Nine women can’t make a baby in a month.
— MARK SUSTER (Serial Entrepreneur and Venture Capitalist)
At this point, your project has been accepted by Kickstarter, and you need to decide upon the length of your campaign. In theory, you can pick any life span from 1 day to 60 days, however the most successful campaigns are one month long.
#TIP — The most successful campaigns on Kickstarter are 30 days long.
We all fantasise about raising more money using the entire time frame of 60 days, but this could be a huge mistake. Every expert salesman knows that he has a better chance of closing a deal if he instills a sense of urgency in the buyer. This is true for crowdfunding as well.
Kickstarter proved this theory changing their Terms of Service after two years of experimenting. Until 2011 campaigns were allowed to last up to 90 days, but this option was removed due to poor performance. Only 24% of the long campaigns were successful; a nice way of saying that 3 out of 4 were a complete failure. On the contrary, the overall success of the shorter campaigns was almost double.
Look at the graph “Project Duration vs. Success Rate” created by Kickstarter; it’s quite convincing.
The Exception to the Rule
When a campaign needs to raise a limited amount of money, for instance $5,000, I’ve seen a high ratio of success with a length of 3 weeks. This is especially true for small campaigns who aim to finance books and comics as it is likely that the backers won’t want to wait too long to read the end product.
It’s possible that your campaign could work better using the entire time frame of 60 days, although I doubt it. Feel free to pick a different length, if you truly feel that you are an exception to the rule. After all, making exceptions to the rule is what makes great entrepreneurs. You know what they say.
The bad entrepreneur ignores the rules. The good entrepreneur knows the rules. The great entrepreneur learns the rules to understand which ones to break.