How did our launch strategy match-up to real world results? Get ready for this—outstanding! We predicted that our promotional strategy for week 1 would bring in $11.5k to the campaign, as of this writing (6 days in) we’ve generated $15.6k in pledges—that’s 73% better than expected!
HERE'S HOW WE DID IT
First we mapped out all of our promotional channels, their reach, and historical engagement rates then we made some assumptions.
ASSUMPTION # 1: $50K GOAL
Our real goal is too blow past our base goal and hit our 2nd stretch of $50,000 so we can pimp-out the facade. For the uninitiated, stretch goals are strategic goal posts that push the community to fund a project past it’s base goal. At Plinth we always work with our clients to dream bigger and take their concepts further with stretch goals. For this campaign our base goal is $30k, at $40k we unlock more products for the store to produce and at $50k, the facade gets a dramatic upgrade to make it more street counter friendly.
ASSUMPTION #2: $30 AVG PLEDGE
This was gonna be our biggest challenge. When consumers go to Boba Guys, they will spend on average $5 for a drink—how do we get them to increase their average spend online? The key to moving customers into a higher price point is not an exact science. It’s based on analysis of past crowdfunding projects, historical pledge amounts, and most importantly consumer insight. We implemented a reward strategy that was designed to certain hit sweet spots.
We eliminated offering anything of value below $20 and started to establish value by placing products at key points. For example a poster for $30 and t-shirt at $35, but I’m sure you’re asking why not $40? The simple answer is that nobody wants a t-shirt at $40 or even $35—so your next option up is $50. At $50 we offer what most consumers are gonna want out of a boba shop—which is not t-shirts and posters but the boba themselves! We then start to layer all of the preceding products that have an established value up the tiers. Our end result is that our average pledge is now $90+!
As we enter into our 2nd week, we predict that our projections will level-off during mid-campaign. Constant messaging and finding new ways to drive traffic will be crucial to continue upward momentum.
Stay tuned as we unveil our mid-campaign strategies to keep traffic growing.