How to set an achievable crowdfunding goal

February 2020

If you don't set your crowdfunding goal correctly, it can really make running your campaign a lot harder.

If you set it too low, then you might not be able to afford to complete your project.

If you set your crowdfunding  goal too high, then it may put people off pledging at all, as they could think their small donation will not make any difference.

If you haven't crowdfunded before, then set a low goal of around £1000 to see if you can do it. Then once you have succeeded, you can try again with a much more ambitious target.

This is a very good article about setting the right target

"Between 69-89 percent of campaigns do not reach their target goals."

"If you set a high goal and have only raised a small amount of money, donors are often less likely to jump on board, even if they like your project. They may reason that your goal is unattainable, and that their small contribution is unlikely to help the project succeed."

"Seeing a lower, more attainable goal may encourage potential donors to contribute to your campaign."

"The more money you raise on the day you launch, the more successful your project is likely to be."

"Your goal should be the least amount of money necessary to fulfill your project."

One thing you can do is to break your goal in to stages.

So you could set a low goal (eg £2,000), then when you meet that, double it (to £4,000) and relaunch your marketing.

Then when you meet that you can set an even higher goal and relaunch. And so on.

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