you will know several important factors of the Success of a Crowdfunding Campaign.
It would be every entrepreneur's dream to run a successful Kickstarter campaign. Every campaign manager, of course, wants to raise enough money to fund their idea or prototype. The project must be successful to make it happen.
But what key factors play roles to this success? What are the minimum requirements for a project? Is there a universal bar for success, or is it established at random? When you're preparing a campaign, all of these questions, as well as many others, must cross your mind.
First and foremost, how to define success? It refers to the fulfillment of a goal in simple terms. When it comes to crowdfunding, though, the definition needs to be tweaked a little.
Here's the thing: reaching your project's goal isn't the end; it's only the beginning. That's where your campaign is gaining attention. From bringing your prototype to life to promoting it and making sales, you still have a long way to go.
A successful campaign should not be defined by raising enough money to reach your goal. You've only gotten to the starting line. All of this effort was aimed towards securing a place in the race. How likely are you gonna cross the finish line now that you've qualified for the competition?
That is what affects the outcome of a crowdfunding effort. How likely are your backers to continue to support you when the product is released? How many of them will pre-order your upcoming campaign?
They may have given you enough money to get started, but how do you know they won't abandon you later? Of course, the final result is mostly determined by you. However, it diverts your attention away from what true crowdfunding success needs.
We can broaden the definition of success for crowdfunding to include "the completion of a purpose in order to prepare the way for the subsequent achievement of related goals." Does that make sense? Well, it will.
Why do you need to know if your Kickstarter campaign is a success? Is it really that critical? What effect will it have? Consider it as if you were learning to cook for the first time.
You are less likely to be dissatisfied with the outcomes if you check the taste a few times throughout the cooking. If you stick to the recipe without making any essential changes along the way, you'll end up with something that'll be thrown into the garbage.
Crowdfunding is the same way. You'll see items that need to be tweaked if you track the campaign's success along the way. You'll notice where you need to put in more effort and what needs to change.
You'll be able to optimize the campaign in this way, ensuring its ultimate success. However, in most circumstances, the scope of the project precludes manual management. That's where technologies like PledgeBox.com in handy, as they manage and increase your campaign at the same time.
Manually measuring your success can be a bit fuzzy, as the findings don't always make sense on paper. That's where success measures come in handy for streamlining the process. The success rate can be divided into the following categories to make things easier: prelaunch, campaign on live, post-campaign.
• Prelaunch
Your campaign is still in its early stages. You're working on the project page, polishing it to the point where it will stand out once it's live. The prelaunch period, though, isn't over yet.
Lead generation:
Lead generation is an important factor to consider during this stage. It's helpful to have a list of email addresses of people who are most likely to react even before you start.
You can figure out how many emails you'll need based on your campaign's objectives. Calculate the ideal amount of email addresses for a successful launch using the formula below:
(Funding Targets x 30%) / (Conversion Rate x Product Value)
As a result, the quantity of immediate hits you receive as soon as the campaign goes live determines your early success. The more leads you have in the early stages of your campaign, the more successful it will be.
Secondly, You can choose to get your work covered by the media. Unfortunately, news organizations are hesitant to cover campaigns that have not yet begun. You may, however, go around this if you have a sizable social media following.
Finally, in the prelaunch period, sending emails or contacting important employees can be beneficial. If you're organizing a charity campaign, for example, send an email to local philanthropists. Stick to the nicer areas of town and a wealthy neighborhood.
• During the Campaign
The race isn't done once you've attained your goal amount. It's only the beginning. You may now begin accepting pre-orders or selling tickets for your upcoming product launch or concert.
This shouldn't be too difficult if you followed the previous steps correctly. However, if your conversion rates, cost per acquisition for Facebook advertisements, and campaign page visits were not that high, you may expect them to fall further in this stage.
Your crowdfunding campaign will only be successful if the events that occur as a result of it are favorable to your product or service. You must provide good rewards to your backers in order to ensure their long-term support.
Again, PledgeBox can help you less stress in terms of the post-campaign and fulfillment process. When manually managing the incentives becomes too much for you, the automated tool takes over.
• Final words
It will only be possible to run a successful Kickstarter campaign if you track the success metrics during the process. If anything isn't working well at any time during the project, make a change right away.
You only have a maximum of 60 days to attain your goal. Make the most of these days and don't be afraid to make changes along the way. You're in good shape if all of your success metrics are reached.
