On Indiegogo, the campaigns that set a funding deadline between 60 and 70 days raise, on average, 141% more money than their shorter or longer campaign counterparts.
Many people believe that more time will result in more money. This may not be the case. Optimal campaign duration is just after the two month mark, followed by a significant decline in average funds raised.
Surprising? This is why we’re introducing a new series on our blog – Indiegogo Insights . We’ve been at crowdfunding for a while now and we have a lot of information stored in the form of raw data from our site. So, why not let our tech geeks reach into their bag of tricks to pull out information that will give us more insight into the business of crowdfunding. Simply put – what are simple things you should know to raise more money, from more people, faster.
Many people ask us how long their campaign should be. Each campaign is unique, so it can depend on many factors; however, we do know that adding more funding time is not always going to result in more money.
Having a 70 day campaign might make you anxious about not using every day possible (up to 120) for funding. That’s normal, but you can try to think about it as re-focusing your time. Set your funding goal for less than 120 days. Make this time all about the funding – tell your story, spread the word, and make your ask (over, and over, and over again). Plan your final push between 60-70 days if you can.
Spend the next 20 – 40 days keeping people interested. Fulfill your perks, follow up on your project development, and send contributors some updates. Your impressive diligence and timeliness may prompt someone to mail another check. If you don’t reach your original funding goal, you are still top of mind for your fans and you are ready to kick off another campaign – bigger projects may take a few waves of funding.
Don’t have 70 days to commit to funding? Carve out a month at least. Campaigns that last 30 – 40 days raised 16% more money, on average, than shorter campaigns. Successful funding takes tenacity and weeks of focused campaigning – don’t sell yourself short.