The objective and duration in crowdfunding rule is perhaps one of the most debated topics. It might be tempting to be very ambitious in your campaign objective or to be tempted to extend the campaign for a long time. Let’s see why this is not a good idea.
[This is one of the 20 golden rules of crowdfunding.]
What’s the rule of the objective and duration based on?
The rule of the objective and duration of a campaign is based on two principles that underpin the viability of a crowdfunding campaign.
About the objective
The bigger the financial objective of a campaign, the more difficult it will be to reach the rule of 30-90-100. In a similar manner, the rule of the power of 100 makes us conclude that the lower the objective, the higher (and earlier) the chances to see a campaign’s funding rate increased significantly.
In this, and many other aspects of crowdfunding, less is more – in general, the lower the objective, the greater the fundraising capacity of the campaign Don’t go lower than you can afford though! Calculating your costs accurately (and with a margin of safety) is crucial here.
About the duration
Running a crowdfunding campaign is a very tiring affair. Updates, replies on the platform’s forum, communicating in social media, marketing actions…
On top of that, as we discussed in the U-rule of crowdfunding article, we know that strongest days in terms of pledges are the first days (due to the novelty effect and your community rallying up to help you) and the last ones (due to fear of missing out).
Keys to meet the golden rule of objective and duration in crowdfunding
- With the lowest feasible financial objective.
- With a duration between 30 and 40 days.
- Be like Ludwig Mies van der Rohe: less is more.
Wrapping it up
The rule of the objective and duration encourages us to be minimal with our financial target and how long we accept pledges in our project. If you need help on this or any other part of your crowdfunding campaign strategy, do not hesitate to contact me.