Project Reports

Vol.13 Looking at Crowdfunding Data Overseas Part 2

In our last crowdfunding help series, we talked about the following Key Points:

Key Point 1: Projects in 2011 had a 46% success rate

Key Point 2: Creating a sense of urgency

We want to follow up with the last two key points:

Point 3: Success rate varies by country and region

The data reveals that the success rate of project achievement varies depending on the region and country.
Looking at the project success rates for The United States, The United Kingdom and Hong Kong, they sit at having a high success rate at about 37%.
On the other hand, the lowest percentage is Italy, with 18% of 2800 projects achieving their goal. The average success rate for Japan is 23%.

Regions that boast a higher success rate may have a population that has been exposed to crowdfunding longer or has more understanding of the process.
When considering support from overseas, it is a good idea to consider these areas as targets and make project proposals with these things in mind.

Point 4: A target of 100,000 to 500,000 yen is best

When it comes to creating a project the amount of money you ask for is extremely important. For example, if you ask for 10,000 yen (1 dollar = 100 yen conversion) support, the support is easy to gather and the chance that you will be successful will be quite high.
In fact, more than half of the 6000 projects that asked for 10,000 yen or less were successful.
On average, projects that were set at 10,000 yen or less, raised on average 140,000 yen, showing a reverse psychological effect.
Of projects that asked for 25 million yen or more, only 2.9% of 4600 projects achieved their goal, and the more a project creator asked for, the more difficult it became to achieve the target amount.
As the amount of support asked for increases, the success rate tended to decrease proportionally.

Obviously, the above analysis does not apply to all projects, but it might give potential creators hints when preparing their project.

In particular, if you can incorporate “Key Point 2: Creating a sense of urgency” in to your project, it might be extremely effective.
References:

https://www.offthechartsconsulting.com/blog/what-makes-a-successful-kickstarter

https://www.kaggle.com/kemical/kickstarter-projects/version/7

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