One of the main challenges for artists embarking on a fundraising campaign is also one of the first things they need to consider – setting a fundraising target. We asked Esther, our ever-helpful ACF expert, to give us her tips on how to determine that sweet spot for your campaign. Her key take-home: It’s important to find the right balance between being ambitious and being realistic, so as not to deter your potential donors.
A few points to consider
First, let’s look at some stats. Based on ACF campaigns that started from 1 July 2015 – 21 June 2016:
- The most successful campaigns (ie, those who hit their targets most often) had fundraising targets between $2,500-$5,000.
- The median amount raised for all campaigns is $5,200, with the average amount just over $8,300.
Keep this in mind when it comes to setting your own fundraising target for your ACF campaign.
Don’t be too pie in the sky
We’re not an all-or-nothing platform, so if you don’t reach your target, you still receive the amount you raised. But that doesn’t mean you should be unrealistically ambitious and set an unachievable target. Don’t get me wrong, optimism is terrific, but for your own benefit be realistic.
It’s better to set a more conservative target and smash it, or raise your target during your campaign (you can do this by getting in touch with us) and let your donors know the great news – you exceeded your target and now you’ve raised it to grow your project further.
For example: if you set your target at $10,000 but raise $4,000 (still an amazing effort!), your page will show your project as only 40% funded. If you set your target at $5,000 and $4,000 , your page will show your project as 80% funded. If you’re in the last week of your campaign and pushing hard for last-minute donations, it will be much harder to get donors when you’re 40% funded than if you’re 80% funded. People want to help you get over the line, and are often willing to give a bit more if they can see you’re close. Donors will be less inclined to give if they see you’ve got a long way to go.
Ask yourself some questions
Think about your networks and the people you’re approaching. Are you asking for large donations or small? Do you think you’ll have many donors giving small amounts? Or a few donors giving more significant donations?
Has anyone confirmed that they would like to support your campaign? If so, have they mentioned how much they want to give?
Are you asking individuals to donate specific amounts? Or are you encouraging donors to give what they can?
- Be realistic
- Be flexible – you can always up your target if you’re killing it
- Know your current and potential backers
If you’re thinking of becoming an ACF artist or have any questions about the ACF, drop a line to email@example.com; browse the site and discover some of the great projects currently campaigning, or register your own project. Let’s make culture happen! #makingculturehappen