Setting an achievable goal is a balancing act and a main component to a successful crowdfunding campaign. We suggest basing your goal amount on a few factors; your budget, your constituents, and your outreach capacity.
The best goals are an amount that reflects all of those components. If your overall budget is $50,000 for a large scale production and you know you will need $15,000 just for the set, you will want to use those numbers to assess whether this is possible via crowdfunding.
The average donation made through crowdfunding is $75, the most common is $20, with the average donation with fiscal sponsorship being $105. Friends and family make up 30% of the funds you will raise through crowdfunding. Consider how wide a scope you would need to reach that $15,000 goal and if you have the capacity to continuously engage your constituents and drive traffic to the campaign.
When setting your goal consider the following equation:
Goal divided by Average Donation = Total Number of Donors Needed
Also, some say it takes reaching out to someone about 7 times before they will actually take action on a request. You may need to reach out to hundreds of people at least 7 times to reach your goal.
- For a Goal of: $15,000
- Donors Needed: 200
- Network Needed: 600
- Family and Friends: $4,500
If you believe you have the constituents and the outreach capacity to achieve this and/or have large donors waiting to give, you are all set. Otherwise, you may want to consider altering your goal amount, maybe think of the ways people can give noncash donations towards your production. This sort of evaluation can help identity the balance needed for the campaign to succeed.