If you’ve decided to start a crowdfunding campaign, it’s probably for an idea that you’ve been thinking about for awhile. You’re ready to take charge and turn your dream into a reality. Crowdfunding is an excellent option for anyone to fund what matters to them, whether it’s a band’s latest album, short film, hot new gadget, college tuition, medical expenses… the list goes on and on. We want every campaigner to be set up for success, so we took a look at the numbers and statistics behind 100,000 Indiegogo campaigns* to see what’s working and what’s not. Here are 7 key stats about crowdfunding that every campaigner should know.
1. 30 day campaigns work best
Setting a reasonable and realistic amount of time for your campaign to run is crucial for your success. You want to make sure you give yourself and your community ample time to rally behind the cause to reach your goal. Of all the campaigns we looked at that met their goals, nearly a third of them (30.5%) ran a campaign between 30 to 39 days long. Consider how long you can commit to being engaged with your campaign as well as your community. You’ll want to be able to build interest, maintain momentum and keep your audience engaged. If you find that 30 days is not enough, you can extend your campaign to 60 days. Keep in mind that this option is more like running two 30 day campaigns rather than one 60 day campaign. This sort of timeframe might work best for you in terms of marketing and resources.
2. Keep your campaign page updated
One of the most important crowdfunding tips we share over and over is to keep updating your campaign page after the launch. No matter what type of project you have, you want to keep your backers in the loop about any progress you’ve made, whether it’s hitting 30% of your goal, press mentions or new perks you decided to add. Updates to your campaign are emailed to anyone who contributes, therefore they are the most direct way to engage with contributors post-launch. On average, successful campaigns post at least 4 campaign updates. Having an updated campaign page is the best way to communicate with your backers, informing them of anything new or exciting and making them feel involved with your campaign through the whole process. For example, you might profile some of your team members, give your fans a behind-the-scenes look at what you’re up to or share campaign milestones.
3. Start strong, finish strong
One strong trend we found when analyzing these 100,000 campaigns (not just ones that met their goals) is that 42% of funds are raised in the first and last 3 days of the campaign’s duration. You should take this into consideration when planning your overall crowdfunding marketing strategy – be prepared to start strong at launch, plan a mid-campaign strategy to maintain momentum and increase exposure and ramp up your efforts at the end of the campaign to finish strong.
4. Add new perks after launch
Perks are a great way to incentivize people to contribute to your campaign. There’s an endless number of different perks you can offer, but no matter what you decide to include, one helpful stat is that on average, successful campaigns add 12 new perks after launch. These successful campaigners offered their strongest perks and listened to their audiences to release new perks tailored specifically to the community’s wants and needs. For example, Plexidrone continued to add accessories and add-ons based on their product and customer feedback. They added the PlexiPack Mini Backpack based on consumer feedback, as well as battery packs, propellers, chargers and other great accessories. Engaging with your audience via campaign comments and social media is a great way to determine what people really want. Adding new perks after you’ve already launched is the best way to accommodate your community, enhance your existing perks and entice new audiences to contribute to your campaign. Keep in mind that some types of campaigns will have more options to offer than others in terms of new perks.
5. Work with a team
The whole concept of crowdfunding is based on involving the crowd, so it makes sense that campaigners who work in teams raise over 3 times as many funds than campaigners that choose to work solo. Running a crowdfunding project takes a lot of time and effort, so having teammates there to support you and divvy up the work will lighten the load. You’ll also have the chance to multiply your network once you combine all the networks of each individual team member. Plus, different people have different perspectives and ideas, so working in a team will help you develop your idea and turn it into the best it can be.
6. Include a pitch video
Videos are some of the most popular form of content on the internet today. They’re an effective and engaging way of communicating with your audience, and you can get as creative as you want. Campaigns with a pitch video raise 4 times more funds than campaigns without one, so it’s clear that the crowdfunding community enjoys videos. Not only can you educate potential contributors on what your product, film or concept is all about, but you can establish a more personal connection with them. Updating your community with videos is also a great way to continue engaging with them after launch. Make sure you make a great pitch video with these 6 tips. Pro tip: Uploading your video directly onto Facebook will help it reach more people organically and drive awareness about your campaign!
7. Maximize your global reach
Indiegogo is a global platform, reaching 224 countries and territories worldwide. No matter where you are based, remember that crowdfunding gives you the ability to reach complete strangers around the globe. When planning your marketing strategy, think about different time zones and how to target specific countries that would be interested in your campaign. The top 5 contributing countries for these 100k campaigns are the United States, Canada, United Kingdom, Australia and Germany.
Starting a crowdfunding project for your idea is a huge step, and we want to ensure all of our campaigners have the tools necessary to be successful. These 7 stats show that choosing an appropriate campaign duration and keeping your community updated are two simple ways to maximize your campaign. Planning an effective overall marketing strategy to address before, during and after your launch is crucial to your success, and continuing to add new perks after launch based on audience feedback will keep your campaign fresh and engaging. Consider working with a team to amplify your efforts – having teammates will also come in handy when filming your pitch video. Finally, don’t forget that crowdfunding enables you to reach the entire world.
Ready to start your successful crowdfunding campaign? Download the free Indiegogo field guide to learn everything you need to know.
* excludes Greek Bailout and Ubuntu Edge campaigns
I have no plans to use crowd funding as a career, I simply need to get a decent working capital to start a company that will help people who live with chronic pain! IF I find that the company needs a boost to help it expand, I may consider trying again. Right now, I have to confess that the more I read and try to learn, the more beyond my reach it seems! My head is crowded with stats and graphs that mean nothing to me, but I DO see the value of putting them on my campaign since obviously other people find them reassuring. I just need a crowd funding for dummies I suppose. The reason for crowd funding is our lack of finances! If I HAD the money to pay photographers, and people to make me professional videos, I woudn’t NEED to start a campaign! I’m a one woman show here with a limited budget. I supposeI can only do the best I can, and look for other people starting out to help me.
Hi guys I’m running a campaign now on Indiegogo… ZERO DEGREE: Aromatic Herbal Inhaler
i wish we had singapore in the list!
Can’t believe you left out New Zealand which has of the most dynamic and constructively regulated crowdfunding sectors in the world, attracting many startups and interest from Silicon Valley thought leaders
@ Bill , how about funded today too… Marketing cost with these agencies seems higher based on reports what I read though am yet to be in touch with any in deep , blak box ?? Never heard …let me research a bit…
Bring Nomadic families’ new lives! Donate 1$ and make it difference! Already spend?? Come on!!
“No one has ever become poor by giving.” Or you also can share this campaign it’s more than 1$ “Help Mongolian Nomad families who lost animal in cold winter. Restart up or Recover” is a very fruitful campaign for societal and economic growth, and once it is funded, it will be self-financing in the future and reach more nomads in need in the long run. Let’s spend our weekend do something for someone who need help!!
Here is our link : https://igg.me/at/sustainablenomads/x/
Would be useful to see the contribution by country per capita to make it more fair against smaller regions.
Is there any chance to get help from you? https://igg.me/at/flexibe/x/9422153 Even sharing will help. Thank you
Are there any digital marketing firms that are recommended to onboard to run a crowdfunding campaign?
Very helpful as I’m in preparation for my new business launch good stuff… Thanks.
Thanks for this post. http://www.igg.me/at/xkuty 🙂
Thank you for the tips!
Indiegogo is doing a great job of educating and connecting with crowdfunders! Thank you.
Bottom line here is launch only when you’re confident you have your funders ready to go to hit the 10-15% funded mark in a day or two. If not, you aren’t ready!! Plan, prepare, and connect!
Thanks…great and Very informative
Would someone very familar with how a campaign works with experence please touch base
with me… firstname.lastname@example.org….att….Bob
One thing I suspect is that having a successful campaign is not only planned but is often perdetermined to be successful or not. If you have a great existing following or access to a large like minded database or social group you can influnce a small percentage to give. Also having prearrangments to give from certain sponsors world be the other main part.
Even really worthwild ideas often don’t make it simply due to not having these two predetermined factors.
So the question is how do you form these relationships as mentioned above in addition to other ways of followers if you do not have it yourself already?
Not at all useless as an aggregate. It does however, mirror the same stats from Kickstater. A better stat would be time, day, month to start/end campaigns and/or what the traffic patterns are for the crowdfunding site.
Refreshing to see some Indiegogo stats, thanks for that. 🙂
How about the rest of the stats on those 100K campaigns – How many met their goal, how many didn’t? When were these 100K and how and why were these ones picked to analyze? No offence but without that information, these are just a nice sunny sales picture for indiegoggo, and are, well… useless.
Great Article, thanks for sharing Indiegogo. Please share more stats in the future. http://www.gumroad.com/l/crowdfundingseminar
Thanks for the useful insights into the make up of successful campaigns on Indiegogo. Makes for a win-win relationship. Keep these insights coming.
A very imformative article so thank you!