Kickstarter – How to be successful?
Starting a Kickstarter campaign is not as easy as it seems at first sight. You must decide your title, description, goal value, duration, and so on. Fortunately data science helps you! We have analyzed 140.000 Kickstarter campaigns to be able to tell you the facts that predict success rate.
As always, we suggest you not to do anything without looking at the data. Data analysis is the key for good decisions. Success rate of Kickstarter campaigns are approximately 35%, stated by Kickstarter. Of course, it’s not always true. In fact, it’s just an average, and the success rate decreases over time.
Kickstarter success rate over time
Success rate mainly depends on the project’s category. Performances, Theaters, Arts, Tabletop Games are successful. While Apps, Video Games, Softwares or Web are not.
Success by category (Bigger circle means more campaigns)
It’s obvious that the greater your goal, the less chance to succeed. So a good advice is that you shouldn’t set a greater goal than what is really needed for your Kickstarter project.
Success by goal value
Most of the time campaigns get no money at all, or get exactly as much pledge as required
Scatterplot of Goal and Pledge. Each dot represents a single campaign at Kickstarter.
When creating a campaign, Kickstarter notifies you this: “We recommend setting a funding duration of 30 days or less. Shorter durations tend to have higher success rates.” This is surprising! Kickstarter thinks that correlation is causation… But it’s not. Even if you notice that shorter campaigns are more successful, you can’t conclude shorter duration influences the success rate. Maybe just smart people tend to use shorter durations and those are more successful, but not because of the duration, but because of the smart people creating the campaigns. Furthermore, it’s very likely that someone creates a shorter campaign if he needs less money. And lower goal values causes higher success rates so the increase in success rate is not surely because of the shorter duration.
Kickstarter success by duration
Anyway it’s funny that most projects are set exactly to 30 days – as suggested by Kickstarter -, but those projects are the less successful ones. Almost any other durations are better than the 30 days.
There are some statistically significant difference in the success rate of compaigns with different title or blurb length, word counts.
Kickstarter words count
When to start?
If you have a fantastic world savior super idea for your startup, then immediately. In other cases, you should think a little bit about it.
Kickstarter starting hour and day
Campaigns started on Sunday are more successful than the usual campaigns that are started on Tuesday. Campaigns started at 12 o’clock are more successful than the usual campaigns that are started at around 6pm.
Looking at the global success rate trend, and other charts, it might be a good idea to start your campaigns when others are less likely to start theirs.