What do I do when I exceed my target?
It’s testament to Kiwi generosity that 75% of successful Boosted projects exceed their target. Some common questions we get asked are: “Should I aim to exceed my target?” “Am I even allowed to?” “What do I do if I exceed?” “What are the financial implications if I exceed my target?” We’ll answer all these questions and more in this blog.
Should I aim to exceed my target?
Yes! Boosted is an all or nothing platform so you need to reach your target or the donations will be returned to donors. We work closely with you to assess your network, your campaign strategy, and how much time you have, to determine how much you could realistically raise. It is about balancing what you need to realise the project with what your network can afford to give.
You can choose to play it safe and make sure you can hit the target strongly and early, or you can opt to play the long game which increases excitement but may leave you biting your nails.
Am I allowed to exceed my target?
Of course you are! Your success is our success and the more money you raise, the better your project is likely to be. The only requirement is that all money raised goes towards your project. You couldn’t, for example, raise $4,000 from a $2,000 target and think, “Well I can use that extra $2,000 for a trip to Fiji!” Unless going to Fiji is part of your art project, of course.
The most a project has raised over their target is 447%. That’s The Impeccable Larry Woods, who raised $8,957 of a $2,000 target. Not bad. They were clear that they would use the extra money to promote the film once it was made, to get it out to a wider audience.
To make sure the extra funds you’re raising are going towards your art and not your decadent holidays, the team at Boosted will give you a call to congratulate you, and to discuss what you’ll use any extra funds for should you get them. Perhaps they’ll buy you another few days of filming, or a better camera than you thought you could afford. If that’s the case, great! Just be clear that any extra money is still dedicated to making your art happen.
What do I do if I exceed my target?
Celebrate! When you hit 100%, it’s a great opportunity to do some serious celebrating with your donors. It’s also a good time to change your tack to keep that momentum. Here’s how:
1) Write a social media announcement of your success, thanking your donors profusely. Let them know how the project is going and put the word out that you’re still looking for donations to further support your project. Let them know how any extra funds will be spent.
2) Use the UPDATE function within your Boosted profile – this goes out to all of your donors who have chosen to share their email addresses with you. All new donors coming to your page will also see it.
3) Change the tone of all your future comms. You’re grateful to have hit your target, and you’d also appreciate more support to better achieve your goals (be clear on what these goals are).
The Playground NZ team ‘thank you’ image sent to their donors after hitting 100%.
Each element should celebrate and thank your donors for getting you to 100%. It should then let them and future donors know what the extra money will be used for. You can also set a new, unofficial target (See the excerpts below). It’s another fantastic way to harness momentum to gather further funds.
What are the financial implications?
Boosted charges a flat 10% fee on total funds raised, not on the original target. So if a funding target of $1,000 raises $2,000, the fee is $200. However, that money goes straight back into the arts. Our fees go back into the running of our platform to help more New Zealand artists achieve their dreams.
Boosted is an all or nothing site, so you need to hit your target to get the money. What’s the take away message? Set an achievable target and then fundraise your butt off to not only meet the target, but to exceed it. The more you raise, the more you get.
This blog was written by Anna Jackson-Scott, (former) Marketing Assistant at Boosted and the Arts Foundation.
