The general rule of thumb may be “slow and steady wins the race”, but that couldn’t be farther from the truth when applying that methodology to crowdfunding. You need to come out of the gates BLAZING and keep your momentum going for the first few weeks. Once you press the “publish” button on your campaign… the race has begun. Statistics have shown that a project has an 80% chance of successfully reaching its funding goal once a campaign raises over 20% of the initial funding. The faster the momentum is gained, the better.
What do those statistics really mean?
They mean… during your first week or two, you need to raise at least 20% of your goal amount if you want a better chance of reaching your overall goal. For instance, if your goal is to raise $10,000, you would want to raise $2,000 within the first week, to give you the higher probability of reaching your $10,000 goal.
That doesn’t mean that you will NOT hit your goal if you have a slow start… just statistically speaking, you need to start off great!
Why does Momentum Matter?
It matters because people watch what other people do. Once you get your first backer, others will follow suit. It’s using your “friend of a friend” network to engage others. While you may not know these other people intimately, the recommendation through a friend is part of the momentum that starts and effects change.
Momentum Validates Your Campaign
When people are viewing campaigns and see one sitting there with NO activity… they are probably going to just keep looking. Creating momentum taps into the validating assurance that many people need before a decision is made. They feel that if others have “backed” a campaign, it must be worth it, and in turn, they back it. It’s as if people are giving the “OK” to everyone else, “This is an important and worthy project… come on and donate”.
Popular is Popular
There’s a song playing on the radio, “… I wish that I could be like the cool kids”. Maybe you don’t want to be a “cool kid”, but you do want to know what’s current and relevant. The more people that contribute to your campaign, the more likely other people will notice and also contribute. The more popular something is, the more popular it becomes. It’s an amazing snowball effect that you definitely want to take advantage of.
OK… you’ve convinced me. Now, how exactly do I make this momentum thing work?
Momentum can start even BEFORE you actually start your fundraising campaign. Start talking with friends and family about your campaign and sell them on your cause.
Ask for backers and shares. Now is NOT the time to be shy and docile. You had passion for something… that’s why you chose to start a crowdfunding campaign. Use that same passion to ask people to back your cause. Not only do you need backers… but, you need people to share your campaign (remember… that friend of a friend scenario?).
Keep talking, keep posting, keep updating. Everything you talk about should be about this campaign… mention it in every conversation. Don’t just post it once on twitter. Post it multiple times a day. Post it on every single social media channel you’re connected with… and then, post it a few more times that day. Keep your campaign page updated. Once someone backs your campaign, they’ll get a notification email every time you post an update. This becomes a reminder to your backers about you and your campaign and keeps them apprised of its’ progress and how close you are to reaching your goal.
Reach out for help. If you feel like your campaign is getting off to a slow start, we have Mountain Mentors on staff to help guide you. Don’t be afraid to ask for help.