Rewards Recipe

Crowdfunding Rewards Recipe

Choose 6-9 and make ‘em your own!
Here’s all the ingredients for creating crowdfunding rewards for your campaign. You can learn more about reward here.

First, let’s cover the basics of terminology.

Crowdfunding Terminology:

Pledges: $$$, is the word for funds, donations, payments made to your campaign in exchange for rewards or in some cases made just out of goodwill.

Backers: is the word for the members of the crowd who go ahead and pledge funds in exchange for the reward they chose. Also known as Pledgers. They join your journey ♥

Crowd: The World around you, some worth targeting more than others- e.g. Friends, Media, Network and Target Market of your Product or Service

Creator: You! The person with the idea, project or business that would like to raise funds, gain customers and iron out kinks through customer feedback!

Price: Amount people pay for particular reward. Note: backers can increase the amount they pledge above the base price at checkout.

Low value: Under $50

Medium value: Dependant on product (as typically is product related) $50 to $300

High value: $300+

Crowdfunding Rewards Examples:

Low-Priced Crowdfunding Rewards

Open Pledge/Goodwill
Example: Open Pledge $1 and above = Every little bit counts, Thank you!
Thank You/Can also be combined with Open Pledge
Example: $5 = Thank you so much! You are now part of the XXXX family. You will receive a postcard or enewsletter update.
Customisation Thank You ∞
Example: $10 = You will have your name on our website home page wallpaper OR studio wall OR postcard
Ticket to an Event/ Launch Party, Mid or Post Campaign event.
A party generates excitement/momentum √ , brings together (Potential) Backers and your Promoters, Family, Ambassadors ◊
Example: PreLaunch – Mid Campaign – Campaign Close – Meet The Founder Event

Low price rewards can be combined to have a mid to high level price reward.

Mid-Priced Crowdfunding Rewards

Most crowdfunding rewards are the product itself and under $100
Example: $X = The product has early bird pricing (a different price to existing product)
Early bird on an Early bird.
Example: Have limited amount of units at a price slightly lower than product-based reward above. Idea being; fast track purchase rate and showcase ‘Oh you missed out on something everybody loves and has already bought! Buy the one that’s still available!’ .
If not discounting your product (as 2 above), provide a value add.
For example: ‘$XX = XX product and a 30 minute skype with the founder on the mechanics!’
Be nifty! Bring in a 3rd party ♦ who can add flavour, even if its not on topic.
For example: A Power Drill Workshop campaign offered Leather bookmarks in a package style reward – just ‘cause the Creator had a friend with a leather bookmark shop’.

High-Priced Crowdfunding Rewards

The Big Bundle: This is where you go all out and offer a package that can be a compilation of smaller rewards. For example: 5x rewards, Visit and stay at the site, Visit and design AND stay at nearby BnB, We’ll come to you!’
Tie in a 3rd party business ♦ or large party who is interested in buying up large bundle of units. And in reverse; if not buying, offering up rewards. For example: A 3rd party offers a BnB stay when a backer visits on exclusive tour of production facilities.

Crowdfunding Basics:

♥BACKERS
Backers are valuable ambassadors of your campaign; they not only just bought a reward from you; they like you and they want to help you. Keep them excited by sending ‘Updates’ (as streamlined in your manage campaign tab ‘Update’) on all things you and your campaign! You can also go a step further and incentivise their sharing of your campaign by using our ‘Analytics’ dashboard. For example, “Joanne shared the campaign page and accounted for $475 funds raised directly! Reward her with a special extra gift if she and any others reach say $500”

∞ CUSTOMISATION
Customisation is a great method to use; Backers are keen to have the newest, the latest and the greatest product or service. If they can have their name on it, their initials, a favourite quote, even just a colour of choice OR in reverse a tag stating something like ‘founding member’ on the item… then they’re even more excited!

♦ 3rd PARTY
3rd Parties are a great way to boost your campaign’s rewards but also as organised crowd and thus boost of funds. For example, known as The Golden Handshake at ReadyFundGo; tie in a distributor, a large buyer, a retailer, to buy an “early bird” multi unit package in the campaign- as discussed prior to launch. Having this partnership and purchase through the campaign showcases significant success to others coming across your page.

√ MOMENTUM
Momentum is key in a Crowdfunding Campaign; Showcasing excitement, action, all that stuff that is going on and you should be a part of it!

◊ AMBASSADORS
In promoting your campaign the most cost effective strategy is to use social media and in tune with this – tap into your own network and family a.k.a Ambassadors of your campaign. Make a list and provide them with ‘easy to forward on’ promo content with the campaign link throughout the campaign. Did you know the average person has 200 Facebook friends? Grab a bunch of mates, have a garden party at the house, email them a doc of stuff to blast out n tell the world what they’re missing out on!

Above is a generic template. Spice ‘em up a little when you customise them to what YOU CAN do and provide. Read more about reward ideas for different campaign types.