Run a second campaign for the same product after a successful one?
So, I ran a successful initial campaign for my Fireside Audiobox last summer. Things are going well, and though a bit late with delivery, the product will be delivered, my backers have been content with my communication, and all is good.
But, I'm still stuck in the space between the initial funding and actually getting to retail sales. I had to use the funds from my initial campaign plus a considerable sum of my own to get the products manufactured. So while I will have completed the delivery of my initial campaign soon, I still don't have any funds for the next round of production. Tooling and everything has been paid for, so I just need pre-sales to cover the COGS associated with the production this time.
Has anyone had success essentially relaunching a campaign after a successful first campaign? Is there a better way? It sure seems like Kickstarter is the best place to collect pre-orders, I just don't know how best to go about it, or if perhaps there is a better way to get some funds raised that would allow me to purchase some inventory so I can sell more "on demand" with product on hand.
I don't think I would do another KS for the same product. I'm not even sure if it's allowed (although I can't remember ever having read anything explicitly about that in the rules).
What is my reasoning? KickStarter is all about the buzz. You've already 'hit up' all your sources and resources the first time around, so how are you going to get them excited about the same thing AGAIN? I just think it's going to be a real uphill struggle unless you can find an angle. Or unless you are hiring a different PR agency or have found ways to reach a large new crowd.
I feel for your position though. You're still in negative territory with a product that people wanted, tooling paid for and want to make it pay. I hope you can find a way. I may even be wrong, but personally I wouldn't do another KS for the same product.
I don't consider your first campaign successful if your pledges didn't meet the funding you needed for production and delivery. Your initial pledge levels presumably covered not only COGS but a profit, so I suggest launching a new, different campaign featuring the same product with a new layout, video, graphics etc., and a candid overview describing the problem you are solving. Will some of your original backers see your new campaign? Yes, but they'll understand if you update them right away with your efforts to deliver.