Brenda Mahoney of Vin Gogh Paint and Sip Studio recently launched a successful crowdfunding campaign using Alberta BoostR, and her rewards really set her apart. Vin Gogh provides an experience that combines three of life’s greatest passions: art, wine and food. She used her ability to offer these experiences in a customized way to attract different types of potential contributors to her campaign. Here are some of her ideas on how to create rewards that work:
- Choose rewards that relate to your business
Not every business has a cut and dry product that they can offer to supporters as a reward. But this doesn’t mean they should stray outside of their industry for rewards. It can be confusing for supporters when the rewards don’t match what the business does. Part of the reason to do a crowdfunding campaign is to make people aware of who you are and what you do. So offering rewards that don’t relate to your business at all can end up detracting from the brand image you want to communicate. If you do want to include rewards from outside your industry, try including them as a bonus. For example, Vin Gogh could offer a paint session with a box of chocolates to vamp up the reward. But offering only a box of chocolates wouldn’t make any sense.
- Think of rewards as a great marketing opportunity
Each person who shows interest in contributing to your business through a crowdfunding campaign is a potential customer, which is why tying rewards to your products and services is so important. Moreover, every aspect of your crowdfunding campaign – from your video and images to the tone and voice of your written text – is a great opportunity for people to experience your brand. Use the lingo you use within your business, showcase the goods or services you provide, and create experiences surrounding your business. Each reward purchased is an opportunity to get someone through the doors of your business and turn them into a returning customer or at the very least, a brand advocate who will spread the word to their networks about your business.
- Don’t be afraid to change the amount of each reward available
Some rewards end up being really popular, while others end up not being popular at all. It’s sometimes hard to predict this, so changing the numbers of each reward available throughout isn’t a bad strategy. This also helps keep certain reward levels alive. If you only have large reward levels left available, someone looking to contribute a smaller amount may no longer chose to contribute. Being responsive to what rewards the crowd likes/doesn’t like is key to success in crowdfunding. You want to offer engaging rewards and introducing new rewards is a great way to add more excitement around your campaign.
Setting rewards for a crowdfunding campaign can be tricky. Picking the right reward for each contribution level takes time and thought to make sure you’re providing a reward that your supporters want to be a part of. When you design your crowdfunding campaign rewards, ask yourself this: would people want to go out of their way to buy this reward? Is it enticing enough for them to open up their wallet and purchase it now?