Crowdfunding can be a brilliant way to help finance a business and make your dreams of establishing your own company come true. However, crowdfunding – much like anything else – comes with responsibilities that you need to ensure you are meeting, and at the forefront of these is your responsibility to reward your donors.
What is Crowdfunding
The idea of crowdfunding is that if you can find a large enough audience interested in a product or service that you want to provide, they might be willing to part with a small amount of money to make that service happen. By doing so, they can provide you – the business – with the finances you need to make the service or product that they are interested in a reality. Often, these donations are backed up by a reward system, which helps to show donors exactly what they are going to be getting for their donations, which is where the core of this system really comes in.
Why Donor Rewards are Vital. Donor rewards are vital to the crowdfunding system because it gives the donor a very clear vision of the reward they are going to receive for their donation and incentivize them to give more money to unlock more tempting rewards. This is often so tempting to donors because the amount they are giving is generally relatively small compared to what they are receiving, simply because the number of people donating helps to make up the funds for the rest of the company.
Ideas for Donor Rewards
Fortunately, there are plenty of options available to you for how you could be rewarding your donors for their donations.
Build Donors into Your Business. If you are planning on establishing a brick-and-mortar business through your crowdfunding donations, then a great way to show your appreciation for you donors is to – quite literally – build them into your business. Through the power of engraved bricks, you can physically build a business with the support of your founders, each of which can be emblazoned onto a brick.
Early Access to Products. Another great way to help incentivize your donors is to provide your services or products to your donors ahead of when you deliver it to your non-donor customers. This means that your donors get the first crack at your products, which is often enough incentive to draw in even more donors.
Discounts, Offers, and More. Alternatively, if you can’t necessarily offer early access to your products, then a good option would be to give your donors special rates on your products or provide more offers and discounts on your products to your donors. For a donor that often buys your products, this kind of discount could be very worthwhile to them while allowing you to draw in more donors and more commerce at the same time.
Channels of Communication with You. Finally, people often engage with crowdfunding because they like the person they are supporting. So, if you are interested in getting involved with your community, you could always offer a direct line of communication as one of your donor rewards.
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