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Crowdfunding Problems: The Struggle for Rewards

posted Nov 4, 2013, 10:12 AM by Unknown user   [ updated Nov 4, 2013, 10:15 AM ]
Do you want to know the secret to great rewards? Hopefully you have been promoting your crowdfunding campaign, and now you are getting people to the campaign page. With all of these eyes on your rewards you want to make sure you have something that appeals to everyone. Check out the reward types below and let me know in the comments what has worked for you.



1. Intrigued, but not Convinced


These are people that can still help you, but don’t want to donate to your campaign. It is your job to make sure it is as easy as possible for them to help. This means giving them a call to action that fits their expectations. When You Wish, a crowdfunding platform, does a great job of helping its campaign creators to do this by adding a reward where the cost is simply a Facebook like. If you are using a platform that doesn’t directly do this you can still add something in the body of the description right under your main video. Depending on your project it should be something like, “Check out the rewards to the right and pick your favorite! Make sure and share us on Facebook!”

Icons are used in this crowdfunding campaign as a call to action.

2. Convinced Follower

These are the people that are willing to go through the donation process, but don’t have a lot of money to put towards your campaign. The best way to attract these people is to have a low level reward. The best low-level reward is a $3 Production Diary. A production diary is a film term, but can be applied to any campaign. People just want to be involved and stay involved and keeping them constantly updated (through getting them to donate and not just through the crowdfunding platform’s tools) is the way to do that.
TIP: People who are willing to donate $1 are just as likely to donate $3.



3. Casual Contributor

According to Kickstarter, the most common donation amount is $25. This means for whatever reason when people see a $25 reward they are more likely to donate than if there were only a $30 reward. I am sure there are other factors that affect this, but why go against the odds? Make sure you have a reward at this level that maximizes profitability. For example, if you are crowdfunding a film offer a digital download as opposed to a DVD at this level.



4. Core Contributor

These are the people who will donate at the $100 level. This level will be comprised of your core followers. If you reach out to them through direct emails and phone calls you should be able to get many contributors at this level. Offer exclusive things like signed dvd’s or let these people get their rewards before anyone else.
Exclusivity is KEY at this level.



5. The Angel Contributor

These are generally going to be corporate or business sponsors to your campaign, the ones who donate more than $1,000. In order to reach these levels of donations you need to have above average reward offerings, and contact sponsors who might be interested in the purpose of your crowdfunding campaign. A great example of a reward where a stranger might buy a $10,000 reward is Kickstarter’s Veronica Mars Campaign. Rob Thomas offered a speaking role in the movie. This worked because The Veronica Mars Campaign had a large amount of credibility. If you look at USC’s crowdfunding campaign for Cancer Research on When You Wish they were able to get 40 corporate sponsors to match each dollar that came in. Both are great approaches to getting those high level donations.
A while ago I wrote a guide on crowdfunding reward basics that you can find at When You Wish.

Do you have a burning crowdfunding question? Leave your question below or ask me through any social media channel and I will answer it in a new post!


posted from :http://thecrowdfundingformula.com/crowdfunding-problems-struggle-rewards/

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