Choosing your campaign goal amount
Choosing your campaign goal amount is not a simple task, but we are here to make sure you have the complete picture of what would make you successful.
Most people who run a crowdfunding campaign for the first time think that the goal amount depends mostly on the idea or cause behind behind the campaign. That is only partially true, in reality, the amount you raise depends far more on your actions than on the idea. Part of what we provide is the strategy behind your campaign so that you would raise more money, however, you are the one that needs to execute it.
The factors you should consider in choosing your goal amount:
- The amount you actually need and the amount that makes sense. For example, if you are looking to publish a music CD, you probably need around $10,000. If you set the goal at $50,000 for example, it would not make sense to people that visit it.
- The amount of time you can spend on the campaign. Crowdfunding requires time or everyone would be doing it. If you run your campaign well and follow our advice, you will find that it is about $200-$300 per hour which is a great return on your time.
- The initial circle of funders you can have. We recommend to start every campaign by contacting people personally and avoid social media (or newsletter lists). You should reach about 1/5 of your goal from this circle of friends and family. You could sit down and estimate how much money you can raise from this list (as you know them and you should make the list anyways). That can also give you an indication of the final goal amount you should aim for.
- Your current reach. After you contact all your personal contacts, it is time to use social media and any email lists you can use. We estimate that about 2%-5% of those people typically contribute and the average amount they contribute is $35.
- Influencers that join your cause. Influencers are people in the community who have a large reach (e.g. many friends on facebook, followers on twitter, or blog readers). If you know some that are willing to support your cause by sharing it, you can count that as your reach in the calculation above.
Over the years, we have developed a calculator that can help you get started on estimating the right amount for you, you can find it here. Our experts are happy to discuss with you all aspects of your campaign and figure out with you what amount you should put in your campaign page. Do not hesitate and contact us.