Every crowdfunder hopes to reach their goal, — and even surpass it by 1000% like some popular campaigns have done — but it doesn’t just magically happen.
If you follow our Woodshed Agency system, there is a good possibility that you will reach your goal in the first day or two and be ready to start overfunding.
So you need to be prepared and know what the next steps will be. How will you continue the effort so you can maximize your funding?
If you believe in your campaign and your cause, you should believe that it can overfund quickly. If that is the case, you have to act quickly to make the most out of your popularity and harness the momentum.
This is where stretch goals come in. After you’ve reached your goal, you begin the next phase of your campaign: stretch goals and stretch rewards.
At this stage you can introduce new goals to entice more backers to jump on the train, and this can bring you to heights you never thought possible.
Be prepared to not only increase the amount of rewards you have already given, but introduce a whole new set with new goals to keep the momentum going.
Why Are Stretch Goals Important?
Stretch goals are important for 2 reasons:
- To explain why backers should invest more money since you’ve already raised the funding you said you need — in other words, to explain why they should invest more in your campaign; and
- To motivate current backers to increase their pledges and get new people excited to become backers.
Example: Fiction Unboxed
Fiction Unboxed is a campaign which ended last year that had a funding goal of $19,000. That goal was met in just 11 hours. The campaigned raised $67,535.
You can see that this campaign published a list of stretch goals in the middle of their page that are different than the original goals they started with. These stretch goals and rewards are why they raised 355% of their original goal.
You can see how the stretch goals and rewards inspired backers by reading through some of the backer comments.
Example: LIX – The Smallest 3D Printing Pen in the World
Another example is LIX, the world’s smallest 3d pen, which also introduced stretch goals to continue their momentum. They would have overfunded without the stretch goals, but the momentum would have died off and they may have only gone a small amount over their desired goal. With the introduction of stretch goals, they now sit at over 2438% of their original goal. Excellent job!
What Do You Offer as Stretch Rewards?
Many companies do a mix of new rewards and a reintroduction of their most popular rewards, usually with a twist.
If you ran out of a popular reward quickly, it might be time to up more of them since you will have more money to do it.
You can also offer new packages. Different colors and styles, or something new entirely. Perhaps more options or more expensive versions are now possible. Or you can add something new to everyone who pledged over a certain level.
If your goal is $10,000, what could you do with $50,000 that wouldn’t have been possible with your original goal?
Do research. Ask your backers what they’d like. Then offer it up and see the results.
Above all, be flexible and learn as you go.
Crowdfunding is all about making dreams come true, and if your goal is met, that simply means it’s time to dream a little bigger.
Don’t get caught off guard.
Before you launch, have an idea of what kind of stretch goals you might be able to offer if you are lucky and good enough to get your initial funding goal met quickly.
Be prepared — and then be flexible.
Action: Create a plan for what you will do if your funding goal is met on the first day. Ask yourself: what is the next logical goal? Create a tentative set of stretch goals and rewards. What things are possible if you are to reach that goal? How will you entice your backers to help you succeed beyond your wildest dreams?
What are your favorite examples of stretch goals and rewards? Share your thoughts with us.