One doesn’t really require to learn any new skills to run a crowdfunding campaign. However, it helps to understand, and keep an eye on analytics and metrics.
Now, these may seem like intimidating terms, but they are actually simple to follow through. At the very core, they are numbers, graphs and statistics which can be used to quantify your efforts. In fact, they can help you revise your promotional strategies or devise altogether new ones. This is what we will be discussing in this #FundraisingFriday post. Let’s split the topic according to the stage of campaign.
BEFORE THE CAMPAIGN
The importance of preparing for the campaign before the launch can not be stressed enough. The very first step to ensure success in crowdfunding is to gather the support of family and friends. Together, they must be ready to pledge between 20-30% of the goal amount.
The number game here starts with collecting the data of people you can reach out to, the target amount, average contribution per donor, etc. Of all the people (other than family and friends) that you approach, only around 30-40% will respond positively. Depending on your goal, calculate the number of contributors needed and make promotional strategies accordingly.
DURING THE CAMPAIGN
The first phase of the campaign consists of getting your family and friends to act on their pledges. This must be done within the first week.
By this time, your promotions also should have kicked in. You could also invest in some Facebook ads. You will be able to analyze the conversion rate from each of these quarters. Depending on what works, you could make necessary changes in further promotional activities. The ideal campaign duration is 30 days, but you can extend it if you start getting good response through social media or other promotions after the third week.
AFTER THE CAMPAIGN
At this point, you should calculate the cost of paid promotions and the donations coming out of them. Since Crowdera is a free platform, you won’t need to include platform fee in the cost of project. Make sure that the
Remember that these are ideal or expected numbers. Each campaign has a different pace and structure. Just keep a close watch on the numerical trends and make the necessary changes in your promotional strategy.