HR&S uses prospect research to learn more about potential donors. The information from a prospect screening will tell HR&S a donor’s: i) Past giving to HR&S non-profit programme or frequent crowd-funding donations sites ii) Basic information like name, address, and marital status.

HR&S is measuring a whole host of metrics ranging from return on investment (ROI), crowd-funding metrics to matching gift metrics as well as major gifts metrics.
Measuring crowd-funding metrics will helps HR&S adjust course when something isn’t working like it should be.

What to Track

• Lead Generation

  Even before you get started, it’s useful to have a list of email addresses belonging to people who’re most likely to respond. You can calculate the number of emails you need according to your campaign’s goals. Use the following formula to calculate the ideal number of email addresses for a successful launch: (Funding Targets x 30%) / (Conversion Rate x Product Value). Therefore, your early success is determined by the number of immediate hits you get as soon as the campaign goes live. The more leads you have in the early stages, the more successful your campaign is. You can generate leads earlier in the campaign through one or more of these ways:Family and colleagues,Press coverage,Emails to relevant groups/people.
  If you have a dependable group of supportive people around you, count on them to give your campaign a kick. Secondly, you can opt for press coverage. Unfortunately, media outlets hesitate to cover campaigns that haven’t been launched yet. However, if you have a considerable social media following, you can work around this. Lastly, sending emails or getting in touch with relevant personnel can help in the prelaunch phase. For instance, if you’re running a charity campaign, email the philanthropists in your area. Target the posh parts of town and stick to a wealthier audience.

2. During the Campaign

The first two to three days will give you an idea about the future of your project. How well is your project doing as a budding prospect? Is it garnering enough attention? Some experts say that your campaign should achieve up to 25% of the funding goal in the first two days. However, some projects stall after going up to 30%. So, the 25% mark isn’t a guarantee for success.

• Conversion Rates

The second metric to measure crowdfunding success is conversion rates. Generally, conversion rates up to 10% are considered successful, but you don’t have to chase after a number. Instead, you should only focus on one thing: are the rates going higher? You can do that by analyzing the campaign page and statistics of your social media ads. Plus, JustEarlyBird lets you manage the campaign by showcasing the rewards data in real-time. It shouldn’t come as a surprise to you that rewards are a catalyst for crowdfunding success. People want to feel validated for pledging, and rewards help do that. That’s basically the whole crux of marketing your crowdfunding project. You show the audience a scarcity of rewards and they get a psychological urge to act quickly before the stock runs out. As mentioned above, you need success metrics to determine when and where your campaign needs changes or upgrades. For instance, if the conversion rates are low, go to the JustEarlyBird dashboard. Adjust the rewards – showing a scarcity – and check if that boosts the conversion. Likewise, you can tweak other things along the way, such as the target audience for your Facebook ads. However, you have to be a bit careful while advertising. You shouldn’t be spending more money on the ads than they’re bringing in – as product sales.

3. Post-Campaign Metrics

Once you’ve reached the target amount, the race isn’t over. It has just begun. Now, you can start taking pre-order or selling tickets for your book launch or concert. Indiegogo has a built-in tool for this, called InDemand. It lets you accept pre-orders from your backers. If you did everything right in the earlier steps, this shouldn’t be much of a problem. However, if the conversion rates, cost per acquisition for Facebook ads, and campaign page visits were lower earlier, you should expect the numbers to drop in this step. Suppose you’re making a short film. People may have pledged $10 to support your project, but how many of them are willing to give another $30 to come and watch it? That’s where the real success lies. Your crowdfunding campaign is only successful if the events following it favor your product or service. To ensure long-term support from your backers, you must give them good rewards.