Crowdfunding can only be successful if the right rewards are offered. So an entrepreneur has to be very creative with the type of rewards they decide to offer. Prosocial conversions are not easily achieved because you have to convince potential donors to accept rewards that are not received immediately. Indiegogo and Kickstarter are the two most popular crowdfunding platforms and they allow crowdfunders to offer non-financial rewards. Such rewards are often in form of products that donors will not receive until months later after successful crowdfunding with SmartBoost System. Research also shows that after crowdfunding most projects tend to be late in providing the rewards promised to their donors. Given that most donors will do a lot of research and are aware of all these facts, your reward must be something worth their contribution even if they have to wait longer than you promise to them.
Being creative with the type of rewards you can offer to prospective backers can result to larger contributions. More people are likely to fund your project to reach its funding goal within a shorter period of time. The following are some ideas for the kind of rewards you could come up with:
Provide an option to publicize contributors-Smartboost System
When people donate to support your crowdfunding campaign, you could offer to publicize their names. It is something many would consider important since they may want others to perceive them as compassionate. This is particularly an effective strategy for projects that serve some social good in addition to an entrepreneur’s business goals. The names of donors could be publicized for different levels according to their contributions. Although it should be optional to be publicized, many contributors would consider it a leadership decision. They may not only choose the option but could also be motivated to contribute more, especially if there are different categories of contributions with different ideas for publicity.
Give tangible and practical rewards
For any amount backers choose to give Smartboost Sysem knows they would like to know they will get real value. If the reward is tangible and practical, there is a greater economic value and potential donors will be motivated to invest more into your project. For instance, if your crowdfunding project is meant to support production of a music album, you may want to promise donors that they will actually get a physical copy of the album. That would be a better reward than simply letting them know they will get access to your album. They may not be sure what type of access or how they will get it.
Promise many fun tiered rewards
Major crowdfunding platforms will allow you the option to provide different tiers of rewards. In that case you request potential backers to give different amounts of contributions and for each level you give a reward of a certain value. If you have a good number of tiers for the rewards, the donors will have a choice to make and that could be a fun experience. Too many tiers could however be overwhelming and should be avoided. If you choose to offer your potential backers an experiential reward, just make sure it is something they would consider valuable.
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