Reward tips

EcoCrowd_Tauschgut_Tipps

The most important thing about crowdfunding is to inspire the “crowd” for your project idea, your product, your business. The rewards provide a good basis for this.
In the case of the reward, it is a question of appreciation. The rewards should have nearly the same value like the value of the support. Whether the rewards are of a material or ideal nature, that plays no role at all.

Some starters make the mistake of equating crowdfunding with donations – a misunderstanding why some campaigns have failed. Therefore you should always remember: crowdfunding relies on the concept of “give and take”.

Make sure that you can provide the ordered rewards with every reached financing sum. For example, if your campaign is to produce a sustainable product that can only be produced when the project is fully financed, you should not offer it as a reward at the start of the campaign.

If the financing has reached a level with which another reward can be realized, you can of course add this to the ongoing campaign. Calculate in advance where these stages are located. Make sure to offer attractive rewards for a financing sum of 1 € up to the first intermediate destination. In this case sponsored or ideal rewards are helpful.

For example: You want to finance a sewing room for a sustainable fashion project.
As a reward you offer a T-shirt from your own production. With the funding contribution of 30 €, which you have estimated for the T-shirt, you can cover the 15 € material costs for fabric and yarn – but without the 300 € expensive sewing machine you can not make it.

So wait until your project has a funding of 300 €, which can be used to finance the first sewing machine. Only add the T-shirt as a reward when this level is reached.

A personal city tour with the starter can be as much value for the supporter as a high-priced product. A hessian bag with the project logo for 100 €  will fail in most cases. The key to success is to find out, which reward fits to your target group.

Tips for the reward:

  • Orientate yourself on successful campaigns. What rewards do they offer?
  • Change the perspective. What would you like to receive as a supporter?
  • Notice the context. Do the rewards fit to your project?
  • Think about the production of the rewards. What is necessary? How sustainable is the production of your rewards? How sustainable are your rewards?
  • Calculate the cost for the rewards. What is possible? How do I have to adjust my financing target and the budget to cover the cost of the rewards (+ shipping)?
  • Plan your stages. Which financing level makes it possible, that I can offer new rewards? Do I offer attractive rewards for a financing level between 1 € and the first stage?
  • Present your rewards. Choose appealing names for the rewards, explain what is hidden behind it and why this particular reward is interesting for the supporter.
  • Offer versatile rewards. The same amount can be set for different rewards. This has the advantage that you are to appeal more people.
  • Look for sponsors. Maybe there are some companies which would like to participate in your project with give-aways.

 Examples:

Thank you “We know that every voice and every euro counts and thank you for your symbolic amount.”
(A thank you is suitable for small amounts)
First reader “You will get a link for the electronic issue of a magazine/book /movie.”
(The support sum should be roughly equal to the price of a magazine/book/movie in print version or DVD)
Early Bird “You are the first who get the finished product and before it is on the market!”
(It is clever if the support sum is lower than the price which the product will later have on the market)
Voucher “You will receive a voucher for the entry or a shopping voucher in the location of the project.”
(The support sum should not be (significantly) higher than the voucher value)
Workshop/guided tour/reading/
movie screening

“You can participate in an exclusive workshop/guided tour/reading/movie screening with the starter.”
Attention! Think of extra costs for e.g. rent or materials.
Wall of fame “Name of the supporter on the project website, at Facebook, in the film credits, etc.”
(The height of the support sum should correspond to the platform on which the wall of fame is published.) An attribution in the film credits, a book, etc. can therefore be set higher than a nomination on Facebook or on a website. In the case of a nomination, you should distinguish between private persons and companies and / or organizations.
Name patronship Naming of a product, the range, a week, a voting, etc. for a supporter. ”
(See wall of fame. The support sum can be adjusted according to the ‘importance’ of the name patron).