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- The project schedule is a crucial component of your strategic plan
- Create a team and divide the tasks according to the strategic plan
- Think about the right timing for the start and progress of all project phases
- Phases include planning, pre-campaign, during the campaign and post campaign
- Optimal duration of the funding phase is 30-40 days
- Usually, once campaign duration is set, it cannot be changed
Designing the right schedule can be very helpful throughout all campaign stages and as with all projects, proper planning is essential for success. Designing the schedule is not just a case of deciding how long you will run your funding campaign, but is very important in deciding when, and defining a comprehensive schedule for other project phases including planning – pre-campaign, during the campaign, post campaign and reward fulfilment. Within the schedule it is important to develop a timeline for all stages and define all actions…
While developing a timeline for your campaign it is important to design a strategic plan. When developing the plan consider key aspects: be particular about when the project will be released, define the duration of the campaign, set up the goal and objectives, plan the budget, define strategic milestones, define how and when the promises will be distributed, set up a communication strategy, define project team members’ responsibilities
Consider the calendar before deciding the launch date of the crowdfunding campaign. Check if there are big holidays, seasonal events or national days coming up. If your campaign is targeting other countries consider events in those countries. There may be seasonal impacts on your campaign (positive and negative).
Also, when deciding about the launch date reflect long-term holidays, day-to-day activities as well as other occupations of people in your team that are working on the campaign. Avoid down days which have a negative impact on the crowdfunding campaign success.
Another significant aspect to be considered is the length of the campaign. Planning the campaign as long as possible could give an impression of being able to get more money, however, in practice the opposite is true. Throughout long-term campaigns it is very difficult to maintain the engagement and enthusiasm of project fans. It is also difficult to maintain the drive and focus of your team on project goals. In fact, long duration of campaigns eliminates the urgency of supporting the project, boosts fans procrastination, and makes it hard to keep up momentum. The optimal duration of the campaign is between 30 and 40 days. This allows full concentration of the project team on campaign goals, building the sense of urgency amongst project fans and potential contributors, keeping the crowd engaged.
Some platforms also allow you to set the campaign length according to your own schedule while others may have maximum and minimum length of the campaign. Usually, once you have set the duration of the campaign there is no chance to change it.
Successful crowdfunding campaigns can be accomplished when a precise and efficient schedule is designed and it is followed by all project team members. The schedule also gives the people behind the project an overview about their specific responsibility during the various project phases.