To create a sense of urgency around the live campaign, we implement an all-or-nothing model, which helps set targets and also offer protection to backers so that project owners are only able to collect their funds once they have met their minimum-funding goal. This means that entrepreneurs are continuously motivated to ensure they succeed. This is also a good way of building credibility for supporters as backers are more comfortable supporting an idea that they know project owners are serious about making a reality.
Your funding goal should be the minimum amount you need to make what you promised and fulfil all rewards.
Make a list of every possible expense.
Consider your reach
Though UpEffect is a great way to reach impact funds, most of your pledges will come from your core networks, people that know you and believe in your campaign. Consider the audiences you can reach and make a conservative estimate of how many backers you can realistically bring in.
Give yourself a cushion
If your project is successfully funded, UpEffect applies a 10% fee; there are additional fees for our payment processor, Stripe. Some backers insert incorrect card details or may withdraw their pledge. At times, banks decline certain card payments. Keep a little padding for unexpected costs and situations.
Though you are unable to change your funding goal once you launch, you are able to add new rewards once you meet your funding goal. This is to help you meet stretch goals once the minimum goal has been met.
Utilise the UpEffect platform
We have created dedicated areas for you to view relevant data at a glance. Your Backers tab will give you information on everything from the reward they have selected to their total pledge. The Rewards section will give you information on the rewards with the highest sales and total pledges for each reward. You can also filter the data to suit your needs.