6 Tips for Creating Compelling Rewards

In Crowdfunding by admin

Top 6 Tips for Creating Compelling Crowdfunding Rewards

Creating great and actionable rewards is not easy as it might seem. In fact, you need to find perks that can be appreciated by many and at the same time are not a big cost for you we suggest 5% or less of the value of the donation.. Furthermore, you want the perks to be somehow exclusive, since in this way you can communicate better to your backers how valuable their support can be. These are some of the tips to beware of when developing your rewards.

  1. Have the majority of perks priced between $25 and $100. Most of the contributions from backers fall between $25 and $100, with $50 dollars being the sweet spot. This is why you should try to develop the majority of the perks you are offering in this range.
  2. People will be buying your item. If you are making a crowdfunding campaign for a tangible product, backers will tend to pledge the amount of money needed to purchase that item.
  3. Create scarcity. Offer a limited quantity of perks to encourage people to buy right now and to create a sense of exclusivity. After a perk sells out, you can always add a new one.
  4. Give people a good deal. Don’t charge retail prices to backers, as they may wait for the product for quite some time and it would not be fair.
  5. Do not forget small rewards. Perks for $2- $5 are important as they allow you to capture the pledges of those people who fancy your idea, but not at the point they would commit more than a couple of coins.
  6. Keep it low cost. Rewards have costs, like production and shipping costs. When you calculate the reward price you have to include them in, so try to create perks that do not cost you too much, but at the same time that can be very valuable to the backer.
  7. Look for inspiration. If you are having trouble creating perks, find similar campaigns and use their perks for inspiration.