FAQ #crowdfunding campaign
On 9th of June we took the decision of canceling Woogie's campaign on Indiegogo. Here's why.
Why did you cancel the crowdfunding campaign after 3 weeks?
Long story short: we realised in the first two weeks that we weren’t prepared for such an ambitious campaign.
Having internal goals to measure our progress helped us evaluate correctly that we wouldn’t be able to keep up with reaching our milestones to drive a successful campaign. We saw no point in relying on miracles, but rather to fail fast, learn a lot and do better.
alien 👽 style
But you were already 42% funded and still had 3 weeks to go...
On the day the campaign was canceled and all contributions refunded, Woogie had raised $31,131 out of the $75,000 goal. Which seemed very close, but yet it wasn’t, because our internal goal was actually $100k. We didn't want to risk not hitting our internal goal and not being able to deliver Woogies to the world.
Woogie’s campaign was off to a good start (mainly with the help of our amazing community of friends, family and early supporters from Romania and London).
Love you guys all ❤️ A million thanks.
We very quickly we start experiencing the “U phenomenon”: each campaign experiences a big hit - triggered by different actions like a relevant media appearance or a tweet from Lady Gaga - that drives good or huge traffic. But then it drops drastically in terms of visits and conversions, so you need to work hard (or ask Lady Gaga to retweet) to get another hit asap.
Best campaigns manage to replicate the U phenomenon quickly and constantly during the entire campaign period. But for this, experience, connections and big budgets are needed. Despite our efforts, we had almost none of these 3.
What you could have done better?
We’ve invested a lot in analyzing best practices and follow the tips & tricks available out there. We were keen to be honest and transparent about our needs. Woogie is a complex product to develop and we’ve set a public goal close to reality, but even that $75k eventually turned out to be too high compared with the resources we had available to invest in marketing the campaign.
We soon found late that in order to finance a $75k campaign you need constant financial resources to drive traffic and keep the conversions coming. As we analyse the results today, it should have been better to set a lower goal and hit the funding earlier, with 10x more chances to over finance our campaign and hit our internal goal.
What will happen to Woogie?
Parts of Woogie are still out there in the space, floating, dancing and staying cool on their way to Planet Earth.
They really are 😊 not kidding.
Our focus now is to keep them safe and prepare a better landing strategy. We don’t know at this point how this translates, but we will keep a communication channel open with the interested ones.
I kinda got in love with Woogie. Can I still help?
Yes, you can contribute with feedback. Invest 5 min of your time to complete this small survey.
This will helps us further down the line to learn even more about what we did good and what we did wrong.
If you love what we do, make sure you subscribe above so we can stay in touch. We’re confident that new opportunities will rise on the Horizon, and we’ll be there, more prepared this time, to take them.
Woogie will continue to be active on Social Media
so make sure you follow his adorable personality every day