So you think you have a perfect rewards list?

Think again! Does your reward list have the following 10 elements? If yes, then yes, you DO have a perfect rewards list, which will entice your contributors! But if you don’t, get to work again!

  1. Must include the final product/project for which you are crowdfunding! After all, these are the people who made your dream come true, so they do need to see the final result of their support & contribution. We suggest you give out the final project/product in whatever form feasible to everyone who contributes, for e.g., CDs of your film, digital download, invitation to the launch etc.
  2. Keep the smallest range digital; thesmallest range like Rs. 200, 500, shouldn’t cost you much in delivering the reward, so keep it digital. You can offer to thank them on FB with a dedication, put their names up on the FB cover page, or your website, or offer digital downloads of the product etc.
  3. Customize, customize, customize; give rewards that are handwritten, personalized with messages, autographed, limited. Add the ‘unique’ & ‘exclusive’ quotient to the rewards that makes contributors feel special
  4. ‘Limited edition’ works wonders; getting exclusive access to only 100 T-shirts, posters,or any kind of merchandise in the world will definitely excite a contributor. So keep your rewards ‘limited’. This also adds to the urgency of buying a reward as soon as possible
  5. Recognition is key; your contributors need to be thanked on public forums like Facebook, websites, blogs, the project credits, etc., so that contributors feel happy and encouraged about being a part of your project and also get a sense of fame. So whether it is giving producer credits in the film, or putting a collage of contributor names up on a website section or FB cover page, you must do everything possible to recognize and thank your contributors publicly
  6. Let contributor’s influence your project; after all people are putting money on your idea, so why not let them give you suggestions or participate in the making of your project!. Give a cameo role to a contributor, let a few contributors name certain characters, give a preview of the product to a few contributors and get their feedback! After all, everyone is paying for giving their suggestion, so why not!
  7. Momentos – You must include custom-made merchandize, t-shirts of the film creatives or even the album logo, or mugs with name of your entrepreneurial venture etc. Think of momentos as tools to create your own branding along with giving a utility to the contributor. Think through your merchandize carefully, giving posters may not be a good idea as they cannot be used virally, but mugs, key chains, T-shirts have more utility and can spread the word about your project/brand
  8. Experiences – Give your contributors an experience of your work, or your skill! So conduct workshops, give them tours of the place where you are making your project (a film set, recording studio etc.), even meeting them at dinners/for coffee to discuss your project is a good idea, some personal performances, demo of your project, private previews etc. are  great rewards too!
  9. Take feedback from your friends; ask a few of your friends about the value of your rewards. Ask them if they’d put down money for your rewards, do the rewards sound exciting and exclusive and worth the money! 
  10. And finally, keep something for everyone; your rewards should be a very diverse menu for every price range. Allow for interesting rewards for people who can only shell out Rs. 200, 500 as well and not just for the people who can put down big bucks! After all, the more the number of people, the more you can build your potential audience as well! Do not undervalue the “crowd” in the word “crowd-funding”

Now, how do you price your perfect set of rewards?

Follow the following mantras, while pricing your rewards:

  1. Don’t be too pricey – have a good range – keep something for everyone. Start with the lowest possible denominator Rs. 200, 500 as many people will be capable of putting down the low amounts
  2. Don’t burn a hole in your pocket by promising something costly at the low amounts! At low amounts, keep a reward that’s digital and doesn’t cost you much to deliver
  3. Offer something of value and that money can’t buy; experiences and recognition related rewards are the best ways to offer value for money
  4. Don’t inflate prices unnecessarily; while you can price experience and recognition related rewards at any price you want, but merchandize like T-shirts, mugs etc., should be kept at their real costs or not too inflated as people tend to compare them to actual retail prices. You can also couple with rewards that can’t be bought off retail. So for e.g., if you are making a music album, at Rs. 1000, you can offer a T-shirt of your album’s brand (but may 1000 is too much for a T-shirt) so along with that you can offer a digital download of the first song of your album, and a day at the studio with you!
  5. Don’t forget to add shipping cost to the final price of your reward

Happy Crowdfunding!

– The Crowdfunding Gurus