Effective campaign closure requires attention to key factors. Prioritize surveys, chargebacks, shipping, refunds, and backer satisfaction.
As your crowdfunding campaign draws to a close, it's time to be prepared for the final stages and ensure a smooth transition. This guide will discuss the top five crucial factors you need to know when your campaign ends. By understanding and implementing these key points, you may effectively wrap up your campaign, address potential challenges, and leave a positive impression on your backers.
In fact, there is no need to rush to send out your surveys. Sufficient time must be spared on payment processing, addressing declined cards, and managing refunds. Each crowdfunding platform recommends different waiting periods:
- Kickstarter: 14 days after your campaign goes offline
- Indiegogo: 15 days after your campaign goes offline
Based on experience, it is advisable to extend the waiting period by an additional 48 hours to handle refund requests effectively.
Chargebacks occur when a credit card company withdraws funds from a merchant's account and reimburses the consumer following a dispute. Backers may initiate chargebacks if they feel dissatisfied with their purchase. Disputes can revolve around the quality, expectations, or delayed delivery of goods or services. Moreover, merchants are subject to chargeback fees. To minimize chargebacks, consider charging backers closer to the shipping date. If utilizing PledgeBox, this approach is particularly recommended when backers purchase additional items, reducing fees and complications.
Ensure international backers have paid the appropriate shipping fees. Some backers may have overlooked the necessary international shipping charges, while others may be uncertain about their payment status. To address this, proactively track down international backers, establish contact, and arrange suitable payment methods for shipping. Document these interactions for reference. If overwhelmed, leverage PledgeBox’s tool to identify international backers without a shipping address and promptly invite them to complete their payments.
Take refund requests seriously and issue them promptly, especially when backers decide to cancel their pledges post-campaign. Avoid unnecessary negotiations and aim to provide immediate refunds to prevent chargebacks. A high volume of chargebacks could jeopardize your relationship with the payment processor and create significant complications. Platforms like Kickstarter (via Stripe) or Indiegogo (via credit card or PayPal) offer convenient refund mechanisms. Maintain an Excel spreadsheet to track all refund transactions effectively.
After your project concludes, prioritize satisfying your backers. Focus on achieving your campaign goals and delivering excellent service to those who supported you. While it's natural to plan for the project's future, remember the individuals who played a vital role in your success. Ensuring their happiness and providing top-notch treatment will cultivate loyal fans who will continue to support you, regardless of where your project takes you.
A golden rule in both crowdfunding and life is “Don’t mess around with people’s money”. If backers are gracious enough to support your cause, you have an obligation to let them know how you’ve spent their money.
By now, you have gained a clear understanding of the key factors to consider when your campaign comes to a close. Additionally, leveraging the power of PledgeBox can elevate your campaign to new heights. With its robust features, you can effectively address and overcome the challenges mentioned above, ensuring a seamless and successful conclusion for your campaign.
