Before launching a campaign, researchers have an information video call with an Experiment staff member to predict the number of backers needed to reach their funding goal, cover the payout procedures, and share best practices for outreach.
All-or-nothing funding model
Experiment operates on what is called an all-or-nothing funding model. You set your goal to $4,850 with a 30 day funding duration. If you do not reach $4,850 in pledges during your 30 day funding duration, the donors will not be charged and you will not receive any of the funds. Donors are only charged if you reach or surpass the $4,850 goal during the 30 day period.
Your project will need 49-194 backers to raise $4,850
Because of the all-or-nothing funding model, reaching your funding goal is critical. Predicting in advance how many backers you need to convince to meet the $4,850 goal can help you control your project's destiny.
If the average donation is $100 we expect you will need 49 backers.
If the average donation is $25 we expect you will need 194 backers.
From our data we know that generally people that know the research team will contribute a higher average and people that don't know the research team will contribute a lower average. For this reason we use a range of $25-$100 as the average to predict that your project will likely need 49-194 backers to raise $4,850 and meet the all-or-nothing requirement.
Your project will need 4,900 - 19,400 page views to raise $4,850
For every 100 people that visit a project page, on average one person will take out their credit card and pledge to the project. We call this a backer conversion rate of 1%. If your project maintains a 1% conversion rate, and we expect the project needs 49-194 backers, we can predict that the project will need 4,900 - 19,400 page views to raise $4,850.
Your dashboard shows daily page views
Your project dashboard includes an Analytics Section that shows how many people are visiting your project page every day. You can use this data to monitor your conversion rate.
70% of donations come from your networks and 30% come from strangers
For the average project that successfully raises $4,000 70% of the donations come from your networks and 30% come from strangers. Early in the campaign almost all campaigns will start with contributions from people you know directly.
When are my backers charged?
If your project is funded, your backers will be charged the day after your campaign ends at 10AM Pacific Time.
How will backers be notified?