Experience has taught us that we should set realistic goals in order to maximize our odds of success, when it comes to rolling out crowdfunding campaigns. This doesn’t mean that you are not allowed to dream big. It means that you should take baby steps to avoid failure. Fortunately, some of those entrepreneurs who are very cautious and decide to pursue modest goals get their fair share of fortune and fame.
The best part is that the most ingenious, creative products surpass their initial fundraising targets and fill their developers’ pockets in no time. Therefore the question is this: what happens if your project gets overfunded? Do you just thank your contributors and leave the scene or do you try to raise more money, by setting new bold objectives? Keep reading to find out.
Setting appropriate “Stretch” Goals
Kickstarter has launched a new concept, designed to help the winning participants raise even more capital. Those who manage to surpass their initial fundraising objective are given the opportunity to set so-called “stretch goals”. The great news is that creative minds behind this initiative get to keep their collected funds even if they fail to meet the new stretch goals, as long as the initial funding target has been reached on Kickstarter.
OK, so how do you actually set attainable stretch goals? Here’s the simplest answer to this question: by evaluating the complexity of your project and your communication skills. First of all, you should know that stretch goals inevitably raise the complexity of your crowdfunded project.
While it is definitely tempting to come up with bigger goals, this action would inevitably give you a new list of difficult, time and energy-consuming responsibilities that could also overbalance your budget: like creating and shipping new rewards, improving the existing ones and so on.
Excellent Communication Skills: a Mandatory Requirement
Undoubtedly, those who plan to set and attain additional fundraising goals should display impeccable communication skills. In other words, they should know exactly which buttons to push to stimulate the generosity of their supporters. Furthermore, they should be able to explain what they plan to do with the extra amount of money.
By the way, in most cases, there is no supplementary amount of cash. Why? Simply because entrepreneurs can’t predict the costs associated with the new rewards promised to their enthusiastic backers. For instance, those new songs added on your album, those jaw-dropping extra features added to your revolutionary gadget can generate more expenses than you’re actually able to handle.
If you don’t know how to launch and monitor your online fundraising campaign, let an expert lift this weight off your shoulders. Rely on L&C Media Buzz, your one and only crowdfunding promotion and consulting specialist, to raise money for your latest creative idea in record time.
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