The crowdfunding platform, Kickstarter, is a fascinating microcosm – it brings together all the elements and challenges of a business often before that business exists. So in many ways, a Kickstarter project is a pre-startup startup – and accordingly it faces many of the same immediate challenges. But where startups sprint towards product, Kickstarter forces a path towards market development. Those who can’t market, don’t win. And like current marketing trends indicate, video plays an increasingly important role in that process.
Research from MWP Digital Media shows that Kickstarter projects that have a video are 85% more likely to achieve their funding goals. This tends to match some of the trends we are seeing in broader marketing circles – with YouTube and Vimeo consumption continuing to rise – impacting not just brand and engagement metrics but also working at crucial junctures in the path to purchase.
Video, however, is a steep learning curve – so there are obvious benefits to outsourcing. But new features in familiar apps/platforms like Instagram and Twitter (via Vine) make it easy to experiment. And I have a feeling that the role of user (or brand) generated video content is only going to accelerate in the next 12-18 months. I have already begun testing this out for myself and with clients.
These days marketing never sleeps. I hope this shift isn’t catching you napping.