I can talk a lot of the trends and the fluctuation in the way crowdfunding is evolving over the years, but today I would like to discuss the more practical side of a campaign and the way they work. I have done many workshops and quite a few conferences where I talked on the topic, but there has not been much on this in the blog beyond the 2 parts on Stretch Goals I wrote some time ago. Let’s correct this, and go into the core principle that drives any campaign to success: momentum.
I don’t think there is any piece of advice I give around campaign management that doesn’t hinge around the notion of momentum, it is so quintessential. And this is a well-known point, but also one whose importance is not properly appreciated. I usually summarize it with an important data-backed statement: the majority of crowdfunding campaigns that reach 20% of their objective within 48h get funded. And the majority of crowdfunding campaigns that don’t manage to reach that threshold fail.
This a great tool to understand how likely your campaign is to succeed. It is easier to project your success potential. Do you feel you have what it takes to convince enough people to give you $20,000 in 2 days? Then, you are equipped for a month-long $100,000 campaign. Smaller amount on shorter periods of time are easier to plan for and understand. The average pledge per backer for video games campaigns is usually between $30 to $40. Do you have 500 passionate fans that you know will be day one backers? Do you have the proper tools to reach those fans from day one? If so, that $100,000 goal should be within your reach.
Whys // social proof // association to success is important
Sign of prep // Sign of things resonating // sign of trust
Community // discoverability // building talking points
The 60 days campaign
Not a magic formula (need to work hard the rest of the campaign)