Kickstarter Website Clone - How to Create a Crowdfunding Platform Like Kickstarter
Today we’ll talk about how to develop your crowdfunding platform like Kickstarter, creating a clone of this site with a similar design and identical functionality. This is the easiest and most affordable way to enter the crowdfunding market, which will grow rapidly over the next 5-6 years.
The platform has one of the simplest business models: the service is an intermediary that brings together those who need money to finance a variety of projects with those who are ready to become their sponsors. For its services, the platform charges a commission of 5% on each successfully funded project.
As a funding model for crowdfunding campaigns, Kickstarter uses an award-winning, all-or-nothing approach. That is, the initiators of the fundraising company will receive money only if they are able to collect the minimum amount indicated by them. If this does not happen, the system returns the money to the sponsors in full (minus transaction costs).
Kickstarter attracts users with 4 value propositions:
Competitive and comparative analysis. It's about analyzing both the market as a whole and its individual niches for the presence of competitors for your Kickstarter clone. If there are competitors, you need to compare them with Kickstarter and see if its clone will be competitive in this market. In this case, you need to compare both design and orientation, mission, business model and other important things.
Creating Typical User Persons. When you have a user analysis in your hands, you need to create images of typical characters based on it that want to use your site. And since we have three user roles, then there must be at least three such characters. Better more: segment the target audience not only by their roles (initiator, sponsor, subscriber), but also by main socio-demographic roles (middle-income businessman, professional investor, startup student, etc.).
For example, the Patreon platform, sharpened by creative personalities, has a well-implemented paid access to hidden content, premium services or direct contact (chat, video, meeting, etc.) with the creator of video content, photographer, writer, artist, blogger or another project initiator.
In a word, when creating a crowdfunding platform, always focus on the target audience, develop the design and functions specifically for it. Just do not overdo it, the interface of the site should be familiar and clear, otherwise you will create a feeling of discomfort for the visitor, and he will leave your site. The basic principles of a good Kickstarter clone are as follows:
Personal contacts. If you know someone who wants or plans to start a campaign, it is better to talk to him first. If none of your friends or family members wants to conduct a campaign, you need to resort to finding these people online and try to contact them in person. The Internet is full of such listings, but you can still try to lure people from competitors.
Online communities. Then you can go to viewing forums and groups on social networks where crowdfunders and sponsors communicate. There are a lot of similar communities in every country and niche. Here are some of the most popular:
Various messengers. In addition, you can also search for potential crowdfunders in instant messengers (personal contacts, group). At the same time, you also need to focus on the target audience, since different messengers are popular in different regions, and people can speak different languages. You can find contacts of potential users and group names using search engines and the communities listed in the table above.
Content marketing. Creation of various content to attract the target audience: SEO texts, videos, webinars, podcasts, infographics and more. It is relatively expensive and takes time, but the result is more than paying off. And such content does not work until the advertisement lasts, but for several months and even years. However, it is worthwhile to understand that this marketing channel is a job for the future, since it is unlikely to give a quick effect.
You can attract sponsors in the classic ways described in the article “Best Digital Marketing Strategies for Startups”. And this is best done with the help of an outsourcing agency. It is cheaper, more efficient and much easier. We wrote about the search for the best company in the article “How to Choose an Advertising or Marketing Agency”.
Then these functions should be divided into 4 groups according to the MoSCoW method, which was used in Kickstarter to partially change the business model and create several additional functions. That's what these groups should be:
The MoSCoW method will help determine which functions should be implemented in MVP in the first place, which in the second and which in the last, which is important with a limited budget and time. Here's what it looked like when the Kickstarter team developed features for a new user group - subscribers.
Next, you or the development company need to create MVP sketches.
And user paths for all roles.
After that, you can proceed directly to coding the MVP clone of the Kickstarter crowdfunding platform, which can take from several months to a year of real time. After the first prototype is ready, it needs to be tested: first with the help of QA-, QC-specialists, and, when most errors and shortcomings are eliminated, by real users.
After problem solving and testing in real conditions, MVP can be launched or continued to develop. Both options have their pros and cons, but the main thing to understand is that if a market with low competition or competitors appears soon, then you need to launch the product on the market as soon as possible, if the market is full of competitors, then the product must first be finished off.
If you plan to compete directly with Kickstarter, you need to invest at least $ 500,000. The development of a simpler site with a basic set of functions will cost from 3,000 to 10,000 without taking into account the marketing budget, but such a product will be good for a market where there are no competitors. Niche projects will cost a little more, depending on the list of additional features.
More details about this, as well as how much marketing, licensing and technical support of crowdfunding platforms cost, are in the article “How much does it cost to launch a crowdfunding site”.