Focus on the highlight of this loooong period.
Are you planning to launch a crowdfunding campaign for your next big idea? If so, you might want to pay close attention to the timing and clarity of your project timeline and delivery timeline. According to a recent study published in the IEEE Transactions on Engineering Management, these factors can significantly impact your chances of success.
The study analyzed data from over 20,000 reward-based crowdfunding campaigns on Kickstarter and found that there is an inverted U-shaped relationship between timeline clarity and success. In other words, campaigns with overly clear timelines are likely to be counterproductive and turn investors off. On the other hand, campaigns with vague or ambiguous timelines are also less likely to succeed.
So, what's the sweet spot for timeline clarity? The study suggests that a moderate level of clarity is ideal. This means providing enough information to give investors a clear sense of your project's timeline without overwhelming them with too many details.
In addition to the overall level of clarity, the study also found that the project timeline and delivery timeline are influential factors. Fundraisers who use a moderate number of temporal cues to introduce their projects and provide a realistic estimate of the delivery timeline are more likely to attract investors.
But why does timeline clarity matter so much? The study suggests that it's not just about providing information, but also about creating a positive impression. Fundraisers who are perceived as honest and trustworthy are more likely to succeed, and clear timelines can help to build that perception.
Of course, there are many other factors that can impact the success of a crowdfunding campaign, such as the quality of the idea, the level of funding requested, and the rewards offered to investors. However, by paying attention to the art of timing and providing a clear and realistic timeline for your project, you can increase your chances of success.
As the study's authors note, "Clearer timelines, the better." But remember, there's a fine line between too much and too little information. So, take the time to craft a timeline that strikes the right balance and communicates your project's potential in a clear and compelling way.
