Simple Requirement for Successful Crowd Funding

​Crowdfunding, in general, is a tough game. According to Kickstarter, only a third of all projects launched, reach their funding goal. When you add in the intricacy of promoting a niche product or a new invention, the level of difficulty skyrockets.

Here is one simple metric you can use to determine if you will be successful with your crowd funding campaign.   Its just simple math based on crowd funding marketing statistics.

THE FUNDING CRITERIA - 

Assuming you have an idea or product that is priced fairly and is well suited for crowed funding - Will your network support size support your campaign?

Based on www.kicktraq.com data, the best campaigns may achieve a 10% conversion rate if  they have warm leads and generous friends, but a more realistic conversion rate is  3% or less -   So with a 3% or less rate, a $100K funding goal, and a average contribution of $100, you will need to drive way more than 33,000 people to your kickstarter to achieve your goal.  Don't rely on your campaign going viral on it's own, make sure you can get at least 33,000 folks to come check it out.   

In summary, here is the formula - 

Total funding goal / average contribution / conversion rate (0.03 or lower)