Posted on Friday July 8th 2016
Want to know more about how to create great Rewards? Here’s all the information you need, plus some great tips and examples!
Do Projects have to have rewards?
Yes. Projects have the highest chance of success when accompanied by a series of considered, desirable rewards. Good rewards reflect the creativity, passion and energy of the project. This can often prove the difference between a successful and unsuccessful project.
What type of rewards should I offer?
A well-designed set of rewards can really help a project on its way to success. Think about the motivation of your funders and build your rewards around this.
Here are some tips for designing your rewards:
· Rewards should be cost effective. Use your skills and available resources to offer rewards that have a high value to funders but little cost to you. These often offer added value goods (e.g. signed copies of books) or experiences (allowing fans to sit in on the bands recording time) as opposed to monetary value.
· Rewards should be deliverable. Plan in advance to make sure you deliver what you promised.
· Rewards should be desirable. While there is an element of goodwill, people want to receive a unique experience or sought-after product.
· You need a range of rewards and we would suggest 5-8 options to get people involved at different levels. The most common reward costs are the €25 and €50 rewards and as such we recommend offering rewards at these levels. A higher average pledge is associated with a higher success rate with the small percentage of more expensive pledges accounting for a large portion of the overall value (as shown below). This stresses the importance of offering attractive rewards at higher price points.
· Some practical advice:
– Make a list of each possible expense for each reward level and come up with a total.
– Be very clear in listing what each reward level entails.
– Including everything from the previous reward level plus something additional is a common approach.
– Not all rewards have to be different amounts. If you want to get many pledges at €60 provide a few packages available to pledges at this cost.
Are there any rewards that I cannot offer?
Rewards cannot be financially incentivised, this basically means no equity-, ownership- or securities-based rewards.
You must provide something more than just a thanks. We feel a thanks should come as a standard with any contribution and therefore does not constitute a reward in its own right.
Other than this, barring anything illegal or offensive, you can be as creative as you please when offering rewards.
Can I put a limit on the number of rewards that I have?
Yes, creative rewards are often only feasible in limited numbers and this is perfectly fine.
Take inspiration from some of these top rewards: