Introduction
Indiegogo is a popular crowdfunding platform that allows individuals and businesses to raise funds for their projects, ideas, and products. One powerful feature that sets Indiegogo apart from other crowdfunding platforms is the use of stretch goals. While many people are familiar with the concept of crowdfunding, stretch goals may be a new term. So, what exactly are stretch goals and how do they work on Indiegogo?
Stretch goals are additional milestones that creators can set for their crowdfunding campaigns on Indiegogo. These goals go beyond the initial funding target and are activated when the campaign exceeds its initial goal. They offer exciting incentives for backers and provide an opportunity for creators to expand their project or add new features.
On Indiegogo, when a campaign surpasses its original funding target, creators can introduce stretch goals to incentivize backers to support the campaign further. These goals can come in various forms, such as additional features, upgraded materials, or even special perks for backers. Stretch goals not only add value to the project but also create a sense of excitement and engagement among the community supporting the campaign.
By using stretch goals, creators can tap into the collective enthusiasm of their backers and encourage them to pledge more. This, in turn, helps them to unlock more resources and funding for the project. Stretch goals also allow creators to showcase their vision and show backers that their support is contributing to the growth and improvement of the project beyond its initial concept.
Stretch goals also have a positive impact on the overall success and visibility of a campaign. When a campaign introduces stretch goals, it increases the chances of getting more media coverage and attracting new backers who are enticed by the additional incentives. These stretch goals act as milestones, giving supporters a sense of progress and motivation to keep spreading the word about the campaign.
Not only do stretch goals benefit the creators and backers, but they also contribute to the overall experience of the campaign. Backers feel more involved and invested in the success of the project when they see it surpassing its initial goal and reaching new milestones. It creates a sense of community and shared achievement, fostering a stronger connection between the creators and their supporters.
In the following sections, we will explore how stretch goals work on Indiegogo in more detail, the benefits they bring to crowdfunding campaigns, and some tips on setting effective stretch goals.
What are stretch goals?
Stretch goals are additional targets that a crowdfunding campaign sets once it surpasses its initial funding goal. While the initial goal represents the minimum amount needed to bring the project to life, stretch goals provide an opportunity to add extra features, enhancements, or additional rewards to the campaign.
Stretch goals are a way for creators to incentivize backers to continue supporting the project even after the initial goal has been met. These goals give backers something to look forward to and provide an extra push for them to increase their pledges. They also help to create a sense of excitement and momentum within the campaign.
Stretch goals can take different forms depending on the nature of the project. For example, in a product-based campaign, a stretch goal might involve adding new colors, improving materials, or incorporating additional features to the product. In a creative project like a film or a book, stretch goals could include extra chapters, bonus content, or special behind-the-scenes access for backers.
One of the main benefits of stretch goals is that they allow creators to stretch their project’s potential and make it even more appealing to potential backers. By offering these additional incentives, creators can tap into backers’ willingness to support and increase their pledges, which in turn boosts the campaign’s overall funding.
Moreover, stretch goals help to maintain momentum and engagement throughout the campaign. As the project reaches and surpasses these goals, backers feel a sense of accomplishment and motivation to spread the word about the campaign to help it reach the next milestone. This increased engagement not only benefits the current campaign but can also have a positive impact on future projects by building a loyal and supportive community of backers.
It’s important to note that stretch goals should be carefully planned and considered. Setting unrealistic goals can lead to disappointment if they are not met, and can potentially damage the credibility of the campaign. Therefore, creators should take into account factors such as the project’s feasibility, cost implications, and production timelines when setting stretch goals.
In the next section, we will delve into how stretch goals work specifically on Indiegogo, one of the leading crowdfunding platforms that offers creators the flexibility to utilize this powerful feature.
How do stretch goals work on Indiegogo?
Stretch goals work slightly differently on Indiegogo compared to other crowdfunding platforms. On Indiegogo, creators have the flexibility to set both fixed and flexible funding campaigns. This means that regardless of whether the campaign reaches its funding goal or not, creators can still receive the funds and proceed with their project.
When it comes to stretch goals, Indiegogo allows creators to introduce them at any point during the campaign, even after the initial funding goal has been met. This gives creators the freedom to assess the progress of the campaign and determine the right time and targets for their stretch goals.
Introducing stretch goals on Indiegogo is a strategic move that keeps backers engaged and motivated to contribute more. When a campaign introduces a stretch goal and the campaign surpasses it, additional perks, rewards, or upgrades are added to the project. These incentives encourage backers to increase their pledges and attract new backers who are enticed by the added value.
Creators can showcase the stretch goals on the campaign page, outlining the targets and the rewards that will be unlocked once those targets are reached. This helps to create a sense of anticipation and excitement among backers, motivating them to spread the word and encourage others to support the campaign.
In some cases, Indiegogo also offers the option to set “secret perks” as stretch goals. These are additional rewards that are only revealed once the stretch goal is achieved. The element of surprise can be an effective way to generate buzz and further engage the campaign’s community.
It’s important for creators to communicate with their backers and provide regular updates about the progress of the campaign and the stretch goals. This helps to maintain transparency and keep backers informed and involved in the journey of the project.
Overall, the flexibility and functionality of Indiegogo’s platform make it easy for creators to implement stretch goals and enhance their crowdfunding campaigns. By leveraging the power of stretch goals on Indiegogo, creators can exceed their initial funding target and unlock additional resources, ultimately taking their projects to new heights.
Benefits of using stretch goals on Indiegogo
Implementing stretch goals on Indiegogo can bring a range of benefits to both creators and backers. Let’s explore some of the key advantages:
1. Increased Backer Engagement: Stretch goals provide an added layer of excitement and motivation for backers. As the campaign surpasses its initial funding goal and reaches new stretch goals, backers feel a sense of accomplishment and are more likely to remain engaged with the project. This can lead to increased support and word-of-mouth promotion.
2. Expanded Project Scope: Stretch goals allow creators to expand the scope and potential of their projects. By unlocking additional funding, creators can add new features, enhance existing aspects, or even explore new avenues that were not initially feasible within the project’s original budget. This not only enhances the overall quality of the project but also gives backers more value for their support.
3. Attracting New Backers: Stretch goals can act as a powerful marketing tool. When a campaign introduces stretch goals, it attracts new backers who are enticed by the additional perks and rewards. These new backers can bring fresh momentum and funding to the campaign, helping it reach even higher levels of success.
4. Encouraging Pledge Increases: Stretch goals provide an incentive for existing backers to increase their pledges. When backers see that their support can unlock additional rewards or features, they are more likely to increase their contribution. This not only boosts the campaign’s overall funding but also builds stronger connections and loyalty between creators and backers.
5. Building a Community: Stretch goals foster a sense of community within the campaign. As backers come together to support and reach these goals, it creates a shared sense of achievement. This community aspect can extend beyond the current campaign and establish a loyal group of supporters for future projects.
6. Growing Media Attention: Successful stretch goals can generate additional media attention for the campaign. When a campaign achieves its initial goal and continues to surpass stretch goals, it becomes a more attractive story for media outlets. This can result in increased visibility, media coverage, and ultimately, more exposure for the campaign.
By utilizing stretch goals effectively, creators can tap into the full potential of their Indiegogo campaigns, engage backers, and take their projects to new heights of success.
Tips for setting stretch goals
Setting stretch goals requires careful consideration and planning to ensure their effectiveness and feasibility. Here are some tips to keep in mind when setting stretch goals for your Indiegogo campaign:
1. Align with the Project: Stretch goals should be aligned with the vision and scope of your project. They should enhance the project’s value and provide meaningful incentives for backers. Consider what additional features, upgrades, or rewards would add value to the project and resonate with your target audience.
2. Incremental Targets: Set stretch goals in incremental steps. It’s better to have multiple achievable goals rather than one large stretch goal. This allows backers to feel a sense of progress and achievement as the project reaches each milestone. It also helps to maintain momentum and excitement throughout the campaign.
3. Plan Ahead: Plan your stretch goals in advance. Analyze your budget, timeline, and production capabilities to determine what stretch goals are feasible within the campaign’s timeframe. Avoid setting goals that may delay the project or strain your resources beyond reasonable limits.
4. Communicate with Backers: Communication is key when it comes to stretch goals. Regularly update your backers on the progress of the campaign and the stretch goals. Keep them informed and engaged, and make them feel like an integral part of the journey. This helps build trust and a sense of community around the campaign.
5. Be Transparent: Be transparent about the impact of stretch goals on the project. Clearly explain how the additional funding will be utilized to deliver the promised enhancements or rewards. Backers appreciate honesty and want to know how their contributions are being utilized.
6. Create Excitement: Make the stretch goals exciting and enticing for backers. Highlight the benefits and exclusivity of the rewards or features that will be unlocked. Consider using visuals, videos, or other engaging content to build anticipation and enthusiasm among your audience.
7. Consider Backer Feedback: Pay attention to backer feedback and suggestions. While you may have your own ideas for stretch goals, listening to your backers can provide valuable insights and help you meet their expectations. Consider incorporating their suggestions into your stretch goal planning process.
8. Stay Flexible: Be open to adjusting or adding stretch goals based on the campaign’s progress. If you notice certain goals being achieved quickly, you can introduce new stretch goals to keep the momentum going. This flexibility allows you to adapt and cater to the evolving needs and interests of your backers.
By following these tips, you can effectively set stretch goals that not only drive your Indiegogo campaign forward but also foster excitement, engagement, and support from your backers.
Examples of successful stretch goals on Indiegogo
Many crowdfunding campaigns on Indiegogo have utilized stretch goals to great success, resulting in increased funding, engagement, and overall project success. Here are a few standout examples of successful stretch goals:
1. Pebble Time Smartwatch: Pebble’s smartwatch campaign exceeded its initial funding goal within hours. They introduced stretch goals that included adding more color options and incorporating a built-in heart rate monitor. These stretch goals created a buzz among backers and helped the campaign raise over $20 million, making it one of the most successful campaigns on Indiegogo at the time.
2. Exploding Kittens: The Exploding Kittens card game campaign set stretch goals that unlocked additional cards, new gameplay modes, and upgraded cardstock quality. By tapping into the enthusiasm of their backers, the campaign surpassed its initial goal by over $8 million, becoming one of the highest-funded projects on Indiegogo at the time.
3. Eufy Security Video Doorbell: Eufy’s video doorbell campaign introduced stretch goals that added extra features to their product, such as facial recognition and extended cloud storage. These stretch goals attracted new backers and encouraged existing backers to increase their pledges. The campaign raised over $5 million, well beyond its initial funding goal.
4. Flow Hive 2: Flow Hive’s second-generation beehive campaign introduced stretch goals that included adding new accessories, improving hive features, and developing a mobile app integration. Backers were excited about the potential enhancements and the campaign surpassed its initial goal by over $15 million.
5. Superbook: The Superbook campaign set stretch goals to expand compatibility with more smartphone models, enhance battery life, and develop additional software features. These stretch goals increased the appeal of the product and helped the campaign raise over $3 million, far surpassing its initial funding target.
These examples highlight the power of well-planned stretch goals in capturing the attention and support of backers. By offering exciting additional features or rewards, these campaigns were able to exceed their initial goals and create a lasting impact in their respective industries.
When setting your own stretch goals, draw inspiration from these success stories and tailor your goals to fit your project and target audience. Remember to keep your goals realistic, communicate effectively with your backers, and continuously adapt your stretch goals to maintain engagement throughout your Indiegogo campaign.
Conclusion
Stretch goals are a powerful tool for creators on Indiegogo to enhance their crowdfunding campaigns and engage backers. By introducing additional targets and incentives beyond the initial funding goal, creators can tap into the enthusiasm of their supporters and unlock new levels of funding and project potential.
Through stretch goals, creators can expand the scope of their projects, add extra features, and provide enticing rewards for backers. These goals not only increase backer engagement but also attract new supporters who are enticed by the added value. Additionally, stretch goals create a sense of community and shared achievement among backers, fostering stronger connections between creators and their supporters.
Indiegogo provides a flexible platform for setting and implementing stretch goals, allowing creators to introduce these goals at any point during the campaign. By planning carefully and communicating effectively with backers, creators can leverage the power of stretch goals to drive their campaigns forward and achieve remarkable results.
When setting stretch goals, it is important to align them with the project’s vision, plan effectively, and consider backer feedback. Incremental targets, transparency, and flexibility are key to successfully implementing stretch goals and maintaining momentum throughout the campaign.
Examples of successful stretch goals on Indiegogo demonstrate the impact that well-planned and enticing goals can have. These success stories serve as inspiration for creators to tailor their own stretch goals to capture the attention and support of their target audience.
In summary, stretch goals are a valuable strategy for creators on Indiegogo to not only surpass their initial funding targets but also to foster a community of loyal backers and take their projects to new heights of success. By utilizing stretch goals effectively, creators can leverage the power of their supporters and unlock unforeseen opportunities for their projects.
