Did you know that more people than you think are very successful in crowdfunding thanks to rewards? Well, there are campaigns that don’t have them and raised their goal. But making a reward system allows you not only to reach your goal but to surpass it enormously. For this reason, today we’ll talk in detail about the rewards and their value in crowdfunding campaigns.

The reward system and crowdfunding

There’s a crowdfunding category called “rewards-based crowdfunding”. Here, a campaign’s creator offers “prizes” related to the idea behind it. As gratitude and incentive in exchange for a contribution. Commercial campaigns that seek to create a product, service or similar usually enjoy a broad reward system.

The reward system consists of creating a set of rewards (also called perks) subdivided by levels. Each level represents a reward from its smaller version to larger versions. These levels have their own “price” that would be the exact amount of money that must be contributed to receive it. Taking this into account, we realize that the greater the amount of money contributed, the greater the reward should be.

limit rewards crowdfunding
Each level of reward has a limit, which seeks to generate exclusivity. For example, if one of your rewards is to offer shirts for $15, you must establish how many you’re going to offer. Source: Disc Makers Blog

In order to better illustrate this information, we’ll show a very common example. Suppose we have a campaign to make a movie. In such a case, the reward system could be divided in this way:

• For a contribution of $5, a thank-you email will be sent.
• For a contribution of $10, a thank-you email will be sent + a complete script of the film.
• For a contribution of $25, all the above will be sent + a shirt of the film.
• For a contribution of $50, all the above will be sent + a physical DVD copy of the film and the making-of.

This is how the reward system is created in a crowdfunding campaign. It’s important to offer attractive things that any potential contributors may be interested in. The most successful known campaigns managed to achieve (and even exceed) their goals thanks to them. But the problem is when you don’t know what to offer.

Guidelines to take into account when creating rewards

First of all, determine if you can offer rewards. Although offering them allows you to motivate people, it also carries great responsibility. Once you have security, you can create your reward system. You may find yourself in a situation where you cannot offer rewards. This won’t prevent you from raising money, but take into account the benefits of including them.

The rewards should go in line with your campaign’s idea. Ergo, they must result from something related to what you seek to finance. As we illustrated with the example of the film campaign, whose rewards were things related to the film itself. The same should be done in your case. You don’t need to have a lot of money to be able to create a reward system. It’s a matter of having creativity.

doris hagerman crowdfunding campaign
Doris is a woman from Mexico who needed money to finance a cancer treatment. Being an artist, she decided to offer as a reward printed photos of her dancing. Some of them signed by professionals related to her career. Source: Donadora

Before launching your campaign, one of the things you must prepare is your rewards. Sit down on your own or with your team and spend time defining what they’ll be like. Remember that the rewards must be tied to your ability to be responsible and deliver them. If you’re not sure that you can deliver a particular reward, it’s better that you desist from adding it.

You can also use graphics to attract people’s attention. In your campaign’s description, you can add photographs, images, videos, infographics and audiovisual material that illustrates how your reward system is. Imagine that you’re putting items for sale, it’s almost the same with rewards. The more details and information you offer about them, the more they’ll attract potential contributors.

crowdfunding campaign coolest cooler rewards
An infographic that shows some rewards of the Coolest Cooler, one of the most successful crowdfunding campaigns in the world. Source: Crowd101

Everything we’ve mentioned so far is optional. You can offer rewards to your needs without having to resort to the use of graphics or elements mentioned here. Consider whether it’s possible to incorporate rewards into your crowdfunding campaign. Since you’ll notice that most contributions will come thanks to people who want to get one of them.

Thank you very much for reading this entry, we hope you enjoyed reading it. We invite you to share it on your social networks with your friends. This helps us reach more people and share interesting content.

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Time to build a reward system…