I'd say it failed because the lowest level you could get the game at was $30. I was waiting for the campaign so I could back it. But $30 for an indie game is too steep.
I assume you realized this since now you're doing a pre-order for $15. I think if you'd had a $15 level in your campaign, you would have had better than 3% conversion. More people backing means more people sharing it (to get their friends to play with them). I think overall it would have done better.
Thanks for posting this information.
Byte56
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