Summary
In the paper, “The Language that Gets People to Give: Phrases that Predict Success on Kickstarter”, the authors seek to identify the successful features of a crowdfunding project. They wisely observed that not just any data from Kickstarter, the crowdfunding website they performed their analysis on, could be used to draw conclusions. They needed to grab a subset of projects and posts on Kickstarter, specifically projects that reached their end date. From this list of projects, they were able to pull a little over nine million unique phrases. Then from these phrases they eliminated any phrase that was used less than 50 times or was topic specific. This left them with about twenty thousand phrases to work with and aid in drawing their conclusions from.
After analyzing these phrases and control variables that were determined against successful and non-successful Kickstarter projects, the authors were able to find some interesting results. They found that the “top 100 predictors of funded and not funded are solely comprised of phrases” and not control variables among other findings. Along with this, the implications of this research and data that will be released are discussed. It is very possible that crowdfunding websites could provide these most popular successful predicting phrases in some location on the website. Whatever the case, this research deepens our understanding of funded and not funded crowdfunding campaigns as well as persuasive design.
Reflection
I found this paper to be very informative concerning the phrases and variables that can be used to predict crowdfunding success or not. I was slightly surprised that some phrases in general seemed to be a much greater predictor of success than control variables. I also noted that there is much more significance placed on crowdfunding descriptions than I had originally thought.
The idea of reciprocity, as was mentioned, can play a huge role in crowdfunding success. From my own personal experience, I find it much more compelling to contribute something I own when I feel like I am receiving something in return. While this “trade” may be greatly skewed to one side, the idea of making a trade seems like a logical decision and gives us greater ease.
I like how this paper recognized that certain conditions cannot be accounted for when analyzing their data. They recognized that people who provide updates on their Kickstarter page and list their new backers may have a small influence on them reaching their project goal. They acknowledged this limitation, and I find this to be crucial for academic papers that seek to see future research done in the area.
Questions
Are the factors that identify a successful crowdfunding project changing as they become more well-known?
How important is reciprocity in the workplace in terms of effort expended and praise given? How does this affect employee retention?
Can the excessive use of a successful predicting phrase have the opposite effect?
How does the layout of a particular crowdfunding website affect a person’s desire to contribute? Does a more professional layout entice different subsets of people?