As the saying goes: Timing is everything. When it comes to crowdfunding, the first 24 hours of any campaign is not only crucial, but can be a true indication of how successful you may be in hitting your funding goal.
Before the Clock Starts Ticking
Indiegogo researched 100,000 campaigns, including those that did not meet their goals. They found that 42 percent of funds are raised in the first and last three days of a crowdfunding campaign.
On the first day, you should plan to pull in 30 percent of your goal. Of course, results may differ depending on how high your goal is set and how well you prepared. However, if you reach at least 30 percent in your first day – or even by the end of the first week – research shows you are more likely to succeed.
Because 69 to 89 percent of campaigns fail, being well-prepared before the launch is vital. Thus, before that 24-hour timer starts ticking, make sure all your ducks are in a row so you can make a great first-day push, and get people engaged and excited about your product.
If You Build it, They Will Come
Make the most of your first 24 hours by getting as many people as possible to see your campaign. To do that, you must develop your network long before you launch.
First, determine your target audience. Then, whenever possible, connect with those people. Depending on the type of product, you may want to go to conventions, speak at events, attend after-work networking parties or develop a following on Facebook or Twitter. You can also use Facebook’s advertising service to get your campaign in front of more potential backers. Remember, every successful business executive knows you’ve got to spend money to make money. This way of thinking can be beneficial to you if you develop a plan and stick to a budget.
Obtain email addresses wherever you can and begin to build a database you can use to send email blasts to during campaign milestones. This includes doing research and gathering contact names and email addresses of local media.
When you get close to launch, prepare a good mailing and a media press release. Just before your campaign begins, send this information to the many contacts you have accumulated. You might also consider spending a few dollars on a distribution service that will get your press release in front of news managers and reporters.
Since most campaigns are funded by family and friends (not strangers), Indiegogo recommends getting a good chunk of pre-campaign pledges from that network you know. Funneling that 20 to 30 percent of potential funders to your campaign on launch day will give you the metrics you need for a great first start.
Getting the Word Out
No matter what your budget, putting time and energy into social media is a no-brainer. Social media is a great way to draw attention to your brand new campaign. Reach your target audience by connecting on platforms that are most relevant to them. Consider crafting posts on Hootsuite or Buffer and scheduling them to send throughout day one. Be upbeat with your messages and be sure to tell prospective backers why their help is needed. Later in the day, be sure to thank those who contributed and remind them how long your campaign will run. Suggest they share the information with others who are interested.
Being successful in the first day really means being ready long before you launch a crowdfunding project. Having a great strategy in place weeks or months previous to that all-important launch day helps make that first 24 hours – and ultimately, the whole campaign – more successful.
For more information about how to run a successful crowdfunding campaign, tune into the Art of the Kickstart podcast, subscribe to our newsletter or get in touch. As a company who has run hundreds of campaigns and interviewed more than 150 experts, we have tons of connections in the industry to help make your project a success.