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Creative Funding Show
Thomas Umstattd Jr.
29 episodes
6 days ago
Hear Thomas Umstattd interview Authors, YouTubers, and Podcasters who are funding their creativity using platforms like Patreon, Kickstarter. You will also learn about making money with advertising, sponsorships, merch, and other creative ways to make a living as an artist.
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Careers
Arts,
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Business
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All content for Creative Funding Show is the property of Thomas Umstattd Jr. and is served directly from their servers with no modification, redirects, or rehosting. The podcast is not affiliated with or endorsed by Podjoint in any way.
Hear Thomas Umstattd interview Authors, YouTubers, and Podcasters who are funding their creativity using platforms like Patreon, Kickstarter. You will also learn about making money with advertising, sponsorships, merch, and other creative ways to make a living as an artist.
Show more...
Careers
Arts,
Technology,
Business
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022 Crowdfunding Psychology
Creative Funding Show
25 minutes 25 seconds
7 years ago
022 Crowdfunding Psychology
Why do people back crowdfunding campaigns and creators on sites like Kickstarter, Indiegogo, and Patreon? What makes them want to support creators they don’t know personally?
Two words: social triggers.
What is a social trigger?
In marketing psychology, a social trigger influences a person’s behavior by indirectly creating a need. For example, if you are compelled to run to the store before their sale ends, you have been influenced by the social trigger of urgency.
In this article, we’ll explore ways to use the social triggers of Urgency, Scarcity, and Popularity to influence people to support your crowdfunding campaign or your Patreon page.
Social Trigger Trifecta: Black Friday
When urgency, scarcity, and popularity work together, we get the Black Friday phenomenon. People stay up all night to be first in line. They elbow each other to grab a limited product, and the frenzied crowd rushing from the same item tells us the product is popular! Everyone wants one, or so it seems.
We may not like the fact that we are so easily influenced on a subconscious level, but we can’t change it. Humans respond to social triggers. The only people who don’t are hyper-rational sociopaths, and they are not in the majority. Marketers must learn to dance with people the way they are, not how we wish they were. 
To motivate people to back your campaign, you must understand what causes people to act and how you can use social triggers to propel them.
Urgency
Why is urgency important? 
Creating a sense of urgency in your campaign is more important than ever. The modern education system trains us to wait until the last minute to act. For example, most people cram for a test the night before rather than the week before. 
We are chronic procrastinators, and we don’t act without a deadline. That’s why Kickstarter and Indiegogo have built urgency into their platforms via the countdown clock. The countdown is a powerful motivator. Every second that ticks away brings users one moment closer to losing their opportunity to get rewards. 
As a creator, you can make a big deal about the deadline. Kickstarter’s all-or-nothing approach is better in this regard. On Kickstarter, if your campaign is not completely funded by the deadline, not one backer is charged, and you will not receive a dime. It creates a greater sense of urgency for you and your potential backers. 
For most people, there has to be “blood in the water.” Consumers must buy on Black Friday, or they’ll miss the sale. 
Urgency doesn’t have to mean a lower price. Apple uses urgency even though they don’t discount their products. Users who want to be the first to own the latest iPhone rush to be first in line on the day it releases. 
Strategies for Creating Urgency
Reverse Coupon
The reverse coupon offers a limited-time, low price that will increase at a certain point in the future. When I launched my course, The Five-Year Plan to Becoming a Bestselling Author, we priced it too low. We occasionally raise the price to remedy the problem, but we make a lot of noise about it before we do. We warn our subscribers, patrons, and listeners that the price will increase on a certain date. The only way to get it for a lower price is to buy it before the increase. The threat of missing out on the lower price provides urgency and causes people to purchase.
Creative Funding Show
Hear Thomas Umstattd interview Authors, YouTubers, and Podcasters who are funding their creativity using platforms like Patreon, Kickstarter. You will also learn about making money with advertising, sponsorships, merch, and other creative ways to make a living as an artist.