Indiegogo published a blog post in October 2015 that shares 7 statistics from 100,000 Indiegogo campaigns. This information is valuable for anyone thinking of launching a crowdfunding campaign on Indiegogo, by helping creators plan for success ahead of time.
Big data and insights into the crowdfunding world have become invaluable for those who are interested in the industry or preparing to launch a crowdfunding campaign.
Crowdfunding platforms (along with independent companies) have noticed the value of statistics and have made it a part of their mission to make current information on crowdfunding campaigns available to the public.
Here is a brief summary and analysis of some of the main points that Indiegogo highlighted from their study:
1. Optimal Campaign Length
Supporting previous research on crowdfunded projects, Indiegogo campaigns that run for 30-39 days have the highest success rate (30.5%). Campaigns that run for 60+ days have the second highest success rate (21%) and campaigns that run for 0-9 days are the least successful (3.2%).
A campaign length of approximately 30 days is recommended because it forces creators to work hard to reach their funding goal in a relatively short time period. Giving yourself almost two months to reach your funding goal can encourage procrastination (although campaigns with 60+ days have a lot of time to catch the attention of the media and bloggers), and very short campaigns barely stand a chance.
2. Campaign Updates
Indiegogo found that on average, creators of successful campaigns on their platform post at least 4 campaign updates over the project’s duration.
Posting engaging updates keeps your campaign on the minds of backers who want to see your project succeed. Updates can encourage people to share your project on social media and attract more views. For more information on how to post campaign updates like a pro, check out this post.
3. Maintaining Momentum
The Indiegogo team points out that:
“On average, campaigns raise 42% of funds in the first and last three days of the campaign’s duration. Don’t forget to plan your mid-campaign strategy!”
In the first few days your campaign might get a lot of attention, but in most cases that won’t be enough to reach your goal. And after that? Don’t wait until your campaign is almost over to promote your project like crazy. Set up guest posts on blogs, come up with a fun social media strategy, or do whatever it takes to keep people coming to your project throughout your campaign rather than just at the beginning or close to the end.
4. Offering Great Perks
One of the findings of this study that surprised me the most was that on average, successful campaigns on Indiegogo add 12 new perks after launching. I didn’t know adding new perks was all that common, but the logic behind it makes sense.
Creators who add new perks after launching are generally more responsive to feedback from early backers. Whether its noticing what perks are performing best early on or taking suggestions on how existing perks can be improved, creators who are flexible enough to make these kinds of changes benefit from doing so in the long run.
5. Working Alone vs With a Team
Teams on Indiegogo raise three times more on average than campaigns run by just one person. One of the main reasons behind this statistic is that different team members bring their own unique strengths and experiences to a project, increasing backer’s expectations for successful completion.
If there is only one person behind a campaign, the perception may be that one person cannot handle all of the different elements of a crowdfunding campaign alone or that they might be easily overwhelmed if too many problems come along.
6. Pitch Video
On average, Indiegogo campaigns with a pitch video raise four times more than campaigns with no video. Taking the time to put together a great video for your crowdfunding campaign is an essential way that you can explain the benefits of your project and convince viewers that you are worth supporting.
7. Going Global
Indiegogo encourages creators to think globally when promoting their campaigns, sharing that the top 5 contributing countries (in order) are: 1. The United States, 2. Canada, 3. The United Kingdom, 4. Australia and 5. Germany.
While international orders can sometimes pose an issue for creators when it comes to customs and shipping, promoting your campaign in other countries can also expose your project to millions of other active backers and bring in more pledges.
Conclusion
Learning from what successful and unsuccessful creators have done in the past can help you improve your crowdfunding campaign and strategy before launch, putting you ahead of others who might not be aware of this information.
