Before selecting your target you will want to consider a few things:
1. What is the absolute minimum you need to raise in order to pay for recording, manufacturing, and fulfillment costs of your project?
2. What is your maximum fan-outreach? You must consider your reach on social media and email as these will be the core of your pledger audience, with the average conversion from fan to pledger being 3% from email and 1.5% from social - and an average spend of $55/fan.
If your email list is not yet hosted on a dedicated email platform such as MailChimp, you'll want to set up a mailing list there first. These services have both free and paid tiers, and will allow you flexibility as your list grows. They also provide tools for segmenting your fan lists and analyzing your email newsletter effectiveness.
You can also grow your email list through our services at NoiseTrade.com
NoiseTrade Music helps artists meaningfully connect with new fans through the exchange of existing free recordings for email addresses & postal codes. Your email newsletter + your new NoiseTrade fans will be one of the most effective communication tools for announcing a future PledgeMusic campaign. Usually, effective email campaigns , account for the majority of a PledgeMusic project’s revenue. Sign up for NoiseTrade and get started at: http://noisetrade.com/account/signup