Embarking on a crowdfunding campaign is an exciting adventure, filled with twists, turns, and exhilarating moments. It may bring about occasional stress, but the rewards can be truly transformative, shaping the trajectory of your business or even your life.
Determining the ideal duration for your campaign requires thoughtful consideration. A campaign that lasts too long risks losing momentum, while one that is too short may not allow your strategy to fully unfold. Pre-launch preparation plays a significant role in determining the timeline of your crowdfunding journey. Remember, your efforts begin well before hitting the launch button as you cultivate a supportive community to rally behind you on the big day.
In this article, we delve into essential considerations and share valuable tips and tricks to help you achieve crowdfunding success that will leave a lasting impact. Together, let's aim to hit a home run with your campaign!
Optimal crowdfunding campaign duration is typically around 30-40 days.
Crowdfunding involves seeking support from passionate individuals worldwide to fund your project.
Effective pre-launch efforts contribute to reaching your crowdfunding goal more quickly.
Understanding the Mechanics of Crowdfunding
If you're here, chances are you're already familiar with crowdfunding. In essence, crowdfunding is the process of raising funds online for a project, product, or innovative idea. It provides an opportunity to engage with individuals who are eager to be early adopters of exciting new products, as they pledge their support to bring these ideas to life.
Kickstarter and Indiegogo are the leading crowdfunding platforms. Through these platforms, backers have the opportunity to contribute to your campaign. Once your funding goal is achieved or exceeded, you can utilize the funds to bring your project to fruition.
Having covered the fundamentals, let's now delve into the reason why you're here.
Optimizing Crowdfunding Campaign Duration
For Kickstarter and Indiegogo campaigns, a duration of 30-40 days is recommended, although these platforms allow campaigns to run up to 60 days.
Pre-launch activities play a crucial role in achieving early success. By building a mailing list and conducting product testing beforehand, you can expect to reach your funding goal quickly. Ideally, having a core audience and testing your product in the pre-launch phase can help you achieve your goal within 24-48 hours.
However, it's important to allow additional time for new backers to join, even if you've achieved initial success. Don't overlook the significance of pre-launch efforts, such as maintaining contact with potential and confirmed backers through emails. These emails can rally your most committed supporters on launch day and help identify backers with buying intent. Offering a chance to pledge $1 to reserve a spot on a VIP mailing list with exclusive perks can help identify committed backers.
Regularly updating and engaging this energized list of backers will expedite your progress toward reaching your funding goal. Sending reminders to those who pledged $1 and encouraging those who haven't yet pledged are effective strategies.
Regarding Kickstarter, the campaign duration can range from a minimum of one day to a maximum of 60 days. Kickstarter recommends sticking to approximately 30 days, as shorter campaigns create a sense of urgency and tend to have higher success rates.
Keep in mind that Kickstarter requires campaign submission for review, which typically takes three to five days. To be safe, it's advisable to submit your campaign for review at least a week before the planned launch date. Familiarize yourself with the guidelines to address any potential issues that might result in penalties during the review process.
For Indiegogo campaigns, the minimum and maximum campaign lengths are the same as Kickstarter. You can have a campaign as short as one day, and Indiegogo allows for a one-time extension, with a maximum duration of 60 days.
Before launching your Indiegogo campaign, it's important to review Indiegogo's guidelines to ensure compliance and understand what is expected. Indiegogo's review process is more lenient compared to Kickstarter, as you can start a campaign without waiting for approval. However, it's crucial to adhere to the guidelines, as Indiegogo can shut down campaigns that violate the rules.
Long Campaign Does Not Mean More Effective
While it's essential to allocate enough time for your campaign to implement your strategy and engage with backers, longer campaigns don't necessarily result in more backers. Shorter campaigns can be more effective as they create a sense of urgency, motivating backers to participate before time runs out.
The principle of "shorter is better" also applies to your pitch. While including all the necessary details and a compelling personal story is important, remember that people don't want to spend excessive time watching, reading, or listening to a lengthy message. Keep your pitch concise and engaging.
We Support You on the Way
Looking for professional crowdfunding promotion services? Look no further than PledgeBox! We specialize in exclusive newsletter promotions and targeted Facebook advertising, ensuring your project grabs the spotlight and attracts a passionate audience right from the start. But it doesn't end there! Once your campaign concludes, we offer seamless pledge management services, simplifying processes and opening up new avenues for revenue expansion. Join forces with us today and take your crowdfunding campaign to new heights!