EP #544 This Creator Cracked The Code to the $175k Kickstarter Milestone | Future Retro 777

Crowdfunding Demystified Podcast Episode Summary – Future Retro 777 Synthesizer Campaign

Key Concepts:

• High-Ticket Crowdfunding: Successfully funding a relatively expensive product ($777+) through crowdfunding platforms like Kickstarter.
• Counter-Conventional Wisdom: Demonstrating success despite deviating from typical crowdfunding best practices (e.g., longer video length).
• Community & Brand Loyalty: Leveraging an established fanbase to drive initial campaign momentum and overcome potential concerns.
• Kickstarter as Pre-Order: Utilizing Kickstarter not just for funding, but as a validated pre-order system with built-in risk mitigation for backers.
• Importance of Timing: Recognizing the impact of external factors and internal preparedness on campaign success.
• Team Collaboration: The necessity of assembling a skilled team to handle various aspects of a campaign (marketing, video production, etc.).

1. Campaign Overview & Success Metrics

The podcast episode features Joshua, a designer from Future Retro, discussing their recent Kickstarter campaign for a re-issue of the 777 analog synthesizer. The campaign significantly exceeded its $90,000 goal, raising over $173,000 from 204+ backers. This success is notable as it challenges the common perception that high-ticket items are difficult to fund on platforms like Kickstarter. The campaign’s success was rapid, reaching its goal within 5 hours and exceeding $100,000 within 6 hours.

2. Product & Innovation – The Future Retro 777

Future Retro has been a synthesizer company since 1997. The 777 is a re-release of their first product, initially released in the late 90s. While the core synthesizer section remains largely unchanged, the key innovation lies in the updated sequencer. New features include randomization capabilities, designed to assist both experienced musicians and beginners in creating music. The update involved modernizing the sequencer’s software and processor. The synthesizer’s price point was intentionally maintained at the original $777, a key factor in the campaign’s strategy.

3. Campaign Strategy & Tactics

• Video Length: The campaign utilized a longer-than-typical Kickstarter video, strategically placing engaging content at the beginning to capture attention. Joshua explained that this approach worked because the video clearly communicated the campaign’s purpose and the value proposition.
• Transparency & Authenticity: The video focused on explaining why they were using Kickstarter, emphasizing the need for funding to update the sequencer and maintain the original price point.
• Leveraging Existing Community: Future Retro capitalized on its established fanbase through email marketing, social media engagement (Instagram, Facebook), and direct outreach.
• Pricing Strategy: Maintaining the original $777 price point was a deliberate decision, aiming to offer value to loyal customers and incentivize participation.
• Timing Considerations: Joshua highlighted the importance of timing, noting an unexpected concurrent Kickstarter launch and the need for flexibility in the launch schedule. He emphasized preparing for a faster-than-expected funding pace.
• Delivery Timeline: Acknowledging a longer delivery timeline (approximately 6 months) due to the sequencer update, they prioritized transparency with backers.

4. Key Insights & Lessons Learned

• Challenging Assumptions: The campaign demonstrated that high-ticket items can be successfully funded on Kickstarter, debunking a common misconception.
• Importance of Preparation: Joshua stressed the need for extensive preparation, suggesting preparing for twice the anticipated workload.
• Teamwork is Crucial: He emphasized the importance of assembling a team with expertise in areas where the creator lacks proficiency (marketing, video production, etc.).
• Kickstarter as Validation: Joshua framed Kickstarter as a pre-order system with built-in validation, reducing risk for both the creator and the backers. If the campaign failed to meet its goal, the product would not be manufactured.
• Transparency Builds Trust: Openly communicating the reasons for using Kickstarter and the challenges involved fostered trust with backers.

5. Notable Quotes

• Joshua (on the sequencer update): “We kept the synthesizer section as close to the same as we could. And then in the sequencer section…we are adding some features to that to make that easier to use and to give you some extra interactivity with it.”
• Joshua (on Kickstarter’s role): “It was ended up being a mutually beneficial thing for us and the customer.”
• Salvador Brrigman (on Kickstarter’s value): “Kickstarter is a validated pre-order system with built-in risk mitigation for backers.”
• Joshua (on the importance of a team): “I think just even having other people just to throw into the hat…you know, I would say hey look at the Kickstarter before we go and you know kind uh let me know what you think about it.”

6. Technical Terms & Concepts

• Analog Synthesizer: An electronic musical instrument that generates audio signals using analog circuits.
• Sequencer: A device or software that allows musicians to record and playback a series of musical notes or events.
• Kickstarter: A crowdfunding platform used to raise funds for creative projects.
• Pre-Order: A purchase made before a product is officially released.
• R&D (Research and Development): The process of innovating and improving products.

7. Resources Mentioned

• Future Retro Website: futurereetro.com
• CrowdCrux Coaching: crowdcrux.com/coaching
• The Kickstarter Launch Formula (Audible Book): crowdcrux.com/kickstarteraudio
• CrowdCrux Free Kickstarter Course: crowdcrux.com/kickstarter
• Fulfill Kickstarter Fulfillment Checklist: fulfill.com/checklist
• Milan Kundera’s The Unbearable Lightness of Being

8. Synthesis & Conclusion

The Future Retro 777 Kickstarter campaign serves as a compelling case study demonstrating that success in crowdfunding isn’t solely dependent on adhering to rigid formulas. While best practices are valuable, the campaign’s success stemmed from a combination of a strong product, a loyal community, transparent communication, and a willingness to challenge conventional wisdom. The episode underscores the importance of preparation, teamwork, and understanding the unique dynamics of the crowdfunding landscape. The campaign’s success highlights the potential for high-ticket items to thrive on platforms like Kickstarter when coupled with a well-defined strategy and a dedicated community.