It’s no wonder that crowdfunding attracts the attention of many startups, as today it is the most powerful platform for launching projects that need support and financing. It sounds simple: you have an idea, you post it to the platform, start promoting your project to attract sponsors and collect money. But it’s not that simple! To successfully launch your crowdfunding campaign, you should consider an insane number of details. For example, the day of the week and the start time play a crucial role. Why are these things important? Let’s take a look.
What’s the best time to launch your project?
Choosing the right time will make it much easier to promote your project, allowing you to avoid seasonal risks and various difficulties related to crowdfunding platforms. For instance, your starting time will highly depend on the type and nature of your project. If you’re developing a design project, you should carefully work through all your stages of development before launching. This condition should also be considered when choosing the right time to start.
According to statistics and analysis of the most successful crowdfunding projects, August is the best month to launch your campaign. Although this month is the most ‘relaxed’ as it coincides with the end of the summer and vacations, August is also the month when most investments are raised.
In terms of days of the week, weekdays are better than weekends for launching your project. On weekdays, people are more likely to browse crowdfunding platforms and consider business-related tasks. During the weekend, many people prefer to stay offline. The middle of the week, or Wednesday, is the best time. This day is the peak of work and financial activity. Many projects launch on Tuesday and end on Thursday – an excellent, universal choice!
Experts have learned that the best time for financial operations and donations is between 13:00 and 14:00, New York time. You can also conduct your operations at any time during the work day – the level of efficiency barely varies depending on the time.
What is the ideal project duration?
When it comes to the right project duration (long-term or short-term), opinions vary. It’s not right to think that projects with a longer duration will necessarily attract greater investments. This just means more money and opportunities to try different methods of attracting investments and getting more people to engage with your idea. But if you decide on your marketing instruments in advance and select the most targeted once, then your short-term project will be more effective. Both durations have their advantages and disadvantages.
To achieve crowdfunding success, you should consider many factors, including the psychology of product development, project planning, trends in the development of society, of the market, and so on. All these factors are truly difficult to control at once, especially for a long-term project.
Experience and statistics do not recommend long-term campaigns. Short terms motivate project creators to undertake intense actions during the campaign: deadlines can be really motivating, so you’re more likely to make an effort. All or nothing, as they say. Short-term projects also feel more urgent for sponsors, motivating them to make a quick decision instead of taking their time. This approach is especially effective with millennial investors (ages 25-40), who are more likely to make impulsive decisions.
Short-term projects also offer the following benefits:
- emphasis on project promotion, maximum productivity;
- reduced stress levels. Long-term campaigns can take their emotional toll on all project team members, which will affect your team’s productivity when it’s time to start production and implementation of your idea;
- greater control over all processes due to limited scope.
What else should you know before launching your project?
- While planning your project, make sure to budget for weekends and holidays – investors and customers are least active during these days.
- Ensure that your team will be available for contact for the entire duration of the campaign, especially during its last days (all team members must work together to promote the project in that final stretch).
- Track statistics and data during the campaign. In other words, keep your finger on the pulse. You might notice that some days bring more donations than others. Try to understand the reasons for these fluctuations and take advantage of them.
- Don’t rush to launch your project earlier than initially planned. Don’t put your campaign at risk and don’t make any unplanned decisions. It’s better to be late than early.
- If demand for your product is seasonal, launch it at the right time of the year. No one will buy skis in the middle of the summer, right?
- The optimal duration of a single campaign is 30-40 days. Longer campaigns usually fail to justify your efforts and do not reach the expected level of success.
- It’s better to launch your project after getting feedback on it from several experts.
- Project creation is a collaborative act which should undergo regular adjustments. Ask users to leave regular reviews and feedback before launching your project.
- Prepare your budget in advance. Many people think that crowdfunding is a nearly free method of introducing a product into the market, but anything can happen during this process. Create a safety net by planning a budget for potential expenses (video presentations, product design, page design, advertising, and so on).
Experience shows that launching a crowdfunding campaign requires a comprehensive approach. Calculate your approximate expenses, define your target audience, work out all your risks and potential opportunities, then choose the perfect time to launch – and go for it!