How do we measure success with a typical crowdfunding campaign in a rewards model? The success can be measured against how well your project does and what the reaction is from the backers. Typically a product crowdfunded will need to reach it’s basic goals in terms of funding to measure some kind of success and go forward. But you’re also doing much more than that. You’re building brand awareness with recognition and you’re satisfying your customers in the end.
To ensure more success we should consider our backers and audience first. One of the more important aspects is to broadcast your story and communicate well once the campaign is in effect. Tell your story in a way that that the backers can relate to and connect. Once they do connect, it is important to engage with them throughout the campaign. Essentially you are delivering the product to them and they want to stay on top of things, knowing your high level of support. They will provide a great measurement on the overall success.
What will follow next is how well you’re being funded. If the backers have gained trust, knowledge and understanding of the project, then you will reach your goals. In terms of what was set out for budget. This is another measuring guideline which can tell you how well you’ve done.
Third part of this is the awareness and recognition you have created for your product. Will these customers be repeat customers for future campaigns or orders? Will they mention you to their friends, coworkers and family? This will be dependent on the earlier steps. If you did a good job of providing high level of support with the existing backers, then this should not be a problem to achieve.
Everyone should complete a review of their campaign once it is finished. This should utilize some of the reports as well, if available within the platform. Regardless whether it was successful or not and met it’s goals in terms of funding. It is important to see where things may have gone wrong or how things could have been improved. For example they may have not all been happy with the reward structure, it could have been done differently. Or how a bigger community could have been established to support the campaign towards further goals.