You get excited, you prepare, you create the perks and look for the people. Once you have everything ready you go and post your campaign looking for success. But the days go by and things aren’t going well, there’s no progress and you receive few contributions. In that case, it’d be good to learn when you should cancel your crowdfunding campaign.
When to know it’s time to cancel a crowdfunding campaign
Crowdfunding is known to be a financing method that requires preparation. Since it involves creating a fundraising campaign in which people can contribute money. But for this to happen it’s necessary that the campaign’s creator has an audience or public at their disposal.
When you don’t have a specific audience or there’s little preparation, the campaign has a high risk of failing if it’s launched. Unfortunately, this is something that has happened several times. Because even the most experts in crowdfunding can’t see if something in particular went wrong. And when this happens, the campaign may fail prematurely.
When it seems that a campaign has failed or is close to doing so, we have two possible scenarios. One of them implies not having reached the goal but having raised a considerable amount of money. The other is equal to not being able to raise money at all. In spite of everything, both scenarios could be reason to cancel the campaign.
It must be clarified that canceling a campaign is an act that must be done with certainty and security. And for this it’d be good to understand what reasons merit that canceling a campaign is the best option for its creators and contributors. We’ll explain some of them below.
Reasons that merit canceling a campaign
An article by Stonemaier Games defines good reasons why it’d be necessary to cancel a campaign. One of them happens when the crowdfunding platform will only give you the money if you reach the goal. If you fail to raise 25% of your goal or more in less than 7 days, it’s very unlikely that your campaign will succeed.
Here, it’s expressed that it’s important to pay attention to the comments you receive. The feedback given by both your contributors and people who have seen the your campaign’s progress. After the first week of your campaign’s launch, look at the suggestions for things you should change or fix.
Another reason why you should cancel your campaign is if you raise money but you can’t deliver the promised rewards. The aforementioned article recommends waiting from day 1 until day 15 to decide whether to cancel the campaign or not. This decision is made based on whether the necessary money will be collected plus other factors.
If you think it’s time to cancel your campaign, do it tactfully. Prepare for the comments of your contributors. Post an update on social networks or on your campaign’s page that everyone can see. Explain clearly why you had to cancel the campaign and apologize to your audience.
Canceling a crowdfunding campaign should be done only when it’s really necessary. If you ever had to do it, explain the reasons to your audience in a sincere and diplomatic way. You’ll be surprised to learn that a large part of your audience will support you. And they’ll even be there with you once you launch a new campaign.
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