Crowdfunding Lesson #1: The First Steps of TTRPG Crowdfunding
Image: IOI Interactive
Just as many adventurers need to navigate the vast worlds you’ve come up with, as creators we need to traverse the expansive world of crowdfunding. I'm here to guide you through this journey, giving you a deep overview of the process and key ideas to remember.
I'll share insights from my own experiences, helping you sidestep potential pitfalls and grasp awaiting opportunities. It is very important to remember, crowdfunding isn't a golden ticket, but a financial commitment requiring careful planning.
Don't worry, I'll equip you with the knowledge to not only launch a successful campaign but to establish a sustainable business that continues to thrive beyond your initial venture. Let's get started.
Understanding Crowdfunding Basics
Before we dive into the specifics of the crowdfunding cycle, you must have a firm grasp of the basics. You most likely already know but Crowdfunding is a method of raising capital that offers several benefits to creators like you and me. It grants us the freedom to bring innovative ideas to life without the constraints of traditional funding methods. Plus, it allows us to validate our ideas and build a loyal community of backers even before the product hits the market.
There are different crowdfunding platforms, each with its unique features, audiences, and fee structures. Kickstarter and Indiegogo are the names that you probably immediately think of, but there are other platforms like Backerkit and Gamefound that cater specifically to the TTRPG community.
Despite the myriad benefits of crowdfunding, common mistakes can hinder success. These include setting unrealistic goals, failing to engage with backers, and underestimating the costs of fulfillment. So, it's crucial to do your homework and plan meticulously. Remember, the success of your crowdfunding campaign hinges on your preparedness and ability to inspire backers with your innovation. It's about building trust, nurturing relationships, and delivering on your promises.
Pre-Planning your Campaign Specifics
The first step in any successful crowdfunding campaign is thorough pre-planning. This stage is crucial as it lays the groundwork for everything that follows. In previous posts, we’ve talked about designing your game, before thinking about crowdfunding you want to have a fair amount of it already finished. Personally, in my projects, I aim for 80% but always allow time for any stretch goals that add extra content. During this stage, you’ll also start to understand your target audience.
For Brambletrek, I was targeting parents or first-time TTRPG players to give them something they can use to play with their children or friends respectively. Identify what makes your project stand out, and why it would appeal to this audience.
Next, outline your project goals. Goals aren’t just about how much money you want to raise; they should also cover what you plan to achieve with your project, from production milestones to distribution plans. These goals should be Specific, Measurable, Achievable, Relevant, and Time-bound (SMART). Here is what they mean:
Specific: Clearly define what you want to achieve. Instead of saying 'I want to create a TTRPG', specify the type, theme, and unique features of your game. Example: "Create a fantasy TTRPG focusing on cooperative storytelling and character development."
Measurable: Set benchmarks to track progress, like reaching certain funding milestones or completing specific development phases. Example: "Reach 50% of our funding goal within the first two weeks."
Achievable: Ensure your goals are realistic, considering your resources and constraints. Example: "Produce a 200-page core rulebook with artwork from local artists."
Relevant: Your objectives should align with the broader vision of your TTRPG and resonate with your target audience. Example: "Create a game that promotes inclusivity and diverse storytelling."
Time-bound: Set a clear timeline for achieving each goal, keeping the campaign’s momentum. Example: "Complete the initial draft of the game within six months post-funding."
Also, consider any potential risks and challenges you might face. These could range from production delays to challenges in distribution or even post-campaign support. Planning for these eventualities early on will save you a lot of headaches down the line. We will go deeper into common pitfalls in a future post so don’t worry.
Remember, pre-planning is all about transforming your vision into a viable plan of action that resonates with potential backers and sets a clear path for your campaign's journey.
Building Your Audience
For a successful TTRPG crowdfunding campaign, building an engaged audience is key. This involves employing various strategies to connect with potential backers and create a community around your project. Here's a breakdown of effective audience-building strategies I recommend using when planning your campaign:
| Strategy | How to Use it | Why it Works |
|---|---|---|
| Social Media Engagement | Regular posts & replies | Fosters community | TTRPG Forums | Join discussions | Connects with fans |
| Influencer Partnerships | Collaborate with TTRPG creators | Expands reach |
| Community Events | Attend TTRPG events | Direct engagement |
| Newsletter Subscriptions | Exclusive updates & content | Keeps audience engaged |
Your goal is to become a recognized and respected member of the TTRPG community, not just another advertiser.
Don't underestimate the power of email marketing. Start building a mailing list early on and send out regular updates, exclusive previews, or behind-the-scenes content to keep your audience engaged and excited about your project.
Building an audience is about creating and nurturing a community around your TTRPG project, ensuring a group of interested and invested individuals are ready to support you once the campaign goes live.
Financial Planning
A part of the crowdfunding journey that I believe is imperative is understanding finances. It's crucial to smartly allocate the funds. Remember that the funds you raise are not free cash for personal use; it's the lifeblood of your growing TTRPG business.
Although it can be very tempting to spend all your profit on yourself, you want to split up any remaining profits after fufillment to set you up for the future. Here is a handy breakdown of how I go about budgeting out for growth:
Reinvestment - 30%: Allocate for reinvestment into future projects. This could include developing new games, enhancing current projects, or marketing.
Emergency Fund - 10%: Set aside for unforeseen expenses. Unpredictable issues can and do arise in the production and post-production stages.
Savings for Expansion - 35%: Consider saving for long-term business growth, like expanding your team or investing in better tools.
Personal Profit - 25%: It's entirely fair to reward yourself for your hard work. The remaining profit can be taken as personal earnings. I would however only start doing this after your first project.
It's like planting a seed for future harvests. But remember, you may not always fund the same amount. Trying to go project on project with higher and higher goals is not a sustainable business model. So you must be aware & ready for projects that may not be funded as high as the last one.
The Cycle of Crowdfunding
Currently, the TTRPG industry is experiencing significant growth, which presents both opportunities and challenges for new and existing players in the industry. With companies like Wizards of the Coast performing many actions that the community straight up don’t agree with, a large majority of their fanbase are looking elsewhere, which positions creators like us to get in front of them.
Although a factor, this isn’t the key to growth. Just because WotC is doing things to alienate a fanbase doesn’t mean we’ll magically experience an uptick in backers or audience. A concept I like to consider is "The Cycle", a very important theory for sustained success.
It refers to the continuous process of creating, funding and delivering projects, with each cycle fuelling the next and eventually you can take a bigger chunk of the finances for yourself.
Now, you’re probably thinking ‘Ash, that’s literally how business works… You take profit and then put it back in.’ That is true but for those accustomed to traditional business models, The Cycle presents a different approach.
Embracing 'The Cycle' in crowdfunding is about seeing each project as a stepping stone to something bigger. It’s a mindset that values creative growth, community engagement, and sustainable success over immediate financial gain when looking at the larger picture.
For further insights, consider reading books like "Crowdfunding Basics In 30 Minutes" by Michael J. Epstein, which offers a great starting point for understanding crowdfunding dynamics.
Post-Campaign Preparation
In the aftermath of a crowdfunding campaign, effectively managing the outcome and planning for the future is key to sustaining momentum and growth. Here's a streamlined list of focus areas to help navigate this phase prior to launching:
Fulfilling Backer Rewards: Plan out a rough timeline for delivering on your promises. Maintaining open communication about the production process, and addressing any delays honestly can keep an audience loyal and prevent any heated situations.
Seeking Manufacturers: Do this as early as possible. Technically manufacturing itself is a post-campaign situation but it is really important to have a list of potential suppliers with solid quotes for products and shipping. Prepare for lower-end numbers of order quantities just so you can price your pledge levels accordingly and not have any surprise costs.
Maintaining Momentum from Analysis: You will be using your campaign's success as a springboard for future planning. Consider timing, resources, and new ideas for your next project. Get a list together of key questions to ask yourself; what worked and what didn't? This data is invaluable for refining strategies in your next venture.
Continuous Engagement: Remember to keep your audience engaged between projects. Plan out some ideas for regular updates or small-scale initiatives that can keep the interest alive.
Preparing for Unexpected Success: Sometimes, a project may exceed expectations and grow beyond initial plans. While this is a positive outcome, it requires additional planning and management. Plan out some contingencies for handling a project that scales up unexpectedly involves expanding production capabilities, managing increased backer expectations, and possibly dealing with logistical complexities. We'll delve into the specifics of managing unexpected success in an upcoming post, offering detailed strategies and tips.
By understanding, you’re not just starting a crowdfunding project; you're laying the groundwork for sustained success in the TTRPG world. The relationships built, lessons learned, and community fostered form the foundation to start a brand in the tabletop industry.
I hope these points help you in your venture and if you have questions or want to dive deeper into any areas laid out, please feel free to get in touch!
