The Importance of Choosing the Right Rewards

The Importance of Choosing the Right Rewards

Whether or not your reward based crowdfunding campaign succeeds or fails depends a lot on the rewards you choose. However, it’s one thing to know you need truly tempting incentives in your corner working for you and quite another to actually accomplish it. Here are some guidelines to remember when putting your list of rewards together.

Understand the costs of each reward.

 

Many people focus so much on coming up with a collection of rewards that will encourage people to donate that they forget to accurately calculate what each will cost them in not only money, but time. The idea is to come out ahead of the game in the end, not behind.

That said, the ideal rewards are going to be items that are naturally generated by the act of moving forward with your project and that can be transferred to benefactors at little to no cost. Terrific examples include signed copies of a book that’s being funded, free tickets to an event you’re raising money for, or acknowledgements on your website in exchange for helping. People who have a fan base to tap into also sometimes offer incentives like personal Skype chats or other unique experiences.

Limit premium rewards.

 

If you decide it would be beneficial to offer a few premium rewards that will cost you a little extra in time or effort, then you may want to put some limitations on how many are available. Otherwise, you may wind up having to fill more requests than you can handle. Attach premium rewards to higher donation levels and specify that there are a limited number of them available. Not only will better, more exclusive rewards encourage more people to at least consider donating more money, but it will help you keep costs in check to boot.

Have a plan.

 

It’s always a good idea to have a plan in place as far as how you’re going to manage your campaign. Not only does this mean keeping costs associated with rewards under control, but it also means knowing in advance how you’re going to handle getting the word out about what you’re offering to enough people. Make sure you have an accurate idea of the amount of work it’s going to take to make your campaign a success and see to it that you have enough people on board helping you from the get-go.

Anthony Palm

Founder & Senior Consultant at LC Media

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