How does Rewards impact my campaign goal?
Rewards are sets of items you give back to your contributors to say “Thank You” in appreciation for their support towards your campaign. The benefit of offering rewards is to enable you engage with your audience and build trust with them. Rewards also creates the opportunity for more people to get involved and contribute to your campaign thereby helping to reach your funding goal faster.
Rewards are generally offered to raise the odds of campaign success. They can be used as powerful marketing strategies to attract a large customer-base for your campaign. It gives your prospects a sense of incredible value in what you are offering in exchange for the contributions they make, and can be used to increase demand for your product. Study shows that campaigns offering rewards generate 143% more money than those that offer none.
Types of Rewards
Your rewards can consist of items such as:
1. Good or product you are manufacturing. This includes devices, games, handbags, shoes, or DVDs of your film.
2. Materials such as T-Shirt, sunglasses, hat or mug
3. Digital Gifts. This is great if you are making film or any product that can be downloaded online. Social media “Shout Out” could also form part of your rewards.
4. Experience. You can give your contributors a chance to feature in your film or premium ticket to watch your film. You could also consider issuing ticket to an event you are hosting, or include the names of your contributors in your company’s walls or important registers to make them feel valued.
Be Creative with your Rewards Offering
It is good practice to be creative when thinking about rewards you will offer for your crowdfunding campaign. Remember that “Variety is the spice of life,” when creating rewards. Consider offering different combination of items to attract different levels of contributors.
For example, you can offer an item of your product at a specific reward level, say £15 (depending) on your production cost per unit plus shipping. You could also create other levels, say £25, £150, or £1,000 for several bundled items of your product plus materials such as T-Shirts, mugs, or hats if you like.
Consider creating featured also. Featured reward is the most popular reward that your campaign is offering with the main attraction.
Be sure to offer rewards you can fulfil. Think of the cost implication of shipping when deciding your rewards. Ask yourself,
a. How realistic can I fulfil 20 items compared to 2000 items?
b. What challenges might be in the way of fulfilling large qualities of rewards to customers across the world?
Let your answer guide you to cap the number of rewards that feels achievable for you. Ultimately, it is advisable to be strategic when pricing your rewards.
NOTE: You can edit your campaign rewards only if have not yet been claimed by a contributor.