Achieving Your Stretch Target

Posted: Wed, 07 August 2013 by Cara

By Cara Pleym

Setting a target is a crucial element for any crowdfunding campaign, and we’ve given advice in a previous blog post about the factors to take into account. However, it’s also really important to reach for the stars and work out what your stretch target is.

What do we mean by this? Well, your target should be your absolute minimum essential spend so that a) you’re more likely to hit target and get your money and b) your goal doesn’t seem frivolous or greedy. However, you should also have a secondary goal, your little bit extra that could buy you better equipment, or allow you to produce a better film. We have some top tips for setting, and achieving this stretch target.

Clearly outline your stretch target

In your pitch, clearly explain your minimum essential spend and then go on to explain why you would love a little bit more. Make sure you set a number on this stretch goal and provide a compelling case for backers e.g. I need £1000 for a filling machine for my skincare products to save me time and money, but if I could raise £1300 I could also produce a new line of skincare for men and expand my business.

If you don’t tell people why you deserve extra, you won’t get it!

Spend time creating fantastic rewards

Now we know rewards can sometimes be difficult and you can view our blog post all about getting creative with rewards. There are a few key things you need to make sure of. Our average promise is around £40 so ideally you want a pretty good £30 reward level and then a really cool £50 reward level in order to encourage backers to make that jump. Until your project closes, you also won’t know whether you’ll have lots of backers donating small amounts or a few backers donating large amounts, so you need to make sure that you cater for all budgets! Make sure you have some really special, exclusive, top rewards in order to persuade those with the deepest pockets.

Work at it every day

Yup, every day! The most successful project owners are on social media every day, they are blogging and posting video diaries, attending networking events and getting the word out in their community. It’s hard work, but once you get that momentum building, it’s easier to maintain and push past your target.

Ask for the money

At all points of your campaign it’s important to actually ask for money, not just support. It might feel uncomfortable but remember those amazing rewards you spent so much time on? That’s what backers will receive, so it’s a transaction, not charity. And it's very important if you hit target early to make sure backers are reminded of the fab rewards on offer and how far extra promises will go. Keep it up right until your project closes!

Just a few tips for achieving your stretch target, but if you want to know more about this, or crowdfunding in general, just #askbloom on Twitter or email eva@bloomvc.com

(Image courtesy of blog.newsystemsthinking.com)