Setting An Effective Crowdfunding Goal

So you’re setting up a crowdfunding campaign and trying to figure out how much you should ask for as your Goal. So, where do you begin?

How Do You Ballpark An Effective Crowdfunding Goal?

The best way to get a ballpark figure together for your campaign known as a “Dreamscape” here at FollowFunding is to make a list of what you actually need to make your dream, cause or invention a reality.

Get out a pad of paper or open up a spreadsheet, and brainstorm out what you really need to manifest what you are dreaming into reality.

List Out What You Need

For example, if you were opening a bookstore, you would need to determine if you are renting or buying your location. You’ll also need to account for build-out, inventory, cost of help, utilities etc. Really open your mind, visualize and write down everything you’ll need in detail to make your dream possible in all it’s glory.

 Once you have this list together complete with estimated costs of each item, tally it up and then pad it 15% to account for unforeseen expenses, which always arise. This should get you a nice ballpark figure to use as your goal.

No matter what your dream cause or invention is… if you spend some time really breaking it down, you will get a deeper understanding of what’s actually needed translating into a reality based ask. This is a great exercise!

Keep Your GOAL Realistic!

Just remember to keep your goal not based in greed, but based in what you ACTUALLY need to fulfill your dream. One of the keys to getting people to donate to your cause is that they feel you’re genuine, and going to follow through with what they are helping to sponsor with their donation.

This is another reason it’s important to paint as clear a picture possible with your Dreamscape! If you break down the actual expenses and get specific on what it is you’re using their money for, this will go a long way to making them feel more comfortable donating, and in the instance of FollowFunding, linking their dream to yours.

 Remember, the more your campaign viewers can connect with your rationale, the more engagement you will get, and the more likely you are to meet your goal.

A Realistic Goal Is An Achievable Goal!

Another thing to consider is the exciting psychological phenomenon that happens as you get closer to your goal.  When people view your campaign and see that the needle is swinging in your favor and you’re making great strides toward achieving your goal, they become more likely to back you.  The reason for this is people not only want to back realistic causes, they want to align themselves with winners!

Smaller numbers equal BIGGER motivation!

With this in mind, think about how much more attainable it is to secure a very specific and realistic goal of $10,497 vs. $200,000. It takes far fewer donations to move the needle on the smaller amount helping to drive the physiological engagement resulting from that movement. 

There is every chance you could raise far more than your target, but you won’t raise anything if you don’t move the needle toward your target in the first place. Industry statistics state that those who reach 30% of their target on a crowdfunding effort go on to succeed in more than 90% of cases.

So, now that you’re armed with this knowledge it’s time to sit down and put on your thinking cap. It’s time to figure out what you really need to make your dream a reality.

In addition to this blog article, you can get some more insight into setting your crowdfunding goal by watching this video:

This video is a training for those creating Dreamscapes on the FollowFunding crowdfunding platform. If you wish to discover more details about the platform and how we can assist you in your fundraising efforts, please CLICK HERE.

Thank you so much for reading this article. I hope you found information in the post and the video useful. If so, please take a moment to post a comment below. In addition, don’t forget to subscribe so we can share even more crowdfunding tips and strategies with you.

Eric Bechtold FollowFunding Founder

FollowFunding’s Crowdfunding Blog
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