After a short break we can continue with another in our series Components of a Good Crowdfunding Campaign. This time we focus on the importance of a getting a good start.
Good starts aren’t just a matter of chance. You can prepare for them and build expectation and anticipation for a campaign so that at the point of going live a burst of activity can attract attention, build confidence and carry through to success – the statistics bear it out.
Momentum builds confidence in all campaign participants. It gives energy to the project owners and confidence in a campaign’s potential for success is an important motivator for investors. A key indicator for that is a campaign that gets off to a good start has a much higher chance of success than one that launches flat.
If you can reach 30% of your total in the first week of a 30 day campaign you are very likely to succeed. On one platform with relatively low overall success rate, every single one of their campaigns that made it to 35% funding actually completed successfully.
The prospect of success conveyed in a good start often encourages media channels to pick up on it. Many crowdfunders will tell you that their attempts to garner media coverage for their campaign often only finds a welcome reception when the campaign looks like it will succeed.
The use of stretch goals has also become aligned with this idea. So a success point is passed, this in turn gets media coverage – as they like good news stories – and this in turn develops into a useful stretch gal. But its all underpinned by a good start.
So build a sense of expectancy before the campaign actually goes live. Don’t only start promoting the campaign when you go live. No, have a running start. IF you know people that do want to invest get them cued up and ready for launch time. This is not underhand or dishonest it is simply marshaling your resources effectively for maximum impact in the period a campaign is live.
Get influencers aware of your impending launch, and use your PRs and high touch communications wisely in conjunction with your launch date.
In other words plan for a good start, dont leave it to chance. As we said in an earlier post in this series – its all in the preparation and if your ground work and preparation slingshots your campaign away from the starting blocks, even with a typical slow mid race you are more likely to break the tape in the lead.
If you would like to attend one of our Preparing to Crowdfund workshops or some individual advice on your campaign then get in touch