Determining the optimal timing for launching a crowdfunding campaign, considering factors that maximize success and effectiveness.
With our extensive experience managing numerous Kickstarter and Indiegogo projects, we have gained valuable insights into launching successful campaigns. One common query we encounter is, "When is the optimal time to initiate a crowdfunding project?" Although this question carries various considerations, we have crafted this comprehensive guide to assist you in determining the most opportune moment to press that crucial "launch" button.
After successfully launching hundreds of new products, we've come to understand that there is no universal answer to the question of choosing a launch date. Nevertheless, we have developed a proven crowdfunding process to assist creators in developing effective campaigns and achieving their Kickstarter and Indiegogo goals.
Several factors should be considered when determining your launch date, as they significantly influence the success of your campaign:
When brainstorming your strategy, keep the following aspects in mind: product development timeline (prototypes and finished products), seasonal qualities of your product, availability of your team, desired marketing strategy, and preparation time required for the campaign. Once these details are figured out, you can determine the most suitable launch date.
Here are some top tips for selecting the ideal launch date for your crowdfunding project:
When deciding on the launch date, it's essential to consider the seasonality of your product. For instance, if you're launching a line of swimsuits, it's better to launch closer to the warmer months rather than in the fall or winter when your audience needs to consider summer plans. The same principle applies to products designed for colder weather or other seasonal events.
If your product is seasonal, then it’s usually best to campaign while it’s most in-season. To raise funds for a warm winter coat, you should probably campaign during October rather than April, even though you won’t deliver your final product until much later. Coolest Cooler, for example, initially launched in mid-winter to fail terribly, but finally re-launched as summer began to succeed wildly—and, although seasonality was not the only factor in its success, timing definitely played a significant role. If you’re unsure when people are likeliest to shop for your product, then Google Trends may help.
If your product is not seasonal, then it’s usually best to campaign as soon as your team is ready. Procrastination may allow competitors to run similar campaigns first, and being first-to-market is a great advantage, including in crowdfunding. If you enter the market later, you may need to work harder to prove that your product is better, and you still might not raise nearly as much.
While there is no magical date or time to launch a campaign, weekdays are more successful. Specifically, launching on Mondays or Tuesdays has yielded favorable results, with Tuesdays being the most successful day. Additionally, launching your campaign at 10 or 11 a.m. EST has proven to be ideal for crowdfunding campaigns. But those conclusions aren’t perfectly consistent with each other, and the statistical differences don’t appear to be very significant.
We suggest running crowdfunding campaigns for a duration of approximately 30-45 days. Campaigns that are too long may lose the sense of urgency needed to encourage pledges, while campaigns that are too short may not provide more time to engage with backers. Our experience has shown that the 30-45 days strike the right balance. Once you have launched your campaign, it's important to note that you generally cannot modify its start and end dates. However, there is an exception on Indiegogo. They allow you to extend your campaign's duration once, up to 60 days, before its original end date. This extension provides an opportunity to engage new backers without sacrificing the essential sense of urgency, making it an option worth considering.
As mentioned earlier, investing effort in pre-campaign work significantly increases your chances of success, regardless of the launch date. Pre-campaign efforts allow you to establish your product or idea, generate interest, gather feedback, and build momentum before the official launch. The more work you put into the pre-launch phase, the greater the payoff when you finally press the launch button. Plan your pre-launch phase, considering its impact on your campaign, marketing team, and overall strategy.
Create a publication calendar, have all your promotional materials ready, and meet all the conditions of the crowdfunding platform before the actual launch. Keep a checklist and stay engaged with your audience during the campaign launch.
Lastly, don’t forget to learn from other similar campaigns. The stronger your research, the better your plan, and the higher your chances of succeeding with your campaign goals.
Want to increase your chances of crowdfunding success? Take the time to evaluate all these factors and strategically plan your campaign. With a solid plan, you can definitely achieve your goals!
