Rewards

What are rewards?

Rewards are for your backers.  Think of this as a gift or special reward for your fans that decide to support you. It’s a great way to encourage support for your campaign. A reward can be a copy of something you’ve created, a t-shirt, a creative collaboration, tickets to shows or an event, early release of a product, a limited attendance experience, or creative mementos. It’s really up to you!

It’s important to offer a range of rewards at varying prices.  $25 is often the most popular pledge amount, but you’ll most likely want to include a wider variation of rewards, depending on your campaign.

Why are rewards important?

Creating a clear and structured rewards program that inline with both your campaign objectives and your supporters’ interests can have a huge impact on your campaign’s success.

Rewards-based crowdfunding is a great way to test the waters, receive market feedback, build your brand and secure loyal customers before you’ve even started! By building long-term relationships and winning people over, your campaign will employ the most powerful marketing tool there is – invaluable word-of-mouth reach and backing


crowdfunding rewards

3 steps to help you create rewards:

1. Define your goals and crowdfunding target

This should be clear, realistic and achievable. If the overall amount is significant, think about ways to break it into more manageable stages and amounts. This will ensure that you’re not setting too high a target that will eventually deter future investors – even if they would ordinarily back your campaign. The average supporter generally feels safe in numbers and will refrain from backing you if the amount you’ve raised is too far from the final goal (and close to your deadline!).

Before you can structure your rewards program, you will need to create a budget that accounts for all expenses; including but not limited to the following items:-

  1. Cost of producing rewards
  2. Shipping/packaging
  3. Marketing and promotion expenses
  4. ReadyFundGo platform and credit card or transaction fees

2. Research your audience & markets

Keep in mind that your backers may not always be your target market. For example, your high-level rewards may need to be customised to business investors who will back your company, whereas your more affordable rewards might be tailored to the average consumer who will be interested in purchasing or pre-purchasing your final product.

Will you be starting small and local, or is your idea flexible and scalable to be offered internationally?

Ideally, you will already have a few backers lined up prior to launching your campaign so pledges come in right away after launch.

3. Choose each reward

Start by getting creative. Brainstorm rewards ideas and check out different priced rewards levels.  Make sure to look at what others have done on existing campaigns.

Your reward should deliver the perceived value of the pricing – whether it’s the product itself, merchandising, or a unique experience. What do you have access to or that you can create to share with them?

Rewards are aimed to excite your backers. They should leave with a sense of belonging and/or ownership to your campaign. Give them a sense of vested interest and they will help you spread your message.

Don’t be afraid to make mistakes. As long as you are committed to developing a good relationship with your backers and communicate effectively, they will understand that you are learning as you set up your new idea or build on your existing business or campaign.

Once you’ve passed your campaign goal (It’s important to have a positive attitude throughout your campaign!), consider having a couple of rewards for those who’ve contributed to your ‘stretch goals’.


Ideas & Examples

Looking for inspiration? Have a browse of these reward ideas.

Business

What are your business needs and can your rewards program benefit these needs? Backers will be highly motivated by the value of your rewards. If you’ve really nailed your market needs, the response will be reflected in your campaign goal progress in the early stages of your campaign. 

1. Thank You Emails/Notes/Letters Customised emails or letters with your branding that show your genuine appreciation for their pledge and backing.

2. Photos & Updates
Photos showing the stages of product creation, your team, your achievements etc.

3. Acknowledgements
“Shout outs” on your website or other owned media (Social Media platforms)

4. Product Samples & Gifts customised to supporters
Sending out your first batch of products to your backers and inviting their feedback builds a strong and long-lasting relationship with them. It also allows for a controlled testing situation to minimize potential negative feedback in the public environment. Is there any merchandising that you might be able to appropriate at low cost?

5. One-on-one Meetings or VIP Events
Exclusive invites to café openings, launch parties, feedback sessions etc.

6. Exclusive, Backer-only Content, Copies and/or Products.
Have a flavour or product named after them (or by them).

7. Insider Sneak Peeks & Early Access
Memberships, briefings & previews to increase the initial number of backers to your campaign, you might want to create an early-bird reward for the ‘early adopters’ out there.

8. Time-specific Rewards
Create a low-level reward where backers go into the draw to win a prize/product.

9. Celebrity Incentives
Examples: Win a private Yoga session with … If your business has any well-known sponsors or endorsements, why not leverage these?

10. Sponsorship, Partnerships-Company/Organisational

Community

Is your community based campaign local, or international? Tailor your rewards accordingly as backers from your local community will hold you more accountable for your local campaigns and might have more access to providing you with feedback as well as support. 

1. Thank You Email/Postcard/Letter Examples: Customised emails or letters that shows a real life story of a recipient and highlights your impact.

2. Photos/Artwork & Updates
Photos or artwork showing your campaign’s purpose, the benefits of support, those you’ve helped, your team in action etc.

3. Acknowledgements Examples: “Shout outs” on your website or other owned media (Social Media platforms)

4. Gifts customised to supportersSending out customised ‘badges’ that show they’ve supported a good cause, such as stickers, apparel, etc. Is there any merchandising that you might be able to appropriate at low cost?

5. One-on-one Meetings Exclusive invites to launch parties, information sessions, community events etc.

6. Exclusive, Backer-only Content, Copies and/or Products. Examples: Have a place or item named after them (or by them)

7. Time-specific RewardsCreate a low-level reward where backers go into the draw to win a prize/experience.

8. Sponsorship, Partnerships-Company/Organisational

Personal

Are you the direct receiver of your campaign goal? What sets you apart from other campaigners and what are you willing to do or share with your potential backers?

1. Thank You Email/Postcard/Letter Customised emails or letters that are personalised by you.

2. Photos/Artwork & UpdatesPhotos or artwork showing the benefits of support, those you’ve helped, your project in action etc

3. Acknowledgements “Shout outs” on your website or other owned media (Social Media platforms)

4. One-on-one Meetings Exclusive invites to launch parties, information sessions, events etc.

5. Exclusive, Backer-only Content, Copies and/or Products. Examples: Have a product or item named after them (or by them)

6. Time-specific Rewards Create a low-level reward where backers go into the draw to win a prize/product.

7. Sponsorship, Partnerships-Company/Organisational

Charity

Will your backers be able to easily relate to your charity? Or will they need some convincing? Supporters of Charities are more motivated emotionally to your rewards; the perceived value of your rewards is less focussed on what’s in it for the backers themselves, and more for the cause and acknowledgements. Focus on the impact they are making! 

1. Thank You Email/Postcard/Letter Customised emails or letters that shows a real life story of a recipient and highlights your impact.

2. Photos/Artwork & Updates
Photos or artwork showing your charity’s purpose, the benefits of support, those you’ve helped, your team in action etc.

3. Acknowledgements“Shout outs” on your website or other owned media (Social Media platforms)

4. Gifts customised to supporters Examples: Sending out customised ‘badges’ that show they’ve supported a good cause, such as stickers, apparel, etc. Is there any merchandising that you might be able to appropriate at low cost?

5. One-on-one MeetingsExclusive invites to launch parties, information sessions, events etc.

6. Exclusive, Backer-only Content, Copies and/or Products. Examples: Have a place or item named after them (or by them)

7. Time-specific RewardsCreate a low-level reward where backers go into the draw to win a prize/experience.

8. Sponsorship, Partnerships-Company/Organisational


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