Friday, February 27, 2015

Combatting the Mid-Campaign Slump

(I have been writing about what I call "Entrepreneurial Intelligence" (or ENTINT for those who like acronyms...) on and off for a couple of years now.  Part of what I am coming to realize is that everything I do in support of entrepreneurial crowdfunding efforts through Mercyhurst's Quickstarter Project is really just intel.  The "best practices" report below, put together by my Research Assistant, McKenzie Rowland, and focused on dealing with the dreaded mid-campaign slump, is a good example)

When running a crowdfunding campaign, it is common to notice a dip in the activity in the middle of the campaign.  It is so common, in fact, that it has  a name - 'the mid-campaign slump".  

Fortunately, there are a number of tactics that you can apply to overcome this slump and keep your campaign running at a more even pace.  The table below is a ranking of what techniques the majority of crowdfunding advice-givers have found to be the most instrumental in campaign success (It's a big table so be sure to scroll right to see all the columns!).

Overall, the most common approaches are ones designed to make backers feel valued throughout the campaign.  By sending personal messages or emails and keeping them frequently updated with photos and posts, you’re showing them that you value their contribution and that their donation matters.  

Incentives also appear to be a common way to bring in more contributors and funds, and can boost donations when campaign activity is low.  This may encourage current backers to bring in others to the campaign, so it is likely important to tailor your incentives to the core value proposition of the project in order to bring in the most donors possible.  

These efforts can be time-consuming, however, and may result in greater costs to the campaign so it is important to make some estimate, in advance, of the cost (in terms of both time and money) to benefit ratio before pursuing any of them.