How Sheets & Giggles Got Funded on Indiegogo in Just 5 Hours
By: Carli Evilsizer | May 30, 2018
Plenty of startups have turned to crowdfunding to raise money but it can seem like an impossible way to raise a significant amount of funding. Yet a new sheet startup called Sheets & Giggles managed to get funded within just a few hours of launching. (They are at $192k and hoping to hit $200k by tomorrow!) Here's how they executed their campaign, measured success and optimized their startup crowdfunding campaign bringing them close to their $200K goal.
Crowdfunding & Acquisition Marketing Tips from Sheets & Giggles
“We thought of a funny pun, incorporated it on a whim, and were having a great time
joking about marketing phrases like ‘Holy Sheet’ and ‘No Sheet, Sherlock.’ Before we
knew it, we had accidentally backed our way into a mission-driven, customer-centric
business producing high-quality goods,” said Colin McIntosh, Founder & CEO, Sheets
& Giggles. “We’re just trying to see the bit through at this point.”
Founder & CEO, Sheets & Giggles
1. Tell me about you and your crowdfunding campaign!
"I'm Colin McIntosh, Founder & CEO of Sheets & Giggles which just got funded on Indiegogo in 5 hours on our first day. We raised $44,700 on our first day and are on pace for a $200k+ 30-day crowdfunding campaign on a budget of about $10k. Sheets & Giggles, a new brand of sustainable eucalyptus bed sheets, is in the middle of a very successful Indiegogo (funded in 5 hours on May 1st) on a very limited budget."
2. How do you measure success?
"Our success metrics included items like units ordered, revenue, profit margin, cost per acquisition, conversion rate, and average cart value, but our most important metric was the amount of emails we gathered pre-launch. For 10 weeks prior to the campaign launching, we ran 50 different Facebook and Instagram ad variations which lead to 8 different landing pages so interested people could give us their email ahead of our launch."
3. How did you optimize your crowdfunding campaign?
"We iterated and optimized our ads and ended up having a conversion rate over 40% for email capture (top 10% of companies have a 6.3% email capture conversion rate according to Sumo). This allowed us to gather thousands of highly targeted emails from engaged audiences, which gave us a huge day 1 of crowdfunding and over $50k in 24 hours. Now, we're focused on cost per customer acquisition, as that is most important KPI for the long-term health of our company and will dictate how much more we spend in marketing on the preorder."
If you are planning on running a crowdfunding campaign, be sure to be ready to put in a lot of work and set aside a budget to promote your crowdfunding campaign. Some startups make the mistake of putting their startup crowdfunding campaign too early without having a strong acquisition marketing strategy in place. Sheets & Giggles' Indiegogo crowdfunding campaign has been so successful because they created thoughtful landing pages to convert leads, tested many variations of ads to optimize for the best converting and set aside a budget to promote their campaign.