Every crowdfunding project is launched with an aspiration to reach and even surpass its financial goal. In this regard, the term ‘stretch goal’ is frequently heard these days. This essentially refers to any financial target that is set above and beyond the original funding goal of a crowdfunding campaign. In other words, stretch goals provide crowdfunders the freedom of breaking up their funding requirements into a number of slabs with ever-higher perks in direct correlation to ever-higher crowdfunding goals being met.
Most crowdfunding project owners consider this to be a win-win situation because the project gets funded even without achieving any of the stretch goals. This tactical move has certainly helped many projects owners accelerate the rate of success in reaching their crowdfunding goal. While everyone hopes their crowdfunding goal exceeds all expectations, many people deploy this tactic with sometimes less-than-noble intent.
Stretch goals can be particularly helpful for crowdfunding projects that have a relatively high funding goal for the completion of the entire project. There is no denying the fact that the potential backers are extremely selective about the campaigns they decide to support. People only want to be associated with ventures that have a moderate funding goal, and hence, a higher chance of getting funded. This is where the fortune of a project can be changed dramatically just by creating a series of stretch goals.
In order to create and achieve stretch goals successfully, it’s important that the initial funding goal of the project is achieved quickly. This momentum acts like a sling-shot drawing in more and more people helping you hit higher and higher targets faster. At this point, one must be fleet of foot in reacting quickly in initiating the campaign’s next phase in terms of crowdfunding goals with a fresh set of stretch goals and rewards. Quick reaction is the key here because the need of the hour is to take advantage of the popularity and momentum of the project. As they say – strike while the iron is hot!
The credibility of a crowdfunding project is improved significantly when its funding target is achieved. This is the best possible time to engage more potential backers with the introduction of new goals that are alluring. While creating stretch goals, you must clearly explain why people should invest more money even after reaching the target that you had set earlier. If you can come up with a reasonable explanation, it won’t be hard to get new backers and motivate existing backers to invest yet again. However, in order to ensure this, you must remember to introduce a new set of rewards vis a vis stretch goals.
Some of the best stretch goals come about when campaign owners reintroduce some of their most popular rewards with a twist. A mix of some new rewards along with proven popular perks from the past is a winning formula. Campaigns that have a physical product can also start offering new styles and/or colors of their previous reward. Being insightful and creative while creating your stretch goals and rewards can give any crowdfunding campaign a big boost taking funding goals to the next level.
At CrowdfundBuzz, we believe that stretch goals are all about dreaming big. Swing for the fences! When one goal is met, it’s time to start chasing another one. Set the bar higher. And higher. Before you launch your crowdfunding campaign, you must have a well defined plan about the type of stretch goals that you are going to offer, in case your initial target is met quickly. Dream big.
Our team has played a pivotal role in building many crowdfunding dreams and can do exactly the same for you, too. Get in touch with us today and take your first step towards crowdfunding success…and beyond.