A reward is something you offer donors in exchange for their financial support of your crowdfunding campaign. Rewards give contributors an incentive to help raise money for your crowdfunding campaign. When you create your crowdfunding campaign, you can list as many rewards as you want, but be sure to make them enticing.
Rewards are best when they are personal or unique to your crowdfunding campaign. Your brand and personality should shine through in your rewards. People are more likely to give larger donations for tangible rewards, but they will also pay for experiences, like meeting you or being a part of your crowdfunding campaign in some way.
Be sure when you price your rewards you include the cost of shipping in the price. At the end of your crowdfunding campaign, it is your responsibility to fulfill any rewards you promised to your donors.
You should be offering affordable rewards in the $10-$25 range. This will make it easy for anyone to help with your crowdfunding campaign. Examples of affordable rewards include a thank you, a listing of donors on your website or in some printed form, a shout out on Facebook or Twitter, a limited edition item, an autograph, or a drawing. The most common donation is $25, so be sure to have some affordable rewards at that amount.
You should also offer your supporters rewards at mid-tier levels. More than 90% of all donations are at or under $100, so offering rewards in the $25-$100 range is very important. The average reward donated is $75. Many crowdfunding campaigns use this range to offer one of two things. See which fits best for your crowdfunding campaign:
1. Offering products or services above their market value. This type of reward helps donors understand that they are also investing in your and your crowdfunding campaign, not just buying something of value.
2. Offering products or services below their market value. This type of reward will attract donors who are interested in helping you, but also seeing that they have received a bargain, something important to many people who want to support you, but feel they should get some bang for their buck.
What can you offer as a reward? The possibilities are endless. Look around at other crowdfunding campaigns for ideas. Ask your core supporters for their opinions before you launch. Some ideas to help you decide what to offer include:
- Advanced sales of your product or service. Limited supplies are always good rewards.
- Discounts on future purchases, such as coupons or gift certificates.
- Merchandise with your logo on it.
- A thank you or recognition, including “credit” on your website, in your film or in your book, if those are part of your crowdfunding campaign.
- Invitation to a party, a premier, a book signing or another event.
- One-of-a-kind experiences that are related to your crowdfunding campaign (a shout out from the stage at a concert, a walk-on in your film, spending a day with you at your business)
In order to launch a crowdfunding campaign, you must have rewards listed on your campaign. Brainstorm some ideas, ask your family and friends their opinion, and get to work!