CrowdFund Beat Media, Krowdster (www.Krowdster.co) is an analytics platform used to research, optimize, and discover crowdfunding campaign metrics on projects from the top crowdfunding websites on the web including Kickstarter, Indiegogo, Tubestart, Rockethub, and Pozible. These analytics are invaluable for project creators who are interested in learning the secrets behind the success of crowdfunding campaigns within their category. Today’s blog discusses the Campaign Analytics module within the Krowdster platform.
Many new entrepreneurs interested in utilizing crowdfunding as a way to market their projects and raise capital for their companies have a very simple question they always ask and that is, “how do I get started?” With so much misinformation on the internet as to the process of how crowdfunding works, it’s easy to not know where to turn for the first step in the process. What many users of our platform come to the Campaign Analytics module for is to determine what clues previous successful and unsuccessful campaigns have left behind so that they may model their future success after creators who found success before them. Although they may have a unique idea, chances are there has been a campaign with a similar idea or message that has successfully raised crowdfunding capital before them. Thus, the first step is to model campaigns after successful crowdfunders in their campaign category.
Suppose the category of our hypothetical project creator is in Film & Video. As noted by the screen shot above, the Campaign Analytics tab of the Krowdster platform shows all Film & Video projects currently live across all platforms and the associated Success Rate of each. These analytics will help determine a couple of decision points as creator’s plan for their campaigns:
- How much competition will they be up against based on the live campaigns currently crowdfunding?
- Which platform should they choose based on the relative success rates?
The campaign analytics tab further allows creator’s to filter the campaign within a specific funding goal range and within the currency in which they will be raising funds. They may also selected individual platforms to review the analytics within instead of reviewing all of them in the aggregate to determine if certain projects perform better on specific platforms. This is all market research that they will use when they ultimately determine what platform to choose and what funding goal seems to have the highest level of success based on the campaign analytics of previously successful campaigns.
Continuing on with our Film & Video category, the next section in the Krowdster platform that is very useful is the Campaign Video section and the Word Count section. The Campaign Video section shows clear evidence that campaigns with a pitch video succeed more often than campaign videos without a pitch video. The analytics show that 70% of successful campaigns had a pitch video vs. 66% of unsuccessful campaigns that did not have a pitch video. The key point here is that project creators should have a video and it should be at a level of quality that builds credibility to their brand.
The Word Count analytics are also very interesting. Depending on which platform they choose, the analytics show the average number of words in the campaign profile description on each of the major platforms of campaigns that were successful in their fundraising efforts. Creator’s will want to ensure that they at least reach the average number of words to remain at par with previously successful campaigns.
Images in Campaign Description and Campaign Duration are other key metrics that are useful when determining how to implement successful campaign strategies. Images in Campaign Description shows that images do indeed seem to keep the attention of project supporters and creator’s will want to keep par with the average number of images that are customary for campaigns on the selected platform of choice. Note: Do not include images just for the sake of including images. They must be relevant to the crowdfunding campaign effort and theme.
Campaign duration is something that is also very important. Most platforms allow between 30 to 60 days for a campaign to run. As noted above, the majority of platforms average close to 30 days in duration which seems to be the most effective length. Because encouraging early supporters to contribute as early as possible to campaigns to gain traction is so critical, the shorter duration campaigns tend to communicate the urgency better when they have a shorter window of opportunity to collect their funds from their supporters.
Campaign Updates and Supporters help you determine how frequently creators should communicate with their campaign backers as well as determine the average number of supporters needed for successful campaigns that reached their funding goals. Campaign updates are critical during and after the launch of your campaign. By comparing the average number of communications that successful projects have given, we are able to determine the right amount of updates to give to supporters to keep them engaged. Campaign supporters have a vested interest in seeing Campaign Creators succeed and the campaign updates are a critical way successful projects turn their early supporters into brand ambassadors.
It is important to know the average number of supporters that a given platform delivers as this can be a barometer as to what the average donation amount may have to be in order to successful fund a crowdfunding project. These analytics help campaigners determine what the best funding platform will be based on their funding goals and how many supporters will be needed to reach out to in order to successfully fund their project on that platform.
To summarize the learnings that are available through the Campaign Analytics module of the Krowdster Platform:
- Both success and failure leaves clues. Model campaigns after the successful campaigns and avoid the failures of unsuccessful campaigns as a starting point.
- Determine what platform to should use by assessing how crowded each campaign category is, what the relative success rates are in each category per platform, and further analyze the campaign analytics based on the funding goal range the project lands between.
- Ensure the campaign has a Video of good quality to increase the chance of success.
- Ensure the average word count in your campaign profile of previously successful campaigns is met.
- The old mantra, “a picture is worth a thousand words” holds true in crowdfunding campaign profiles. Meet the average image count based on the platform selected.
- The average duration of successful campaigns seems to be closer to 30 days.
- Ensure you update supporters early and as often as the average campaign update count suggests on the platform selected. Turn supporters into brand ambassadors.
- The average number of supporters to reach a successful campaign’s funding goal is used to determine how large of a network is needed to reach the funding goal. It will also allow you to determine your average reward price that you will need to sell (Funding Goal divided by Average Supporters per platform).
Crowdfunding is all about preparation and chances are if you are reading this blog post and using Krowdster for your early research for your own campaign, you are already within the elite of the crowdfunding movement who understands that although magic does happen in crowdfunding, it is almost usually never on accident. Stay tuned next week as we go through the next module.
Learn more and get started at www.Krowdster.co