Rewards are Key to Crowdfunding Success
by Nikki Wallace
Choosing rewards can often be the most difficult part of creating a project. However, they are an essential part as they will ultimately make or break your project!
Rewards are what backers receive in exchange for their promise. It is a way to say thank you to the crowd for their kind and generous promises, build support for future projects and can also act as marketing and promotion tool.
When thinking about your rewards it is important to ask yourself ‘What would I want in return for my hard earned cash’? You would want something exciting, clever and creative; to feel that by backing a project you will gain something unique, something you would never have received if you hadn’t been part of the crowdfunding campaign.
There is a whole host of compelling rewards to offer, for example a simple thank you on Facebook, Twitter or on a personal website, t-shirts, discounts, your name in the credits of a film, pre-sale copies of CDs, unique photos, a special edition of the product or tickets to the event.
Projects can struggle to find support if the rewards aren’t considered carefully so here are some top tips to help make your project successful:
- Having a variety of rewards is key, ranging from £1, £5, £10 upwards. Remember every little helps!
- Make sure the rewards link to the project, backers are interested in your project not in random products.
- Make sure the reward fits the value; this should consider more than just the price. Backers want to feel special, that they are getting a limited edition, priority or discounted product.
- Adding a humorous or personal touch can go a long way, it will help you connect with backers.
- Spending time building your network both online and off before your project goes live. This may be searching for interest groups, locals in your community, friends and family or even a celebrity /expert endorsement.
The opportunities are endless. Remember rewards can be low cost and even built into your target so put your creative cap on and capture the crowd!