hugely improve if there IS a video.
Surely increasing your crowdfunding success is the only reason you need to make a video? In this post I delve into research by Jess Milne about what constitutes a great crowdfunding video.
Having a crowdfunding video increases your chance of success and the amount of money you may raise.
The image below is the widely quoted Indiegogo stat – a video increases your chance of success by 115%.
Surely increasing your crowdfunding success is the only reason you need to make a video. But don’t just make an ok video. You need to make the best pitch video for your project that you possibly can. So what are the ingredients needed to make a great crowdfunding video pitch?
Research on crowdfunding videos
Recently I came across some research undertaken by Jess Milne about the importance of videos in a crowdfunding pitch. Jess is a Video Producer and Motion GFX Artist and has spent a lot of time researching what constitutes a crowdfunding video that is so good that those who watch it feel motivated to support a crowdfunding campaign.
Jess collected both quantitative data by a survey with 199 respondents, and also qualitative data from a focus group. The study incorporates the ability to capture emotional engagement by use of MindSight – an applied neuroscience test developed by Forbes Consulting Group.
You can read more in the article that will be published as an AFTRS occasional paper series to be launched by the school on April 30 2015. I will insert the link when live! From the paper Jess said:
What happens when we are exposed to an image? We recognise within ¼ of a second the salient features. For example, if it’s an animal, a child, a natural scene, etc. After ¾ of a second, we experience an emotional response: “Oh, that puppy is cute” or “That beach is so peaceful.” This window of time is considered the emotional discovery window. We have one second to have an emotional reaction before our logical analysis reaction kicks in. This is important to keep in mind because of the small amount of time (15-30 seconds) that can either help make or break your pitch video. Jess Milne, From the Heart to the Hip Pocket – Pitching for Successful Crowdfunding
Here is a great infographic from Jess that explains the ten basic ideas. You can click on the infographic for it to open up in a new window at a larger size.
Click image to view the infographic in a new page
I found point 3 an interesting one – ‘A touch of dynamics including the professionalism of the presentation.’ Over the four years that I’ve been writing, talking and teaching about crowdfunding there has been a big shift in the quality of crowdfunding videos. One important point that the research showed was that if your crowdfunding video is merely average you are much less likely to attract supporters.
Thank you very much to Jess Milne for talking to me about her research. You can contact her through her LinkedIn profile to find out more. The Occasional Paper referred to in this post will be published on the AFTRS website at the end of April 2015.
In related news, INITIATE Crowdfunding held their Auckland crowdfunding summit in March 2015 and ran a Crowdfunding Video Awards – the first in the world as far as they know! You can find out more here.
Anna Maguire, April 2015