A campaign can attract attention without producing capital. It can also produce signed subscriptions that still need review or funding. A useful fundraising report shows those differences so the team can decide what work comes next.
Start by defining the events you can measure. The framework below is an operating recommendation. It does not prescribe a legal sequence or mean that every stage has a standard dashboard label in every configuration.
Agree on the meaning of each stage
| Stage | What the measure tells you | What it does not establish |
|---|---|---|
| Offering-page visit | The page received a visit under your analytics definition | A unique person or an eligible investor |
| Started investment | Someone began the investment process | A signed agreement or commitment |
| Signed subscription | The requested signature step was completed | Finished review, settled funds, or issuer acceptance |
| Review complete | The responsible reviewer completed the applicable checks | That payment has settled |
| Payment settled | Funds reached the relevant settled status | That every condition for acceptance or closing is met |
| Accepted and funded investment | The agreed acceptance and funding conditions were completed | Proceeds necessarily available for immediate use |
Review and payment can occur in a different order or overlap. Document the actual process, and reconcile the final accepted-and-funded population instead of assuming every investor moves through a perfectly linear sequence.
For Reg A testing the waters, track indications of interest separately. They do not create an obligation or permit collecting prequalification purchase commitments. Rule 255 governs that stage.
A worked funnel example
Assume a fictional campaign tracks 1,000 unique prospects who first visited during one month and observes their progress for a defined follow-up period. For this simplified example, each prospect creates at most one investment. The figures are hypothetical and are not performance benchmarks.
| Event reached by the measurement date | Prospects | Share of original cohort |
|---|---|---|
| Visited | 1,000 | 100% |
| Started an investment | 100 | 10% |
| Signed | 60 | 6% |
| Accepted and funded | 40 | 4% |
The start-to-sign rate is 60 divided by 100, or 60%. The signed-to-accepted-and-funded rate is 40 divided by 60, or about 66.7%. Both rates are useful, but they answer different questions.
The remaining 20 signed prospects may include pending reviews, unsettled payments, withdrawals, or rejected subscriptions. Read the records before labeling them lost investments. A fresh cohort will often have less time to complete than an older one.
Diagnose the reason before changing the experience
If few visitors start, examine whether the audience understands the business, security, and eligibility. Check whether the page attracts the intended audience and whether its next step is clear.
If investors start but do not sign, review support questions, document access, form clarity, and purchaser types. A company or trust may need different information from an individual purchaser.
If signed investments remain pending, group them by the next required action. An accreditation question belongs with the responsible reviewer; a settlement question belongs with the payment workflow. Rule 506(c) requires reasonable steps to verify accredited status. A desire to improve conversion does not remove that condition. See the SEC’s Rule 506(c) overview.
Measure dollars as well as people
A campaign can generate more investors but less capital if average accepted investment size falls. Track counts and amounts together, using accepted and funded records for completed investment measures.
For an illustrative paid campaign, $6,000 in advertising spend divided by 40 attributable accepted-and-funded investors equals $150 in advertising spend per such investor. That is not the total cost of the raise. It excludes legal work, technology, staff, and other expenses, and depends on a defensible attribution method.
Agree on how repeat visits, multiple subscriptions, refunds, and different devices are handled. Keep time windows and attribution rules visible so reports from two systems can be compared meaningfully.
Create a weekly operating review
Bring together the issuer’s offering owner, marketing lead, and relevant operational reviewers. Review changes in traffic, starts, signatures, pending items, accepted funding, and campaign spending. Choose a small number of actions with named owners.
Share only the information each role needs. Marketing teams need useful aggregate results and permitted follow-up information, not unrestricted access to sensitive verification documents. Review outreach with the offering’s communications rules in mind.
How Issuance fits
Issuance provides conversion tracking, configurable tracking inputs, marketing report formats, and investment data exports. Its dashboard gives the offering team visibility into investment progress and required actions. Confirm the events, attribution setup, and permissions for your configuration.
Use those tools to investigate your own results rather than assume a universal conversion target. Bring your proposed report and the offering operations plan to a platform discussion.