Hey everyone, sorry for the delay on this one. I know you’ve all been EAGERLY waiting the next post. Unfortunately I had to do some real work and submit my dissertation but it’s done woooooooooo.
So Bathtub pledges, PART TWO. I spoke last time about “filling the bathtub” before launch, well the bathtub also acts as a model to represent pledges throughout your campaign. Crowdfunding campaigns have a set duration, normally 30 days, which means there is naturally pressure to invest. This pressure is obviously higher at the end of the campaign so the number of pledges naturally increases. Secondly, if you’ve “filled your bathtub” at the beginning, you’re going to have an influx of pledges just after launch. This forms a BATHTUB SHAPE. I’ve taken a few examples from Kicktraq.com
1.Drink-A-Tron: The Ultimate Drinking Game apparently, on Kickstarter now. It’s on an eye-watering 96% and ends in a few hours so if you fancy it I would buy it now! The frequency of backers rollercoasters along the bottom of the bath but you can see the significant increase in pledges at the beginning and end.
2.Wanderer Bracelets: Each bracelet helped to support sustainable work for local village artisans in Bali. They were super cute too so it was no surprise it was a successful campaign. They experienced a huge drop on the third day, however, and they continued at this low frequency for a while until the latter end of the campaign picked them up over their funding goal.
3.The Oyster Bed: designed to make preparing grilled or baked oyster dishes easier. Not so much a problem in my life but apparently 510 people saw it as essential. This project raised almost EIGHT THOUSAND DOLLARS. Crazy. Again you can see the bathtub shape, with the biggest number of backers coming on the second day.
This of course does not always happen, the data is changed significantly by “backer boosting” activity such as being featured on the Kickstarter Homepage or in the press. The point of highlighting this, however, is to ensure project creators are aware of this “mid-project dip”. While a perfect Bathtub may not be formed, it is likely that the frequency of your pledges significantly decreases after the first few days. Being prepared for this means you can a) not lose morale when it occurs and b) plan some “backer boosting activity”. For example, get in contact with a popular blog and ask them to do a feature on your project a week after launch. This will get a bit more exposure and drive your campaign out of the Bathtub and closer to your goal.