Kickstarter campaign cancellation

Despite the fact that we almost reached our funding target (almost 21,000 € from 25,000 € after 14 days), we decided after a long consideration to cancel the currently running Kickstarter campaign (and maybe postpone it). The reasons will be explained below.

First the good news: We have only canceled the campaign – not our project.

First of all, we thank all supporters for their trust. By the end of the project, we would have collected around EUR 35-40 thousand from over 200 supporters. This is great feedback and shows that we are on the right track with our product!

But: 40.000 € are unfortunately not enough for the financing of the project. (Later more about why the goal is then set to 25,000 €.)

 

Organic growing is difficult

Basically, it is true: You always have to try something first, so that you get everything in experience. We meticulously prepared for our campaign. Talked to other successful / unsuccessful campaigns, with agencies and other experts. The summary conclusion is something like: “Kickstarter has changed in the last couple of years“. It is difficult to grow organically.

This is probably due to the oversupply of products and the massive commercialization. If you want to make the big hit, a relatively large advertising budget is needed.

 

The momentum: That’s why 25.000 € as goal

The success of a campaign decides in the first 48h hours. If you quickly achieve your official financing goal, you will be flushed up and will probably generate more organic traffic and purchases (the sentence “250% funded” is a good social proof). For this reason, funding goals are set very low in almost all campaigns and not close to what would be needed in terms of money. To reach your destination on the first day you need a large network ready to invest. Admittedly, our network was still far too small here.

 

No big hit without an agency

If organic grow is limited, you have to generate additional traffic. This works best on paid advertising (Facebook Ads, Adwords). We also drove some test balloons. Our insight is that a foreign platform like Kickstarter is a hindrance for many (German) buyers. Buyers or backers are in the vast majority on Kickstarter and from the USA and have already supported various projects. But to address them is not that easy for a start-up.

Our personal learning is: Without an (American) agency, the big hit is almost impossible. Although high commissions have to be paid here, it can be hoped, that the boost will bring the campaign to the forefront and further organic traffic. There is of course no guarantee.

 

App launch and doing our homework

We at 8sense have deliberately decided against this “all-in” way and are therefore very proud to have generated 21,000 € in less than 2 weeks organically. For us, this is the proof of concept that everyone always talks about.

But from our point of view, only a higher campaign result makes sense, because such a campaign carries a lot of obligations (especially when delivering to the US market). Launching a second campaign before delivering the first one is not possible. Therefore, we will break off the campaign with all learnings and put on ice. A possible relaunch appointment will be the beginning of 2018.

We are now focusing on the market launch of our existing product (Physiotherapy training app, in the beta phase). For the development of our sensor, the projected rollout is still May 2018.

We say thank you to all of you who have already supported us and invite you to follow us and our project on Facebook or our newsletter.

For questions, feedback or suggestions feel free to contact us via support@8sense.com.

Sporty regards,

Christoph

 

 

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