Crowdfund Campaign – What It Is?
A crowdfund campaign is essentially a presentation to the thousands of people located on the platform, helping them learn more about the product or service you are looking to launch. The campaign makes it so that all the information about your business, such as its history, and helps bring it to a level that is digestible for potential investors.
The main point of a crowdfund campaign is to give a business a reach that they have not reached before helping them increase awareness about their brand. Crowdfunding platforms such as Crowdcube or Indiegogo have thousands of potential investors on their sites, who are always looking for the next best thing to invest into. These platforms exist so that supporters can look at, interact with and share the campaign that you are raising funds for.
Crowdfund Campaign – How Long Should It Last?
The short answer is that shorter crowdfunding campaigns tend to be more successful. Generally speaking though, newbies might prefer a lengthier campaign, whilst the more experienced crowd funders might go for a more efficient and shorter one.
Once you’ve forged your rewards or decided your valuation, crafted your branding, bewitched your backers and emblazoned the sky with your better message, you need to decide a campaign duration. On Indiegogo, campaigns around 30-39 days are optimal. They have enough time to spin their wheels on the crowdfunding slipway but aren’t so prolonged that devotion dims. I want that great reward, truly. But waiting 90 days? Excuse me? I’ll be distracted by then, my attention retracted by then. My consciousness kidnapped and set to staring at raspberry themed ration-packs, caps and animal backpacks by then.
Projects get most of their funding at the beginning and end of their lives. Stretch this over, say, 90 days, and that’s quite a terrifying lull hanging between those two shining pillars. Sometimes this lack of momentum turns them to rubble. Though, you might want a longer campaign if you need a lot of press coverage or are worried about fitting in with press schedules (this is why enquiry beforehand is important for an efficient campaign)
Remember, you don’t have to get all your funding in a single campaign, so spread your project out if you think that’ll be more effective. But remember to deliver on your rewards.
Crowdfund Campaign – When Should You Start?
Disposable income fluctuates throughout the year. You have to figure out when your pledgers’ pockets are deepest before cramming your entire arm into them. Might they have a payday in common? Will they be receiving tax refunds simultaneously? Consider the holiday season, but remember you’ll be pouncing into the pit with every retail titan on earth. If you’re a hashtag-heavyweight, keep your ear to the ground and maybe you can sail the winds of current trends. Remember that August is potentially slow, as many investors are on holiday!
What day of the week should you launch your crowdfund campaign? Many people avoid Mondays and Fridays when fans are either frantically finishing work or catching up on it. Think too about when your backers will receive their reward. Would your product make a good Christmas present? Make your plans and manufacturing arrangements accordingly.
Remember, the launch date is in the middle of the timeline.
Your start date is when your vessel first hits the social media waters.
Before you sail onward, bring enough sustenance to keep your backers well-fed during that lull period. Plan regular updates, release new and exciting rewards, and secure press releases to keep the ball in the air. And if you drop the ball, at least keep it rolling. It’s worth taking a look at our article about maintaining momentum if you haven’t already
Hard work or not, in the end, it might all depend on small decisions. Would 60 days stretch your content thin? Would 20 leave it asphyxiated? If unsure, start with 30 days, adding or subtracting to account for whether you can continue to generate intrigue, how prepared you are for a mid-project lull, and how many press-releases and great content you have in store.
Do you need more help with determining the length of your crowdfund campaign?
We can help. Drop The Crowdfunding Studio are proud partners of Crowdcube and Indiegogo. We assist ambitious businesses in communicating their ideas, products and services with outstanding crowdfunding video production, campaign design, crowdfunding marketing and crowdfunding PR.
To learn more about us and our services, visit our website: drop.studio
Or book a free phone workshop today and ask us anything, like how to create a successful crowdfunding campaign or how to accelerate your business from zero to fully funded.