5 Things The FYRE Festival Pitch Deck Taught Me About Crowdfunding
Last week I got my hands on the FYRE festival pitch deck. If you haven't heard about this festival, well, I guess you're living under a rock. Before you go further with this blog post, go to Netflix and watch the documentary about the festival. It will be worth your time.
Here are the 5 things that the FYRE Pitch Deck taught me about product launches in 2019
1) You can’t fake it anymore with your product.
You have to be all in with your product launch. You can't have a product launch where you kind of work on it, or you somewhat believe in it, or you don't know how to communicate your vision. People will see through you, and the social media trolls will come out of the woodwork to destroy you in the public eye. It's important that you genuinely believe in what you are working on and then find a way to describe it so people can dream with you.
2) You need a strong social media strategy before you launch your campaign.
The second thing you have to have is a strong social media strategy before you launch your idea to the world. You don't need to have Kendall Jenner on your team, and you don’t need six million impressions, but you at least have to build and execute a strategy. You can not just put up a page, or a landing page, or a Kickstarter page, and go, “oh everybody is going to see what I’ve made and want it.” You must build a buzz and an audience before you hit the launch button.
3) You need a solid team around you to help you build the buzz.
The third thing is you can't do an entire campaign on your own. You must build a team. Look at the group of people that were behind this failed festival. The FYRE festival team of people knew how to to make an idea pop online, but not how to deliver a fantastic festival experience. Think about your weaknesses and how that might reflect the needs. Are you missing core elements to make the entire process seem-less? If you are, then you need to find niche experts to help you fill the gaps.
4) Influencers will continue to be more and more important to help you build an audience
I think influencers are going to continue to get more and more popular when it comes to product launches. I don't see them going away anytime soon. Now, you’ll probably not have access to the types of influencers in the pitch deck, but you can go out and find people in your niche that have solidly built audiences that you can tap. Take a moment to look at board games on Kickstarter. Successful board games on Kickstarter do a great job of engaging Youtube reviews and getting influencers to try out their games before they launch.
5) Storytelling and making people believe in your vision can go a long, long way in building excitement for your product.
After going through the 43-page pitch deck, you are left with a vision and idea about what the festival could be. Your imagination is filled with…. “Could I be on this island with all of these beautiful people?” Stand back from your product and imagine what the story is around your product/idea. Also remember that the heroes of your stories must be your buyers and customers, not you. This idea is challenging if you are starting out. Which is why getting a handful of testimonials or influencers will help get your project started on the right foot. Think about Derek Sivers fantastic presentation about how to build a movement. Watch the video below.