Creating Compelling Rewards for Your Crowdfunding Campaign: Part 2

In part one of this series we told you how important it is to have interesting and valuable rewards in your crowdfunding campaign and provided you with some ideas for your crowdfunding rewards. Need some more ideas? Check out 5 more rewards to help you with your crowdfunding campaign.  

6. Unlike traditional funding methods, crowdfunding with Fund an Idea allows you to get people engaged and excited about an idea before your product is ready. These supporters can be invaluable when you’re ready to hit the market – imagine a scenario where you don’t have to advertise or pay for marketing because your supporters and funders are spreading the word for you virally! One great way to capitalize on this potential is to offer supporters the opportunity to be part of your product outcome. This could be as simple as a survey for lower dollar contributors that allows them to take part in deciding the features you’ll include, or a contest for higher level donors for naming your product or invention. As an added perk, you could credit the contest winner on the item itself, or on your website.

7. Offer an experience. Crowdfunding rewards such as a night on the town, a trip to an interesting location, or even a day working at your business are not only interesting, but they actually work. Crowdfunding “experience” rewards sell, and people routinely pay hundreds, and sometimes, thousands of dollars for them. You would be shocked at what people will pay to shadow the CEO for a day, and you would be even more surprised what people will pay to go surfing or skydiving with you.

8. A fabulous way to give donors greater incentive to fork over more of their cash is to add an exclusive upgrade to your highest reward level. This can be an invitation to a launch party or post-project event, or a well-planned group activity for all your top contributors. People love to feel appreciated, so let them know they can expect some star treatment at the end of your Fund an Idea campaign.

9. Don't forget the low-end. A reward that makes a personal connection shows donors you’re real and you genuinely appreciate their support. There are tons of possible ways to achieve for all of the contribution levels you establish. For smaller donations, a "thank you" shout out via social media is quick and easy for you, but also gives the donor public recognition and is a great way to promote further awareness about your campaign. For contributions that are a bit larger, entice potential donors by rewarding them with more personalized interaction in addition to the social media shout out. Perhaps you can offer a chat or phone conversation with you. If a donor is generous, be generous in return by rewarding them with a group or one-on-one lunch, permanent recognition on your completed project, or even an invitation to a post-project party that’s just for your top contributors.

10. The goal of your project is to raise funds, so keep that in mind when you’re choosing rewards. While it would be nice to offer pricey items for each and every contribution, you need to structure your rewards so they match the dollar amount contributed and don’t put your campaign in the red. One way of staying in the black while your project is underway is to offer a future freebie or discount on a purchase of your product or service. It’s your responsibility to ensure that contributors receive their reward, whether it’s while the project is ongoing or when it ends. When deciding what reward goes with each donation amount, be sure to add in the cost of delivery on tangible goods. Doing so can save you hassles and headaches when you’re trying to determine your net project proceeds at the end of your campaign.

Your rewards for your crowdfunding campaigns should always be creative, unique, and applicable to your invention story. By engaging your audience through great rewards, you increase the likelihood of having your campaign fully-funded.