Crowdfunding by the Numbers
Being privy to past data on crowdfunding is essential to ensure a successful campaign. Successful campaigns have shown that:
On average, a successful crowdfunding campaign raises about $28,256. Unsuccessful campaigns barely managed to raise a sum of $824. Most of the campaigns usually fail, and the average amount raised is exceedingly low.
About 22.4% of crowdfunding campaigns embarked upon are successful, which is not even up to a quarter of the number of campaigns established in a year.
Use an attractive video advertisement technique. Stats have shown that crowdfunding advertisements with video raised about 105% more funds than those without it, and had more customers signing up to partake in the project. It is imperative to use the best advertisement technique, and video making is one of them.
Fundraisers who consistently kept communicating with their followers and prospective customers raised 126% more funds than their counterparts who didn't. Providing specific personal details also helps attract more investors, as this will draw them closer to you.
A typical crowdfunding project can run for a stipulated nine weeks on average. It was reported on startups.com that a successful crowdfunding project website has an average word count of about 300-500. Stats have shown that people between 24 and 35 years of age are more likely to participate in a crowdfunding campaign.
In June 2020, there were about 2108 active crowdfunding projects in 74 countries of the world, as reported by the crowdfunding center.
As highlighted above, crowdfunding is a viable financial option that can be adopted by an individual or a company to raise funds for a business project through donations and investments, by individuals or groups such as friends, family, relatives, strangers, investors and businesses.