Kickstarter or GoFundMe? Comparing the Top Crowdfunding Platforms
Choosing the right crowdfunding platform is crucial for the success of your fundraising campaign. Two of the most popular platforms, Kickstarter and GoFundMe, offer different features and benefits catering to various campaigns. In this post, we'll compare these two platforms to help you decide which is best for your needs.
Purpose of Fundraising Kickstarter is designed for creative projects, such as launching a new product, publishing a book, or producing a film. It operates on an all-or-nothing funding model, meaning if you don't meet your funding goal, you won't receive any money. On the other hand, GoFundMe is ideal for personal causes like medical emergencies, educational expenses, or charity events. Unlike Kickstarter, it allows you to keep whatever funds you raise, regardless of whether you meet your goal.
Fees and Charges Both platforms charge a platform fee and a processing fee for every transaction. Kickstarter charges a 5% platform fee and payment processing fees between 3% and 5%. GoFundMe also charges a platform fee of 2.9% plus $0.30 per donation.
Rewards and Incentives Kickstarter encourages creators to offer rewards or incentives to their backers, often in the form of the product or service being created. This is not common practice on GoFundMe, as most campaigns are focused on charitable causes or personal needs.
Visibility and Reach Kickstarter has a global audience's keen interest in supporting creative projects, making it a great platform for entrepreneurs and artists. GoFundMe, while also having a wide reach, is more focused on personal and local causes, making it ideal for individuals and non-profits.
Campaign Duration Kickstarter campaigns typically last between 30 to 60 days. GoFundMe campaigns can last indefinitely, allowing for ongoing fundraising efforts.
Conclusion
The choice between Kickstarter and GoFundMe largely depends on the nature of your campaign. If you're launching a creative project and are willing to offer rewards to backers, Kickstarter might be the right choice. However, if your campaign is for a personal cause and you must keep all the funds you raise, GoFundMe could be a better fit.
By understanding the key differences between these platforms, you can make an informed decision that sets your campaign up for success. Remember, regardless of your chosen platform, a well-planned and effectively executed campaign is crucial to achieving your fundraising goals.