Like many start-ups raising investment through crowdfunding, fintech brand Chip knew their investment video was crucial. With only 2 weeks till the raise, they were worried the traditional ‘talking head’ interview with their founder they had produced just didn’t do their mission justice. They needed help…and fast!
Enter Mattr Media, who helped create one of the fastest ever campaigns to reach £1m (eventually raising over £3.5m+ with a 380% oversubscription rate) and a video shortlisted for Crowdcube’s Video and Campaign of the Year.
So, how did we do it? And how do we continue to achieve record-breaking results for our other crowdfunding clients? Well, the below are 6 key steps we take with all our crowdfunding projects…
RULE 1: DO NOT UNDERESTIMATE THE IMPORTANCE OF YOUR VIDEO
Unlike pitching to traditional investors, you aren’t going to necessarily meet crowdfunding investors face to face and they aren’t just looking for a 10x return.
Dan Hardy, Head of Business Development at Crowdcube, summed up perfectly why that means your video is so important: “video is the dominant media format online and since Crowdcube is primarily an online investment platform... (so) your pitch video is the best chance you have for investors to learn about you and your business…”
So doing one and doing it well is crucial.
RULE 2: TELL A STORY
So how do you do that? Well, don’t forget on crowdfunding platforms, most of the people watching your film are not as financially savvy as traditional investors. So whilst top-level metrics are important, it’s just as crucial to answer deeper introspective questions that your audience will connect with. Things like “why did we start this in the first place? What’s the problem we’re trying to solve? How can we show we’re a big deal (PR/Awards/Team etc.)? What does the future hold?”
It’s also important to not get lost in explaining the “features” of your product. As Hardy explains, “the objective here is to get people to invest in your business, not to buy your product. That's a big difference… You need to strike the right balance.”
Overall, keep the message simple and save the detail for additional supportive content.
RULE 3: BE DISTINCTIVE
Depending on how much time you’ve spent defining your brand tone of voice, this will make life easier or more challenging for you. But if you haven’t the foggiest, this is where a creative partner like us can help.
In order to make this video feel distinctly “you”, it’s helpful to consider questions like-
If we were a brand from a different sector, which would we choose to be?
If we had 3 words to describe how we want people to feel after watching this, what should they be?
If we had 3 words to describe our product, what would they be?
If we imagined our brand as a celebrity, who would they be? And why?
It’s exactly these kinds of questions that led us to creating such a fun and quirky fundraiser for Chip.
RULE 4: PUT YOUR AUDIENCE FIRST
The rise in popularity of crowdfunding has been born out of a desire for consumers to feel more connected with the brands they buy from. And that’s why so many successful crowdfunding campaigns are community focused - just look at Monzo and their amazing £20m crowdfund, or Brewdog and their 2000% overfund to total £10m.
Alex Latham, Chip’s CMO says “It’s really imperative that our staff and customers feel a part of our mission, particularly for crowdfunding. There was no better way of doing this than when Mattr recommended we champion these guys in our films. I would say a lot of our Crowdcube success has been because of this attitude. ”
You should not underestimate the value of people being your advocates, helping spread the word for you and hopefully investing too.
RULE 5: CREATE VALUE BEYOND THE HERO FILM
For some investors, watching your main film may not be enough to sway them to part with their money. So think about what content you can create to support their final decision.
Supportive “product explainer” films are great for the nitty-gritty you haven’t spoken about in the main film and of course, there’s the pitch deck for the financials. However, if budget can stretch, we also encourage films about the staff.
It surprises us that not too many companies create update films on how the raise is going after the campaign goes live, a useful tool to stay top of mind.
RULE 6: CHOOSE THE RIGHT PARTNER
Most video agencies have fixed “packages” (as do we) for crowdfunding campaigns and many of us have proven experience, so how do you choose the right partner?
A big component of that will be whether you believe your chosen agency is not just doing this to get paid, but ultimately because they believe in your business.
You can gage part of this from initial conversations and the value they provide. But whether they “walk the walk” is tough. That’s why at Mattr we developed two further offerings to the standard package, which aligns us even further to you in your quest for a successful raise:
A part fixed fee part success fee package
A pure success fee package (i.e. absolutely no up front fee to do so)
Finally…
You’re at an exciting stage in your company’s journey, but we know your video will be a crucial piece in the success of your campaign. If you’re interested in learning more, do contact Chief Shmoozer Josh at josh@mattr.media