by inflexionUSA » Sat Aug 10, 2013 5:33 pm
I closely monitored my video view while my project was up and then used these numbers to determine conversion rate. As I am not a statistician, I viewed my data simply as a guide not fact.
What I seemed to find was that my video conversion rate was actually quite good. I was beginning to think that I really did not need that many views to be successful if I extrapolated the conversion rate.
I would caution others not to make that mistake. The sampling data is statistically insignificant and there are many factors that can bias a small sampling.
I reached out to other project creators to ask their thoughts. And I found that the conversion rates of their projects was actually lower than what I was experiencing. They had excellent projects with great presentation, rewards, history and so on. And they were successfully funded many times over. So what was going on? What conclusions could I draw? Actually - factually - none. But I could make some assumptions:
For small samplings video conversion rates should be used only as a general guide. I would use 400:1 as a guide for now. Therefore, you need approximately 40,000 video clicks for 100 backers.
So, If you are receiving 100 views per day, you’re in trouble.
My video was played out 30% of the time, 70% of my the information presented was never seen. So, front load your video with the most important information. The kind of things they need to know to make that call to action.
If your video is not being clicked - change the cover page. This is the first thing people see and it’s not drawing them in. Ask yourself, but more importantly ask others - is it clear, concise, understandable, is it compelling, would you click on it? Again, if it’s not change it.
There’s no magic to crowd funding. It’s the successful implementation of many smart ideas.