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Indiegogo Insight: Setting a Higher Goal Doesn’t Always Mean More Money

Indiegogo Insight: Setting a Higher Goal Doesn’t Always Mean More Money

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Published by Crowdsourcing.org

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Published by: Crowdsourcing.org on Jun 16, 2012
Copyright:Attribution Non-commercial

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05/13/2014

 
Indiegogo Insight: Setting a Higher GoalDoe
sn’t Always Mean More Money
 
June 15, 2012 | Nic  Campaigns that set their goal to be between $50,000
 – 
$75,000 raisemore money on average than campaigns that set their goal to be$100,000.This happens for two key reasons:First, a lot of evidence shows keeping campaign momentum up is a highdriver for success:85% of campaigns that reach their goal receive their firstcontribution on the first day of their campaign.  The probability a campaign will reach its goal quadruples once itreaches 10% of its goal.  Campaigns that reach their goal usually raise 1/3 of their goal inthe first quarter of their fundraising deadline.  Setting what seems like a reasonable goal and reaching it at an excitingrate can be more psychologically invigorating to your fans, friends, andfollowers. Having too high of a goal slows this down, often at the
campaign’s misfortune. Raising $20,000 in one week when your goal is
$50,000 is exciting- raising $20,000 in one week when your goal is$150,000 is much less so.
 
 
 
The second reason is that 87% of campaigns that reach their goal exceedit, and 45% exceed it by more than 10%. On average, they exceed theirgoal by 31%.The closer you are to your goal the more credibility your campaign has. People who might not have been inclined to participateearly on, might feel compelled to contribute when you are closer to yourgoal, or even after you have exceeded it. Telling people what you planon doing with the additional funds after you reach your goal can directand justify these post-goal contributions.The
 began trying to raise $10,000 tocreate a humble starter set for a miniature war game. As they quicklyapproached and exceeded their goal, they added extra perks and bonusesfor their funders.

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