Setting Your Goals: How Much You Want Vs. How Much You Need
Kickstarter projects often fall under 2 categories—
If the project funds, the creator will then bring to life the idea specified in the project.
If the project does NOT fund, the creator will make the thing anyways.
For example, a band runs a Kickstarter project to make a new album. While Kickstarter is an all-or-nothing platform, said band will STILL likely make an album, even if their Kickstarter were to not fund.
If you’re in that boat where, you’ll still plan to make your creative endeavor regardless of your project funding or not, we recommend a strategy of “raise as much as you can while the project is live.” Most people using the platform do think of it this way, although many make the mistake of setting the goal number too high, believing this supports the ‘make as much as you can’ route.
The goal number you choose should be influenced by more than how much you want. Because it is an all or nothing platform, it’s risky to put a number that’s too high.
When determining your baseline goal, you must look at the resources you have in terms of your audience and ad budget.
Ask Yourself:
How active is my audience right now?
How active could they be by the time I start the campaign?
What is my ad budget that I can use to expand that reach.
These are huge factors in setting your goal(s), plus you have to take into consideration the viewers’ PERCEPTION of your goals as well. Set them unrealistically high and it could result in LESS backers supporting your project because they think you’ll never make it!
Frequently Asked Goal Questions
How are these creators out there making millions on their tech campaigns? Lots and lots of ad money and often they’re selling a product that will make life easier.
What are stretch goals? In terms of Kickstarter projects, there is technically only one goal number you can set before launching your project. However, through graphics and text you can communicate “stretch” goals, which are goals beyond your initial goal where more things can come to life (aka at $10,000 I can launch my mobile pet grooming business, but if we can get to $25,000 the truck will be painted bright red).
Can I change my goal number? You can not change your goal number once the project is launched/live. There are some things you can change once your project is live (for example, you can change your video and stuff on the story page, but not the goal number and not rewards levels that have been back to name a few).
Can you hide your goal number? You cannot hide the goal number or total amount raised on Kickstarter.