Color laminated picture of the system components (INDURATUS), $100 pledge that offers “free” access to the app (Who is Dating My Daughter), and beautiful SalivaScanner embroidered hat (SalivaScaner) – these are not short jokes that a friend can tell you over drinks, but actual perks offered as a reward for supporting a crowdfunding project.
Probably these offered rewards were not the biggest problem that the campaigns had, yet they undoubtedly gave a good reason to laugh for many potential supporters, proving once again how crucial to the future success every detail of the campaign is.
Setting the rewards is one of the most important aspects when it comes to the crafting of your campaign strategy. Successful campaigns always have some cool perks to offer to the supporters. Which is why, if the entrepreneurs don’t think it all through, everything can become a disaster. So, if you don’t want your campaign to get into “the most ridiculous reward list”, have the following four perk features in mind!
Know Your Audience
Crowdfunding campaigns can be thought of as pitch presentations, targeting large group of people. By identifying the target audience, the entrepreneurs increase their chances of reaching their goals as they are to communicate their message to a specific group of people, who are more likely to understand and support the venture.
Once you know your audience, identify the different groups within and create a reward for each one of the segments. This approach will give you the ability and flexibility to “audience target” your perks for achieving maximum results.
Variety of the Cost
Once you know well your target audience and the rewards all of the groups would be interested in, it is time to set the price range. The most popular and well-received pledge amount is $25, which is a great amount to begin with. When you go up in price, make sure that you put a perk that aligns with the value the particular reward brings to the backers.
Avoid the Cliché
Setting the rewards is the time to get creative, to avoid the cliché and to think out of the box when you set the perks. Of course, T-shirts and hats are the most popular perks most campaigners set, but it is not always the best option for every campaign. Make the perks special as the backers will feel more excited to get their hands on the rewards and to share their excitement throughout their social media channels and personal networks of friends and family.
Deliver on Time!
The shipping and the handling of the whole process of delivering the rewards to the backers can become a complicated process, full of challenges. Many things can go wrong, some of them that are actually out of the hands of the entrepreneurs, such as unexpected increase of costs, manufacturer delays, or delivery stops at the customs. Reaching the campaign goal or overfunding the project is exciting, yet puts the entrepreneurs up for a stressful race against time when it comes to the delivering of the perks without problems.