Like to take a moment to thank you for honoring our company with your business. Taking on a fundraising event is always stressful. The allotment for this is $100,000 can be overwhelming. Our company has a captivating plan to bring success to your endeavors. We have viewed other successful campaigns, assessed the keys to their progress, combined with your brilliant ideas to bring you a statistically supported plan.
The report is designed to differentiate between your campaign and others with regard to launch dates and their funding goals.
First, we turned our focus on the money raised by various campaigns. Because Louise estimates that her play will cost $12,000, we researched projects with a similar monetary goal. Upon organizing the data, many of the campaigns missed their goal amount by a small margin. In finding the percentage of a campaign's funding we quickly determine how close a campaign came to reaching, exceeding their funding goal at times. Kickstarter is allowing project creators to add incentives for different pledge amounts, so we determined how much money people pledged to campaigns historically. In discovery, we found on the average pledge $4.02 per person.
Upon review of the data, May is a thriving time of year for a theater campaign. Between January and May, the success doubles but quickly tapers down from May on with a minor elevation in October. Interestingly enough the failed campaigns closely mirror the successful campaigns, of course, statistically at a much lower percentage.
Focusing on unique campaigns similar to your vision, we felt this would provide critical information to assist in your project’s success. Looking again at the chart above we can conclude, a spike of successful campaigns exists in June, but that tapers off by the end of the year. In contrast, the data around technology campaigns reveals one large spike, their trend lines are a bit all over the place and less predictable. However, music provides a rather consistent successful outcome. As evidence int eh chart below.
Notably the analysis reveals on the extreme levels, Less than 1000 and Greater than 50,000, the successful and the failed campaigns were on opposite sides of the spectrum. At the Less Than 1000, 80% of the campaigns were successful and 20% failed. On the other end, Greater than 50,000, the opposite is true, 80% of the campaigns had failed and 20% successful
Finally, major contributing factor behind the successful campaigns is the monetary goals. Failed Kickstarter’s campaign have a significantly higher goal as well as their pledges were substantially lower. The IQR of pledged and of the goal is three time the standard deviation indicating a few of the failed Kickstarters have some extreme dreaming occurring.
The data supports your idea for a theater campaign, but it does have a drop off curve of success so possibly combining theater and music campaign might provide consist of flow of money. June looks like an opportunistic time to have Foresight at the theater. Finally, a meeting might be to discuss the importance of setting realistic goals.
A challenge was trying not to look at the other options available, like a different play or a different subcategory. Would have been nice to offer the client other ways of carrying out the campaign. Included in the report, a suggestion of incorporating a component of music into the campaign was introduced.
Technically, the hardest part was creating the Outcome based on Goal’s sheet. The complexity of the formulas was increasing. I made many alterations and corrected formulas thus perservering through the project.
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What are two conclusions you can draw about the Outcomes based on Launch Date? Outcomes reached a peak in the Month of May and then decreased from there with a slight rise in October. Suggestion would be to run the campaign in May. After May, the successful percentage decreases so your duration should be fairly short, a month or two.
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What can you conclude about the Outcomes based on Goals? Possibly the lower amount was much more achievable. As the amount increased the failure rate increased, and the success descended. Making the goals reasonable (lower) appeared to provide a higher success rate also it may help the moral if participants come away with success; more likely to engage next time the campaign is launched.
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What are some limitations of this dataset?
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Looking at other countries and categories, I would have liked to conducted further analysis.
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What are some other possible tables and/or graphs that we could create? I have added them above in my analysis.