Using Rewards
Using Rewards
GEM MISA AND RIGHTEOUS RAISED OVER £225,000 FROM TWO ROUNDS OF FUNDING.
Using Rewards Rewards based crowdfunding is where is all started and it’s been hugely successful, so consider taking a leaf out of the Kickstarter book. You don’t have to offer a reward, but they can be a useful tool to incentivise people to invest in your company, is there something directly related to your company you could offer? Think limited editions, unique experiences, bespoke services or exclusive events. Not branded stationary and a paperweight. Money can’t buy rewards are the best. Think about what your best customers might like, it’s a great chance to connect with your investors emotionally. Offering them something they will really cherish will strengthen that relationship. The Rushmore Group raised over £1,000,000 from their network by giving existing members the opportunity to receive a Gold Lifetime Membership Card (unavailable at any other time) for £5,000. Be careful of cheapening your campaign by offering overvalued rewards. Offering a T‐shirt for £200 will not encourage investment; its perceived value is substantially lower (a thank you is not a reward). If your campaign starts to stagnate, consider adding a great reward to bring that initial buzz back. Make sure the reward descriptions are written and phrased clearly. Don’t forget to add images of your rewards. Focus on quality not quantity; don’t just add rewards for the sake of it. If it’s not adding to the proposition‐ take it out. Reward fulfillment is essential; think about the cost, and make sure you are able to deliver… literally!
Using Rewards I November 2013 I Page 1
GEM MISA AND RIGHTEOUS RAISED OVER £225,000 FROM TWO ROUNDS OF FUNDING.
Using Rewards Rewards based crowdfunding is where is all started and it’s been hugely successful, so consider taking a leaf out of the Kickstarter book. You don’t have to offer a reward, but they can be a useful tool to incentivise people to invest in your company, is there something directly related to your company you could offer? Think limited editions, unique experiences, bespoke services or exclusive events. Not branded stationary and a paperweight. Money can’t buy rewards are the best. Think about what your best customers might like, it’s a great chance to connect with your investors emotionally. Offering them something they will really cherish will strengthen that relationship. The Rushmore Group raised over £1,000,000 from their network by giving existing members the opportunity to receive a Gold Lifetime Membership Card (unavailable at any other time) for £5,000. Be careful of cheapening your campaign by offering overvalued rewards. Offering a T‐shirt for £200 will not encourage investment; its perceived value is substantially lower (a thank you is not a reward). If your campaign starts to stagnate, consider adding a great reward to bring that initial buzz back. Make sure the reward descriptions are written and phrased clearly. Don’t forget to add images of your rewards. Focus on quality not quantity; don’t just add rewards for the sake of it. If it’s not adding to the proposition‐ take it out. Reward fulfillment is essential; think about the cost, and make sure you are able to deliver… literally!
Using Rewards I November 2013 I Page 1
