Business Scenes - Arts, crowdfunding, startup, collaborative consumption, Featured News

How to…Reward your crowdfunding supporters

June 11, 2011

Issuing rewards for support of your project is part and parcel of having a successful crowdfunding project on Pozible. But it can also be one of the hardest things to work out for you and your project group prior to launch.

In this “How to…” I share a few tips and tricks that will make setting your rewards and rewarding your crowdfunding supporters a hassle free process!

Every little bit counts

One of the most common mistakes made on Pozible is setting the rewards limits beyond the reach of people who contribute smallish donations. Whilst you may wish to encourage people to give higher amounts to get to your target quicker, you might actually intimidate some of your potential audience by making their contributions seem unworthy.

Think of your funding as a bucket you want to fill with water yet you do not have a tap or hose.

If you place a bucket out in a rain storm, no matter how light or heavy, remember each of those tiny drops combines together to fill the bucket. So too do smaller contributions to your campaign.

crowdfunding supporters

  1. Think about your audience

As we have talked about before previously, crowd funding is more peer funding, in that it is generally your peers who will get behind your project to donate and to spread the word.

With that in mind, think about what would appeal to your friends, colleagues and other people in your creative field as a reward and offer something that entices them to participate or stretch their support a little further for an even cooler reward. Ask yourself what (beyond the warm and fuzzy feeling) would be a draw card to you? Measure your rewards in those kinds of yard sticks and your rewards will seem more personalised, appealing and meaningful.

One size doesn’t fit all

Our lifestyles, tastes, income level and how we were raised all determine the true meaning of words such as “generous”, “affordable”, “lots” and “a little bit”, and you need to take that into account when setting up your rewards. Your rewards act as a spectrum that allows people to feel encouraged to participate financially in your project, but it won’t necessarily determine how much you receive.

Think of it this way-

$25 donation might mean one less CD to you, but it could mean an entire week’s transport to work to someone else. Another person may see that $25 as a tip, another as something they need to save for a few weeks to have as ‘spare’.

The reality is people will give within their own means to what they believe in and what is little to one person could be a very big deal to another.

crowdfunding supportersBe inventive

Your project is a reflection of who you are- so make your rewards an extension of that personality too! You might not be able to give everyone a copy of your album or free tickets to your show, but you can think of a meaningful way to say thank you to a person who supports you!

Ask yourself if you were going to support a friends project financially how you would like to be rewarded and add a dash of creativity. It can be as simple as a hand written thank you note or as grand as their name forever associated with your creative projects journey.

What matters is the sentiment attached.

Mega Crowdfunding Supporters do exist

There have been cases in the crowd funding world where some projects have received support from people who have paid 50% or more of the funding level. The reality is people looking to fund creative works on a larger scale are increasingly choosing to look at their options through crowd funding as opposed to angel investment or other traditional means. So here you should also cater to these kinds of investors.

For example- if you are producing a film that has a $10K budget, if a Mega Supporter wants to cover most of that, is there any harm in offering a producer credit in the titles as their reward?

Your reward doesn’t give someone entitlement to your work, you are simply recognising the reward they give you with the appropriate thank you- and if they help you a lot, shouldn’t the thank you be big too?

Share the Love

Everyone who supports your project is doing it because they believe in you and what you are doing. So another way to encourage more rewards from people is to make use of the update feature to thank your supporters on your Pozible project page as they come in.

Doing this and carrying it across to social media such as Facebook or Twitter can also be a great way of not only acknowledging the support you get straight away but also encouraging other people to do the same.

crowdfunding supporters

So, in short, when it comes time to set your rewards remember to:

  • Offer small, medium, large and mega rewards to cater for all kinds of supporters
  • Think about the kinds of rewards your supporters would find meaningful, fun and enticing
  • Reflect your project and your creative personality in what you give
  • Support comes in all shapes and sizes- and so should your thank you for that support!

You Might Also Like

Contact Form Powered By : XYZScripts.com