Set Weekly Funding Milestones for Your 30 Day Crowdfunding Campaign
Crowdfunding is all about setting attainable milestones and goals to move you and your team forward. As you prepare to launch your crowdfunding campaign, you’ve likely chosen a funding goal to publicly display on your page. You’ve created and strategized and planned and now you’re ready to go!
And go you will!
But not without attainable milestones! To help, we’ve broken down a week-to-week overview of how you can maintain the health and prosperity of your crowdfunding campaign so you can be prepared to win.
Day 3: 40% funded
One of the most critical factors in launching a successful crowdfunding campaign is generating momentum – and fast. You will almost certainly see that most gifts throughout the entire 30-day campaign will happen within the first few days. Some groups even secure a portion of their funds before they ever even launch their campaign as a safeguard against a slow launch.
For starters, IndieGoGo’s research study of 100,000 campaigns showed that, on average, 42% of the total funds that a campaign ended up raising were actually raised in the first three days of the campaign. If that’s not enough to light a fire under your team, crowdfunding.io also illuminates the importance of hitting 40% quickly: Visitors stay on crowdfunding pages for 35% longer and are 22% more likely to donate once a campaign has hit 40%.
Forty percent is a very large chunk of your funding goal, which is why we always recommend setting your goal small and then increasing it as you meet your goal. If you don’t hit 40% early on, it will be an uphill (but not impossible) battle. Set plans today to make sure you hit this critical number!
Day 7: 50% funded
One week in and your campaign should be about halfway to its goal. Even though you aren’t halfway through your campaign, your funding should be approaching (if not, surpassing) this mark.
We cannot state it enough: your first week is absolutely critical to your success. A slow first week will become an even slower second week, and the trend will continue until your campaign comes to an end. We recommend having a laser-like focus during this first week, which is also why we believe the date you choose to launch is so important.
So meet with your team often. Communicate daily wins and challenges with each other. Send emails. Send followup emails. Post on social media. Send more emails. Make 50% happen to further ensure your campaign will be a success!
Day 14: 65% funded
So, in the first week, we suggest hitting 50% funded, and then in the second week, we suggest getting just an additional 15% funded?
Yes. Actually, that’s exactly what we suggest.
Because the reality is, most of the donation activity is going to happen during the first and final week of your crowdfunding campaign. Does that mean that you can take a break during these weeks? Our most successful crowdfunding campaigners say no – you have to keep your campaign at the forefront of your mind throughout its whole life.
You still need to put in the effort – it just means that your effort might be met with less engagement than the first week. And that’s okay! Keep going, and hit that 65% goal for the end of your second week.
Day 21: 80% funded
By the end of your third week, you should have captured another 15% funded. Similar to week two, you may notice that it’s a bit more challenging to keep your energy up during the third week. Engagement from donors might be lower, but it should still be exercised within your team. Keep meeting and actively fundraising for your campaign. With just one week to go, there’s no time to waste!
Day 28: 100% funded
As you wrap up your fourth week, you should be near – or beyond – 100% funded.
You’ll see that if your team continues engaging your target audience and potential donors, many of them will give during this final week. Some have been putting it off (but were planning to give), so the reminder is going to be imperative.
Your final week is also a great time to showcase urgency. People want to be part of a winning team, and if they believe their donation could actually help make you a winning team, even disengaged donors might step in to help. You’d be surprised; it happens all the time!
So ignite the flame. Bring your campaign to a strong close. Win and celebrate.
Remember USEED is here to support your team every week in hitting these milestones. You’ve got this!