Creative Funding Show
022 Crowdfunding Psychology
In this episode we are going to talk about the psychology of both crowdfunding pages like Kickstarter and Indiegogo, and how you can apply them to your Patreon page. It is all about Social Triggers,
What is a social trigger?
* What happens when all three work together? Black Friday.
* We have a word for people on whom social triggers don’t work. We call them sociopaths.
* Dance with people the way they are.
* Today we are going to talk about three social triggers: Urgency, Scarcity & Popularity
* Why is urgency important? The modern education system trains us to wait till the last minute to act. And don’t think you are any different. Most people won’t act without a deadline.
* For the majority of people, there has to be “blood in the water.” An exception to this rule? Apple. But even Apple uses urgency. And urgency doesn’t have to mean a lower price.
How to create urgency:
* Reverse Coupon: Have a limited time low price that rises at a certain point in the future.
* Have some bonus they only get if the buy within a window. Michael Hyatt
* Have limited quantities available.
* Free for a certain amount of time. Courtship in Crisis/Rooms
* Ye Ol’ Invisible Sniper trick
* Scarcity is what creates value.
* Demand drives value as well.
Example: Brandon Sanderson’s special edition. Only 500 – 1,000 made.
How to create scarcity
* Have limited quantities available
* Have a limited edition of some sort in even smaller quantities
* Offer signed copies
* First 100 people to email me their receipts get x.
* There are only 100 tickets to the launch party.
* This reward level can only have 100 backers.
* If everyone buys in the first week we can hit the bestseller list.
* Bonus Content only for the first x buyers
* Limited Edition book cover.
* Webinars that you have to attend live
* Amazon selling out
* Social Trigger: Social Proof.
* When you are at the amusement park, do you want to go on the ride with no line or the one packed with people? Do you want to vote for the third party candidate who lines up with your values, or the candidate who has the best chance to win? Restaurants and reservations. Amazon selling out
* You’ve seen this before: sticker that says “New York Times Bestselling Author”
But you don’t need to be a NYT Bestseller to use this. Here are some other ideas.
* Show off any best seller statuses you’ve earned
* Feature endorsements
* Mention other books you’ve sold
* Show social proof on social media.
* Mention the number of books in print
* Mention the number of languages/countries where the book has been sold
* Talk about the awards your books have won.
Use Novel Marketing’s Patreon Affiliate Link to make an extra $50 for your first 30 backers.