Insights and Tips
Did you know that campaign success rates double with the first contribution, quadruple once the 10% mark has been reached and are more than five times as likely to succeed when 25% of the target amount has been reached?
Crowdfunding might be new to the social space, but those who've been in the game for a couple of years now are starting to share some of their insights into what makes a successful campaign, based on their early experiences. Indiegogo shared the above stat, and they have also revealed the following insights:
- 70% of campaigns that meet their funding goal have between three and eight rewards.
- Project updates every 1-5 days double the contribution rate.
- More contributions have been made to $25 rewards than any other, and the largest amount of money has been raised through $100 rewards.
So how do you make the most out of these insights? Here are our top tips:
1. Reach out to your friends and family as soon as you launch your project. They are most likely to support you and help you reach the early milestones towards success. Others are more likely to follow suit if they are confident that your nearest and dearest are supportive of what you are doing.
2. Choose your rewards - and their values - very carefully. Bear in mind the crucial numbers highlighted above and make sure you have created rewards that are not only compelling, but are pitched at the right value for your target audience.
3. And remember to update your project regularly, refresh your images, swap your featured videos, post updates on your project and talk to the people who are commenting and supporting you. Share all these updates via your social networks, and by regular email updates to those who are active online.