[MUSIC] So today we're going to talk about everything that you need to do before you hit that launch button on your crowdfunding campaign. And I'm joined today with Alyssa Spector. She was my campaign manager for my crowdfunding campaign on PledgeMusic. And she's going to talk to us a little bit about everything you need to do to prepare. So thank you for joining us. >> Thanks for having me. >> So let's just get into it. So what are some of the things that artists need to be thinking about as their kind of in the planning stage of their crowdfunding campaign? So the most important aspect or aspects are having an email list put together, and having a solid following on social media, and having those outreach numbers. Because ultimately, it's an artist's fans that are going to be involved in their crowdfunding campaign, and the ones that are going to contribute. So aside from the email list and outreach numbers, having all of your assets put together that you're going to be offering in the campaign. So all the items that you're looking to offer in your store. Good, high res promo images of the band, product images, and an intro video. And those are probably the most important components to building out a successful campaign. >> Great, so let's talk about the numbers for a second. So I know you and I had kind of discussed this when I submitted my application to do a company campaign on PledgeMusic, where you've got kind of the budget, right? But then you also have the amount of followers that you have on your different social media platforms. So is there a formula that PledgeMusic uses where they say, okay, you've got 5,000 people on your email list, so then that means that your budget should be this much? For example, if a artist was like, okay, my budget is 8 grand, but I only have 100 followers. That may not necessarily work, right? >> Right, we definitely have a formula that we kind of go by. I think initially we usually say, well, it's pretty easy for most artists to raise between $1,000 and $2,000 with just friends and family alone. So that's typically easy, right out of the gates, emerging artists. That's usually an easy target to hit. But for anything above that, we really look at a formula of about 1.5% of their social media following and 3% of their email list. And we use those numbers sort of generally as a way to guide artists if it seems like an appropriate target or not. >> Okay, so if let's say, hypothetically, if someone's budget was around $5,000, how many kind of followers would you want to see them have? And how many people would you want to see on their email list? >> I think at least a few hundred on an email list. So a solid email list, I would say almost about 500 at least and at least 1,000 followers on socials I think too. But some will surprise us and kind of blow it out of the water. And they reach their target within a few weeks. And then others, we realize that we need to adjust it a little bit and so kind of it all depends. >> And that's the one reason why I decided to go with PledgeMusic was because you have the ability to adjust your goal. So can you talk about maybe that aspect to how PledgeMusic might be a little different as a platform than others? >> A lot of other platforms, from what I hear, they're kind of all or nothing. And in a sense, Pledge is as well. But we offer the flexibility of adjusting your goal amount and the funding deadline to reach the goal. So that's helpful for a lot of artists that maybe initially won't listen to us with our suggestions on their goal amounts or maybe are aiming a little higher than they should. >> So let's talk a little bit about the merch that people offer. What are kind of some common, really easy things to do that artists can offer in their campaigns? >> So of course, we suggest offering the basics. CDs, T-shirts, of course, the digital, and vinyl, if you can afford it. And then we also kind of go into unique items, as well and experiences. So signed set lists, handwritten lyric sheets, maybe a studio hang, attending sound check backstage at a show, maybe the band cooks you dinner, stuff like that. >> So at the end of the day, the people that are contributing to your campaign really want to feel like they're part of something bigger than just giving that person money, right? >> Right. >> So I see a lot of campaigns have videos. That's kind of like a huge thing. Whenever you start doing a little bit of research, the first thing that you're going to come across is having a really effective campaign video. So can you talk more about that and maybe give us some tips on how to make a good crowdfunding campaign video? >> Sure, so the first thing that we suggest is typically to make it short and sweet. So we know that a lot of people have a short attention span. And not only is the video on their project page, but you'll share it on socials, YouTube, etc. So you want to make it something that's exciting enough for people to be into it and engaged within a few seconds. But you also want to kind of reveal the project and what it is that you're trying to do and explain the whole process. >> So how long do you think those videos should be generally speaking? >> Usually 30 seconds to just under 2 minutes, we feel, is the most successful. >> That makes sense because Instagram, for example, only has 60 seconds. So I know when I was trying to make my video, I was trying to fit as much as I could in that first 60 seconds. I think mine was maybe 90 seconds, somewhere around there. >> Which is perfect, yeah. >> Awesome. >> [LAUGH] >> So do you have any kind of last minute nuggets of wisdom that you'd like to share with people that are kind of thinking about this crowdfunding thing? >> My first piece of advice is that it's a lot of work. So you really need to make sure that you have all of your assets in place and that you do have a fan base there that'll support a project like that. And if you go with Pledge, my other piece of advice is to listen to your campaign manager. because were there for you and we're there to support you. >> That is great advice. I'm so grateful to have Alyssa on my team of people that are kind of helping me figure this out as I go. And your advice and your help along the process was just invaluable. So thank you so much for being with us today. >> Thanks for having me.
