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1 Download the Mobile App Now! QR Code Goes Here Scan this code with a QR reader to easily download the app. #FRDNY

2 How to Run a Successful Crowdfunding Campaign!

3 Hello! We re Liz & Lara. Elizabeth J. Wilson Assistant Director of Advancement National Air and Space Museum Lara Koch Associate Director of Online Fundraising Smithsonian Office of

4 And we re here to talk about crowdfunding. Why?

5 Let s start with the first set of slides

Widespread media coverage including CNN, NBC, CBS, BBC, LA Times, NPR, Rolling

6 #RebootTheSuit Conserve, digitize and display Launched July 20, 2015 Reached $500,000 goal in 5 days Stretch goal: $200,000 for Alan Shepard s suit. Widespread media coverage including CNN, NBC, CBS, BBC, LA Times, NPR, Rolling Stone, Mashable, and more Total Raised: $719,779 Average backer amount: $76 9,477 backers 95% New to File!

7 Let s start with the first set of slides

#KeepThemRuby Conserve and display the the Ruby Slippers from The Wizard of

$85,000 to conserve Scarecrow s Costume Widespread media coverage including

McClatchy and more Total Raised: $349,026 6,451 backers Average gift: $54

8 #KeepThemRuby Conserve and display the the Ruby Slippers from The Wizard of Oz. Launched October 16, 2016 Reached $300,000 goal in 5 days Stretch goal: $85,000 to conserve Scarecrow s Costume Widespread media coverage including PBS, NBC, CBS, NY Times, NPR, AP, Footwear News, Entertainment Weekly, McClatchy and more Total Raised: $349,026 6,451 backers Average gift: $54 88% were New to File, of existing donors, 63% were also #RebootTheSuit donors.

9 What is Crowdfunding?

10 Crowdfunding is the practice of funding a project or venture by raising many small amounts of money from a large number of people, typically via the Internet. Set timeline (Kickstarters are ~30 days) Tiered giving (Kickstarter: $1 - $10,000) Rewards (digital, tangible, experiential) Some, like Kickstarter, are all-or-nothing Most platforms have fees (and many offer nonprofit discounts) Crowdfunding projects are an investment. HEAVY LIFT.

11 Smithsonian & Crowdfunding

12 Meanwhile, back at the museum...

13 It was as easy as that! Smithsonian & Kickstarter INSTANT SUCCESS Great first project (...maybe not.)

17 To get to the moon, you gotta plan the route.

18 Let s answer some questions: Why launch a crowdfunding project? What makes good project? Who is involved? What are the expectations of those involved? What is the timeline? What is the budget? What are the elements of a successful project? How do I plan for success (and for failure?)

19 Why launch a crowdfunding project? Fund your project Obviously. Pretty great. Involve & educate your board & major donors Get them to contribute, provide matching gifts, and why mass-market fundraising matters. It isn t just about THEM writing a check -- it s about them inspiring new donors and new engagement with you. Capture media interest Crowdfunding projects are fantastic media hooks and the PR engine was essential for driving the success of both campaigns. Reach, engage & cultivate new audiences From $1 donors to $10,000 supporters, MOST of the donors to both of our Kickstarter projects were brand new to the Smithsonian. Get your message out there Ours? The connection between WHY people love us (our museums & collections) and the fact we rely on support from the general public to do incredible things like preserve these objects for future generations AND that the Smithsonian is ALSO doing the scientific research & discovery necessary to preserve them! We re more than America s attic we re America s laboratory, too.

20 What makes a good crowdfunding project? Tangible results Most successful crowdfunding projects focus on a PRODUCT: creating a brand new widget and bringing it to market, funding a piece of art or media, creating a film or a new season of a tv show, or like us preserving an iconic object. Popular appeal, niche passions Does it solve a problem? Is it related to pop culture? Is it wellknown, and has an Internet subculture? Does it have to do with cats? Can you tell its story broadly, but also rely on a niche audience of devoted fans? Social, viral, and yes millennial. Word of mouth is the lifeblood of crowdfunding projects. You ll need lots of social activity, dedicated ambassadors, and a multi-channel digital marketing campaign to ensure you re tapping in to the crowdfunding core.

21 What makes a successful project? Video The cornerstone of a successful crowdfunding project. 2-3 minutes, fun, funny, compelling, shareable, and celebrities help, too but aren t required. A solid project name or hashtag We lucked out with #RebootTheSuit but #KeepThemRuby worked, too! Make it short, memorable & searchable! Rewards From $1 equalling updates to $10,000 getting you a private tour or your name on an exhibit, rewards matter. Digital, tangible, experiential: 7-12 tiers that run the gamut based on $. A clear ask Can you say in 10 words or less what your project hopes to do? Make sure you can, and that everyone else can, too. A home base Your project page should tell your whole story: Who, What, Why, When, Where (and how much!). Make your case compelling through storytelling, great images and lots of details. Engagement Your digital team needs to be standing by to answer questions and manage concerns via social media & project page. Two-way communication is key.

22 Who is involved? Board/Major Donors C-Suite & Gift Officers Your Subject Experts PR & Comms Digital Marketing PM (read: everyone. everyone is involved.)

23 A successful crowdfunding campaign requires extensive planning, a commitment for ongoing engagement from everyone at your organization, and steady follow-through.

24 So many staff Would totally underestimate it even if i guessed All encompassing for a large group of staff You need roles and responsibilities IRONED OUT AHEAD OF TIME All that plus their regular full time jobs Things Liz said to me when I asked about resource planning for #RTS

25 GET THEE A PROJECT MANAGER (OR TWO)

26 What are the expectations of those involved? Everyone in the funnel needs to be aware, informed, engaged, participating in and updated on the project. Provide talking points, updates, and marketing language to everyone for full coverage. Everyone should consider the project a priority & be spreading your message! The further down in the funnel, the more resources and dedicated availability will be required. Clearly define responsibilities over the timeline. Especially during the campaign itself, messaging calendars are essential and their calendars should be blocked off! The bigger the project, the more all-consuming it will be. Plan wisely.

27 What is the timeline? Pre-Campaign (~4-6 months) Campaign (~30d) Post-Campaign (4 months & beyond)

28 What is the timeline? Pre-Campaign Leadership approval Legal, accounting, privacy approval. Finalize project details such as expectations, budget, rewards, licensing! Pitch major donors Design rewards Produce video Media & marketing strategy, calendar & assets Plan for stretch goals Campaign Multi-channel digital marketing: , web, social media, print, advertising Unique hooks, special announcements, celebrity involvement, leveraging dates Contingency plans Media outreach & availability Engage with commenters Project updates Customer service Post-Campaign Survey backers Produce and fulfill digital & tangible rewards Schedule & manage experiential rewards Customer service Data migration Ongoing updates until project is truly complete

29 What is the budget? The total goal of your crowdfunding project must factor in the following: Funding needs All associated costs for the project you want funded. How much does it cost to do x, y, and z? Are you considering everything? Are the costs documented? Pre-Campaign Costs Video production, project management costs, marketing/paid media costs. Post-Campaign Costs Platform & credit card fees, reward production and fulfillment, data processing costs, unexpected costs! Include as many costs in your fundraising goal as you can, as you ll be paying them anyway!

30 Plan for success (and for failure!) There are three possible outcomes for every crowdfunding projects. Be prepared for all of them. Meeting your goal Congratulations! Your project is funded. Now the real work begins: keeping your backers engaged, excited, happy and feeling like their money was well spent. Missing your goal No one wants to think about this, but in an allor-nothing model (and even not!) you need to prepare your messaging so the backers you do have know what to expect & what will happen with your project. Exceeding your goal It s happened to us twice and both times we weren t prepared! Where will you go next if you hit your goal early? Is it a stretch goal? Is it an additional reward or enhancement to the project? Decide early!

31 A Stretch Goal Story

32 If We Knew Then What We Know Now Better planning on budget, stretch goal, rewards (particularly experiential!), roles, responsibilities and expectations of everyone involved pretty much everything we re warning you about. TAKE HEED Make sure your legal, privacy and accounting teams are WELL INFORMED. Get ready to be nimble and agile: have lots of contingency plans! Be prepared to take offline donations. Plan the audience journey and stewardship for POST CAMPAIGN! Cool things take time: we ll likely be updating our folks for years on our projects. That s a big investment! Boring things take time too: Crowdfunding projects have long tails for reward production, fulfillment, customer service, data migration.

33 Thanks! Any questions? You can find us at: Liz:

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