It's All About the Rewards

Posted: Wed, 10 April 2013 by Cara

Everyone has had a great idea at some point but for most of us, that’s as far as it goes. Why? We don’t have access to the resources we need, so we dismiss it as impossible. Crowdfunding has opened the door to a universal form of funding, which anyone can access. Some people make the connection and think ‘Aha! I could crowdfund my great idea’ but then get stuck on the rewards and give up.

Why is it so difficult? Most of the time, it’s harder to think of ideas for rewards because you don’t have a product to sell, or it’s too expensive to send your reward to backers further afield. It’s one of the first questions we get asked, so we’ve decided to help answer those questions with this blog. Read on for tips on how to get creative with your rewards, and take inspiration from examples of projects who offered cool and quirky rewards.

Getting Creative

There is nothing we’ve seen so far that can’t be crowdfunded – you just have to get creative with rewards. Even if you do have products that you can offer, you should still offer some unconventional rewards to ensure you have a good range that appeal to different backers. Remember, the reward can seal the deal for a potential backer!

Our top tips;

1. Have a great reward around £40 - £40 is the average promise on Bloom, so you want to make sure that this reward level really stands out. A good idea is to have a £30 and then a £50 reward level, to encourage someone thinking of promising £40 to go that little bit further. This worked well for Ecosse Candle, who had a fab £50 reward with limited edition candles, a discount code and a mention on their website.

2. Use what you know – do you have any special skills such as baking, singing, web design etc that you could offer as a unique reward? Remember that your rewards don’t have to be related to your project – a potential backer may like your project but doesn’t want or need your product/service. Take You Must Love Working Here, a comedy club exhibition that offered to put your face on a cake for £25!

3. Take advantage of your friends – use your contacts to offer an experience or product which is different to the rest of your rewards, offering another option and adding exclusivity. If your project has attracted celebrity attention, or you have a connection to a celebrity, why not offer lunch with them or a VIP invite as a cool reward? Short film project One Year Later attracted media attention by promoting the fact that they had secured Skins star April Pearson to feature in their film!

4. Make it exclusive – rewards work really well when there are a few that are unique and exclusive, that gives the backer a feeling of being ‘special’. For example, offering VIP treatment/tickets, naming them as a founder on your website, or making a one-off product/experience tailored to the backer. Welsh Wallace Art is currently offering a handcrafted sculpture of your initials as the top reward – made especially for top backers.

5. Mix up the lower rewards – a typical reward is to offer a social media shout-out for £5 or £10, but this option isn’t used most of the time. It’s a small amount, so you don’t need to offer a lot, just make it different. Why not record a thank you video, or send a personal email or e-card? It’s slightly more work, but it’ll be worth it if you get more backers. Take Dead Sleekit, who are currently offering updates on their progress and a mention on their website for just £5!

Blog by Bloom intern Cara Pleym.