What is a realistic goal for my crowdfunding campaign?
When you decide that you are going to launch a crowdfunding campaign one of your first steps should be to set a realistic goal.
You must be clear about what you want to achieve with your crowdfunding campaign. Forget how much money you’d like to get from the crowd. How much money do you need and how much can you realistically raise? Statistics show that on any platform 80% of your campaign contributions will have come from your primary and secondary social network so consider this sobering information first when coming up with that magic number.
This means that only about 20% of your expected campaign contributions will come from your third wave of funders people you don’t have a relationship with. These facts should make you ask yourself a couple of honest questions before you set your goal. How many subscribers does your YouTube channel have? What about Facebook, Twitter, LinkedIn, and Google+?
Is your social network big and engaged enough to reach your goal? Can you pitch your idea to 25 or 25000 people? What about your family and friends? Will they support your campaign? Your social reach and your ability to actually get these social contacts to contribute to your campaign must be the final criteria for the limit you set for your campaign goal.