Launching a Crowdfunding Campaign: The Hidden 30% Rule
It’s not a requirement, and you will probably never hear about it, but this is an unstated rule that all experienced crowdfunders and knowledgeable and honest crowdfunding consultants make sure to follow in order to seriously increase the chances of seeing a campaign get fully funded.
Trust me, I know how it is. The excitement about your crowdfunding project may tempt you to ignore it. As a crowdfunding consultant, I see this all the time — really! People believe that their ideas are so good, and for one reason or another they are in such a rush to launch, that, even when advised not to precipitously launch, they nevertheless go ahead and do it, only to fail and put the blame on someone else.
The truth, however, is that launching a crowdfunding campaign without first securing an audience of pre-launch subscribers (people who have committed to backing your campaign when it launches) that ensures that at least 30% of the funding goal is secured on the day of the launch is beyond risky.
There are three reasons for this:
1. Kickstarter, IndieGogo and most other crowdfunding platforms have an algorithm that picks up top-performing campaigns. This means that, if a crowdfunding campaign secures 30% of funding on its first day (or first days), then the platform may very well highlight it as a success story in the making — which in turn puts your campaign before the eyes of a much wider audience that would be extremely difficult to reach out to, if it wasn’t for this.
2. People who do not know you or your project and who are only now coming across your campaign will feel less inclined to support it if they do not see that it has already raised a significant percentage of its funding goal. This means that an initial significant funding guaranteed can give a boost to your campaign’s credibility that may convert into higher chances of seeing new backers deciding that you’re worthy of their trust and support.
3. Sending out a press release about the campaign launch without having at least 30% of the funding secured means that journalists will probably feel that there isn’t much to talk about, since the project is still struggling. This, in turn, means that any boost that you could get from media coverage during the launch could be lost, making a fully funded campaign goal become far harder to accomplish.
Ultimately, the point here is that patience and discipline are rewarded and impatience and improvisation are punished — in crowdfunding as in every other field of business. So, if you want to succeed, make sure you keep this mind and follow the 30% rule of crowdfunding — which, from now on, is no longer hidden from you.
Do you want to increase your chances of succeeding even further? Get in touch with me and I’ll gladly help you get a fully funded crowdfunding campaign, just as I did with so many other crowdfunders. The first assessment of your project is FREE, so all you have to do is claim it here!