A recent article in The Huffington Post forced me sit up and pay attention to the general atmosphere surrounding crowdfunding campaigns. Brad Chase, the author of the piece, presented an eye-opening summary of the crowdfunding world today which everyone should pay close attention to.
A casual review of the Kickstarter Stats Page will give everyone even slightly interested in advertising a crowdfunding campaign quite an education:
- More than half of all Kickstarter campaigns fail with many of them never seeing even a $1 contribution.
- The overall success rate of Kickstarter campaigns stands at 43.75%.
- Most of the successful crowdfunding campaigns were projects with modest funding goals of between $1,000 and $10,000. The success rate of crowdfunding projects with higher and higher funding goals had lower and lower success rates.
This crowdfunding data is depressing, right?
Military strategists, marketing mavens and economists use statistics to plan their next move to win the day and you can too.
Correlating the crowdfunding data provided by Kickstarter on a daily basis you should plan your own crowdfunding project accordingly. Here are some key tips:
- If at all possible shoot for a crowdfunding campaign in that “sweet spot” of $1000 – $9999.
- Make your crowdfunding campaign as compelling and engaging as possible. Think cool new product or worthy cause. Is your new gadget the latest thing? Is your noble fundraising cause outside of the norm? How does your campaign stand apart from the masses?
- Marshall all of your resources to give your crowdfunding promotion a boost. Tap into your own social networks, tell all your friends and relatives, blog about your crowdfunding campaign and – of course – hire all of us here at Crowfundbuzz.com to kick up the advertising of your crowdfunding project a notch or two or three and give your crowdfunding campaign the highest possible exposure to the world.
Numbers don’t lie but the truths they tell us is what can help us all to win.