How do you set realistic and achievable crowdfunding goals?

1 Know your costs

Before launching your crowdfunding campaign, it is essential to have a clear understanding of the amount of money needed and how it will be used. This will help you set a realistic and achievable goal that covers your expenses and rewards your backers. When estimating costs, you should take into account the production and delivery of your product or service, the fees and taxes of the crowdfunding platform and payment processor, the marketing and promotion of your campaign, the fulfillment and shipping of your rewards, and a contingency and buffer for unexpected costs or delays.

2 Know your audience

Another important factor for setting your crowdfunding goal is to know your audience and their willingness to support your project. You need to do some research and validation to find out who your target backers are, what they care about, and how much they are willing to pay. You can use tools like surveys, interviews, social media, and email lists to gather feedback and build relationships with your potential backers. You can also look at similar or successful campaigns in your niche and see how they set and reached their goals.

3 Know your strategy

Once you have a realistic and achievable goal and a clear understanding of your audience, you need to plan your strategy for launching and running your campaign. Consider the duration of the campaign and the best time to launch it, as well as how you will communicate your story and value proposition to your backers. Additionally, you should create and showcase rewards and incentives, market and promote your campaign to reach and engage your audience, update and interact with your backers throughout your campaign, and measure and track your progress and performance.