Today, crowdfunding has become the most popular way for investors, artists, and entrepreneurs to fund their programs. Anyone who wants to have a successful crowdfunding campaign will need to offer the backers rewards that will entice them to invest in your project. The rewards don’t just serve as an appreciation for their support. They are also an incentive for motivating even more backers to join the project and bring life to it.
What are crowdfunding rewards?
Typically crowdfunding rewards are products, services, or unique experiences curated to give backers something in return for their financial support. Creatives and innovators launching projects on Kickstarter are known to offer a vast selection of rewards, including artistic collections, copies of a music album, or rewards that are more experiential like a private cooking session or behind-the-scenes visit to a filming or recording set. Your rewards don’t have to be physical items. However, they should aim at bringing donors closer to the project. As a creator, you have more of an idea of what the community wants than anyone else. Think about things that can encourage you and support the project.
What creators on Kickstarter offer as rewards varies provided it fits into Kickstarter’s rules. These rules include a list of subject matter and items that are prohibited. Below are some of the ways that you can make your rewards irresistible so as to attract more backers to your Kickstarter campaign page to give you the support you need.
How to develop irresistible Kickstarter rewards
1. Offer relevant rewards
Firstly, it is important to make sure that the incentives you add to your project are of value to your target audience. In order to develop relevant Kickstarter rewards, it’s important to understand the desires and the needs of your possible backers and craft the rewards accordingly. For instance, if your Kickstarter project is a documentary, then a DVD or digital download of the documentary or a behind-the-scenes will be a valuable reward. In addition to that, if the product is an innovative tech product, you may offer it at a discounted price or even offer early access to the final product.
2. Make your Kickstarter rewards exclusive and unique
On top of your rewards being relevant to your target audience, you need to make sure the rewards are exclusive and unique to your crowdfunding campaign. This creates a sense of scarcity and urgency that will give backers the feeling of being part of something special. Limited edition items, personalized experiences, and other one-of-a-kind rewards may all add intrigue and value to your Kickstarter project. For example, musicians may offer a restricted number of signed vinyl records or even host a private concert for backers with the highest level.
3. Offer various options and reward tiers
Part of developing persuasive Kickstarter rewards is offering various alternatives at different prices. This allows possible backers with varying levels of spending power to back your project. Offering a wide range of rewards increases the possibility of backers seeing value in supporting your project financially, and this ultimately leads to more financial backing.
It is essential to ensure that you balance between giving adequate options that cater to various preferences and budgets without overwhelming potential backers with a lot of choices.
When deciding on the price points for your Kickstarter rewards, it is important to consider the cost of producing the rewards themselves, as well as any shipping or delivery fees. You need to make sure that the money raised during the campaign is enough to cover all the expenditures and any additional expenses needed for the final project. This might require a lot of research and calculations, but doing this is crucial if you don’t want to underestimate your costs and dip into your pocket to fulfill your promises to backers.
4. Develop reward add-ons
Offering reward add-ons that complement your standard rewards is another strategy that will help you craft compelling rewards. You can offer potential backers who are willing to contribute more money extra items and add-ons. This will encourage backers to chip in at higher levels, ultimately increasing the total funds raised. For instance, a donor who gives $50 may get a digital film download while one who supports the funding with $100 might get a signed poster and a digital film download.
5. Indicate the value of the rewards
It is also essential to highlight the original value of the rewards you’re offering so that potential backers can appreciate the deal you’re offering them. It helps to include images and a detailed description of the incentives. In addition, highlight any exclusive or unique aspects of your rewards. Clear communication might help possible backers to have a better understanding of the value of the offered rewards. This will encourage them to chip into the crowdfunding campaign hence making it successful.
5 Kickstarter reward ideas
Below are some ideas that would make for effective Kickstarter rewards to help boost the success of your crowdfunding campaign:
Digital rewards
Some backers might just want to give a couple of bucks. Make sure that you have a low-cost reward to show your gratitude without too much hassle on your end. This could be anything from a thank you list on the website, an email, or even a digital copy of a game, piece of software, or music album.
Your product/service
Many of the backers who support your fundraising project do it because they have an interest in your business. For this reason, you should base your major rewards on your product or service, at prices that are affordable but also able to cover the cost of shipping and production. You may expand the rewards selection by including add-ons, different packages, or even higher-level rewards. You can also offer a reward that is exclusive to a specific tier of Kickstarter backers. For example, some of the trending games offer special Kickstarter editions. This motivates sponsors to act very fast.
Exclusive access
To make your rewards even more appealing to your backers, offer them a private event, behind-the-scenes visit, or even a complete live stream with the creators of the Kickstarter project. This will make them feel like a privileged part of your productive process and make their rewards more personalized. Ultimately, this will make your backers more likely to remember your project and support any projects you may launch in the future.
Original art
Original art may be compelling, incorporating the supporters into the process and production of specific mementos. Exclusive drawings and sketches are affordable options for a creator who is developing Kickstarter rewards. However, make sure you give backers an accurate estimation of how long it will take to deliver the drawings and sketches. Many tabletop games have surprised and excited potential backers by developing characters based on their backers at a specific tier. If you’re an artist, creating art to thank your backers for their contributions will be easy enough. On the other hand, if you’re not an artist, you can pay an artist to create these rewards for you.
Curated merchandise
Creatives launching on Kickstarter often default to creating merchandise, but this is actually the most challenging sort of reward to create effectively. Family and friends may purchase and put on your branded t-shirts to symbolize their support. However, it might be difficult to get the same level of enthusiastic support from a wide audience. In addition to that, the cost of designing, printing as well and shipping tends to be higher, particularly if you make orders in smaller quantities. For this reason, we would only advise you to include merchandise as an add-on to a bigger reward or part of a reward package.
The bottom line
Developing persuasive Kickstarter rewards is a very important aspect of building a successful crowdfunding campaign. As an entrepreneur, offering exclusive, relevant, and unique rewards at various price points may entice potential backers to chip in and help you bring your Kickstarter project to life. Carefully consider the prices involved in fulfillment and shipping and factor these into the kind of rewards that you offer your backers.
It’s also important to highlight the value of your Kickstarter rewards. Don’t be scared to add smaller or less costly rewards at lower price points, as this will help you avoid financial inconveniences before the campaign ends. Remember that too many choices may overwhelm backers, so consider having a moderate range of rewards to make it easier for them to settle on something that works for them.
It is also important to review Kickstarter rules about rewards. Ultimately, you will attract backers to your project if you can offer them exclusive, creative, and unique rewards.
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