How big does your social network need to be to hit your target?
Want to know how how big your social network has to be to reach your funding target?
Musician Alan Bern needed to raise $10,000 to fly his 14-strong band to Copenhagen - it took him 43 days, and these are his statistic:
Alan did 3 postings, with audio and video, spaced in approx. 3 weeks. He reached out to his first circle of friends and fans via e-mail (450), facebook (1075) the band’s fanpage on Facebook (531) and another music fanpage (500). Each posting caused a wave of backers totaling in 138 backers accounting for 10,971 dollars.
More than three quarters of his backers invested 50 dollars or less for which they received rewards like signed CDs and DVDs. These smaller backers, Alan explained, were very keen on this reward scheme. The bigger backers didn’t care about the rewards. They just cared about supporting the initiative. In total Alan reached out to around 2500 contacts.
According to blogger Pim Betist, who shared Alan Bern's story, there must be some overlap between the different media he used (e-mail, facebook, etc) but it gives us a ball park figure to work with. 138 people actually went ahead and backed the project. This represents just 5% of Alan’s network and the actual figure is less than that, because not all backers came from Alan’s network. The first wave of backers did, but the second and third were friends of friends.
You can read Pim's blog before which gives more details, but you can see the value of building and engaging with your social network if you want to be successfu.