Achieving success in a crowdfunding venture demands a combination of several factors. Timing is probably one of the most significant of all these factors. As most of you would agree, the ability to ascertain the best possible time for any given activity can be extremely helpful throughout our lives. As the saying goes; timing is everything.
Timing can be everything when launching and running a crowdfunding campaign. As the campaign owner, you need to be extremely particular about when you launch your campaign, determining the duration of your campaign, and communicating with your target audience in a timely manner before, during and after your crowdfunding project goes live. That means every day. Communication should be constant and fresh; never let a single message grow stale.
Let’s first focus on the importance of your crowdfunding project launch timing. Before setting the launch date of your campaign, be fully aware of the calendar. Is there a big holiday coming up (like Labor Day…?) Are you heading out of town for a business trip? A week-long vacation? All of these events need to be factored in to your thinking.
Doing this will enable you to avoid down days where a long holiday weekend our your extended absence from your project could have a negative impact. On the flip side, making the most out of special days can add more momentum and relevance to your campaign launch.
If your project involves anything relating to the environment, you can gain a strategic advantage by launching it on World Environment Day. Also, be mindful of the fact that having too many public holidays in the very early stages of your campaign will work against you (again, think of the upcoming Labor Day weekend…). While planning your fundraising timeline, you must also factor in your other business and day-to-day activities. The best approach is to pick a date when you don’t have other time-absorbing commitments distracting you from giving your all to your campaign. Knowing in advance you’ll be out of town, recovering from surgery can be factored into your schedule enabling you to focus completely on your crowdfunding campaign when the time comes.
Establishing the right duration of your crowdfunding campaign is another important aspect of any crowdfunding project. Typically, short term crowdfunding campaigns last for a month or less. These campaigns must try everything possible to ensure highly active participation from the backers in a relatively period of time. We’ve found 30 days to be the very shortest manageable with the best success being 45 days. Beyond 45 days, a crowdfunding project is perceived as being stale on the part of potential crowdfunding backers while being simultaneously draining for the crowdfunding manager who has to pour their heart and soul and every spare second of their time every single day the campaign is running.
Setting the right crowdfunding campaign length can be accomplished only with advanced planning and a dedicated and focused team. Also, these projects allow very little time for adjustments if the initial plan fails to deliver results. On the other hand, long term projects are considered to be a safer alternative because there is less pressure to perform in such a compressed period of time. Instead of creating urgency amongst the prospective backers, the onus here is on ensuring a steady stream of activities over a period of time. That optimal time frame, once again, seems to be 45 days.
Crowdfunding is all about how fluidly you deal with your prospective backers. How and when you communicate with them plays a big role in determining the project’s outcome. Every crowdfunding project owner must communicate whenever there is something important to share with people who matter. Send your launch notification to them making use of email newsletters. Response rates are higher when these communications are sent in the afternoon than at any other time of the day. Sending out such emails seems to be most effective on Sunday as opposed to any other day of the week. Follow up your emails with posts on Facebook, Twitter, LinkedIn and your blog. Remember to send everyone timely updates relating to any milestones reached, new plans, or anything else that has a bearing on the project. Finally, always send a thank you email to all your backers without delay.
At CrowdFund Buzz, we can help you reach a crowdfunding goal by handling a great deal of your crowdfunding activities. Our team of experts has a track record that is the most impressive in entire crowdfunding industry. Take the most important step towards your crowdfunding success by contacting us right away.