How we used flash sales to raise $15,619 in two days for BaKblade on Indiegogo InDemand.
We’ve been running BaKblade’s Indiegogo InDemand campaign since August to great success. At the time of writing this, we’ve raised an additional $434,509 on top of the $316,581 we already raised on Kickstarter. You can read more about BaKblade and Indiegogo InDemand here.
We just came up with another strategy for the campaign that’s been working great and can work for you too. It’s what we call the $1 crowdfunding ““““““““““““`flash sale and our first one we ran for BaKblade raised $15,619 across 2 days.
The Crowdfunding Flash Sale Strategy
You’ll be running two flash sales and marketing them to your email list. The first day, you’ll offer your email list the chance to buy your product at the discounted price and use a secret perk. The offer will expire at midnight. Then, the next day you’ll announce a second flash sale for only $1 more. Again, you’ll use a secret perk and this offer will only be available until midnight.
How We Did It
First, we setup our secret perks on Indiegogo. If you don’t know how to do that, read this quick article.
Here are the two secret perks that we created:
Then we announced the flash sale to our email list. Here’s how the email sequence went:
Day 1 Flash Sale
Email 1 — 8AM PST — announce the flash sale
Email 2—5PM PST — remind them that the flash sale is closing
Day 2 Flash Sale
Email 3—8AM PST —announce the second flash sale for only $1 more
Email 4 — 5PM PST — remind them that the second flash sale is closing
Why this works
One of the most surprising parts of this strategy was that the second day flash sale actually performed better than the first day.
Day 1 sales: $6,771
Day 2 sales: $8,848
Once I gave it some thought, it makes sense why this is. By only increasing the price by $1, people don’t feel like they really missed out and made a big mistake by not pulling the trigger the first day. If the price were to go up by $10, it’d be a different story. $1 seems like nothing, but it’s enough for them to know that they better not miss out this time.
We’ve now implemented this as a recurring strategy for our Indiegogo InDemand campaigns.
Want to work with us to figure out the best crowdfunding sale strategy for your product? Apply to work with us today!