When it comes to launching a rewards-based campaign, there are many different ways to go about it. From marketing swag to extend your brand to pre-selling product to exclusive themed bundles, you want to get the biggest bang for your buck without breaking the bank. We asked Kate Anderson, iFundWomen's Director of Operations, to provide her top seven tips for crafting campaign rewards.
1) PROVIDE A HANDFUL OF REWARDS AT DIFFERENT PRICE POINTS
The ideal range is 5 to 8 rewards at varying price points. Start low and go high. You want to have an accessible entry level reward, around $10. Popular crowdfunding contribution amounts are $25 and $100. Offering 5 to 8 rewards allows you to provide diverse price points that will suit the comfort level of all of your backers.
2) KEEP YOUR REWARDS PERSONALIZED & ON BRAND
If you're crowdfunding for a product-based business, your rewards should include that product. However, if your company doesn't produce a physical product, get ready to get creative! There are endless reward ideas for service-based businesses, such as a day-in-the life shadowing opportunity, a specialized masterclass or webinar, a personalized phone call with you, and of course you can even offer your services at a discounted rate. Your rewards should resonate with your brand identity, so for example, if you have a technology company, offer tech-themed rewards like cell phone accessories or other universally used tech gear. Lastly, it's always smart to do your research and check out the rewards being offered on other campaigns for businesses in your industry.
3) THINK OUTSIDE OF THE BOX
Unique and exclusive rewards get people excited to be a part of your brand’s growth. If you have a food-based company, consider inviting people to a special meal at your restaurant or name a speciality food item after them. Are you crowdfunding for a film? Consider allowing people to be extras in the film, offer a producer role or to be listed in the credits. The ideas are limitless!
4) USE REWARDS TO HELP WITH CUSTOMER DISCOVERY
Your business may be targeted to one customer segment, but say you want to expand into new ones. Crafting rewards that resonate with different customer bases can be a great way to test future expansion opportunities or marketing strategies. For example, say you make fitness clothes for women, but you're thinking of launching a children's line or menswear line. Creating simple branded merchandise for those customer segments can get you in front of your prospects gathering feedback ahead of any future investments.
5) ALWAYS ORDER A SAMPLE
You want to ensure the quality of your rewards before you ship them out to your backers, so be sure to order a sample from your swag supplier, and make sure you like the swag before ordering a large quantity to fulfill your rewards.
6) SHOW YOUR BACKERS THAT YOU CARE
Consider rewards that show your appreciation, such as a personalized postcard, handwritten thank you note, a recorded video message, or even a social media shoutout. These are easy ways to personally let people know how much you appreciate their contribution.
7) DON'T FORGET THE COGS (COST OF GOODS SOLD)
Be strategic about each reward you're offering and make sure that the cost of producing and delivering your rewards doesn't infringe on the amount of funding you need to grow your business. Check our Campaign Guide for iFundWomen's Coaches Playbook which can help you factor in the costs of purchasing and shipping rewards into your bottom line. Keep in mind that, If you choose Flexible Funding, you'll need to fulfill your rewards whether or not you reach your goal and don't spend money on your rewards until your campaign is complete.
Rewards are a powerful vehicle for extending your brand, engaging your community, and spreading your story. Don't be afraid to get creative and test different price points and product offerings with your rewards and, ahead of your campaign launch, ask trusted people in your network for feedback on what they would be interested in receiving in return for supporting your campaign.
At iFundWomen, our coaches are always at the ready to help with planning and execution. Now get out there, and win!