Crowdfunding research that could be misleading.

Posted on Posted in Crowdfunding

screen-shot-2016-12-19-at-10-57-04-amI just read this latest article from Indiegogo and it tweaked my brain in a way that made me want to say “hold on now don’t jump on the statistics train quite yet.” I write this because the first statistic feels misleading.  Just in case you are too lazy to read the article they suggest that 30 day campaigns works best. I disagree. Personally, I have found that 40-45 day campaigns work best but it really depends on your type of project and your resources. The number one reason why I choose a 45 day campaign is that it has allowed me to adapt on the fly. If you are running a campaign with only a few people or by yourself, you need time to adapt to feedback. If you’ve gotten off to a good start you will generate a lot of feedback. This feedback can be very valuable for increasing your fundraising.  If you only have a limited amount of time in your campaign you might not have the time needed to make changes, add new perks or adjust your marketing strategy; especially if it’s your first campaign.  Crowdfunding is a fast and furious way to kickstart your business or idea and it takes a lot of effort. You don’t want to waste that effort by running out of time.

The next brain tweak happened when I read that adding 12 new perks is a good strategy. Again, I completely disagree.  Delivering on perks just adds more work after the project. You should only add perks if they are relevant and add value otherwise less is more. Running a campaign is difficult enough without confusing your backers and increasing your workload. Keep it simple stupid. Focus on what you do best.

Hope that helps!

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