Rewards are what projects creators give to backers in exchange for backing their projects.
Rewards should be carefully selected products, artworks, or unique experiences. They should always be cool, fun and creative. When fairly priced and inspired, rewards are great motivations for backers to support a project! With rewards, backers benefit from a project just as much as its creator (i.e., they get cool stuff that they helped make possible!).
Offering baklavas when your project is to record an album may not be the most appropriate reward. Seriously, backers support your project because they like you as much as they like your project itself. That’s why every project’s reward should ideally consist of things/experiences made by the project. So if your project is to record a new album, rewards should include a copy of the CD when it’s done. A great thing is that BoostBloom allows you to you give out rewards to backers at different levels of funding (i.e. $5, $25, $50…, whatever you choose).
For instance, a level 2 reward could be a dedicated picture of your band in addition to the CD you recorded, and why not a printed and signed T-shirt, sent along with the CD to every level 3 backer?
This system gives you many options, and you can think of anything that will make your rewards unique and fun.
You want to keep things fun and simple. Do not offer too many different rewards or come up with a very complex rewarding system. Like for your goals, things need to be clear: backers need to understand your rewards.
Ok, here is what you could think of:
-Copies of your creation: this is the most obvious reward of all: a copy of the album you created thanks to your backers (as we discussed above), the DVD of your Band recording the album, a print from the show your funding made possible, the book you could print thanks to your backers’ support, the chair you built with the money you raised...
Remember that the rule when pricing these items is to set the price as it would be in a dedicated store (see below for more advice on pricing).
-Collaborations: imagine you’re writing a comic on a guy whose obsession is to snowboard on Ararat. Well, you could think of making a backer appear in the comic! He or she could be the character that creates an avalanche so that the ride is more fun? How cool would it be for backers to see themselves in your comic!
Let’s say now that you’re working on this album we mentioned before. One reward could be not only the album itself but the chance for a backer to do the finger clapping on the opening of track 4 just before the duduk starts. It could be fun, right?
-Interactions: if backers can come, what about this: you could reward them with a visit to the location you shot your short film? Or with a visit to the workshop where you’ve sweated so much to build this fabulous chair? What about giving backers a private piano lesson in addition to your CD album, or inviting them to a private concert or to a drink with the whole band?
Even a simple phone call from the lead singer or from the author of the book could be cool and would surely be valued by your backers!
What about sending cool pictures from the band taken on location with a special note for backers or thanking them namely in the credits? They are, after all, the ones that made your project possible!
See, the opportunities are endless; think of anything fun that YOU would like to receive if you were yourself a backer of your project.
Because we treat charity like any other projects, rewards are imperative in this field as well. You can think of any kind of rewards: still, keep in mind that like for other projects, rewards need to be personal and a motivation for backers (think of the products your charity will build thanks to your backers’ money, or if your charity involves kids, maybe a picture dedicated by them with a special word to backers?).
Like in other areas, you can think of anything that Backers would be happy to receive in exchange for their support.
You should place tremendous care in the choice of your rewards and in your pricing. Reasonably priced rewards make the most successful projects: a cool reward that costs less than $20 is an excellent starting price.
-So what works?
Well there is no magic recipe and, like in the real world, offering something of value at an attractive price usually is the best approach.
Is it a manufactured item you’re offering as a reward? Then the best thing is to keep your price as close as possible to its cost, or to its retail price if it were sold in a shop.
Is your reward a unique experience or a limited edition? Then you have a variety of pricing options based on who your audience is. Simply stay true to your project, adjust the prices accordingly and don’t forget to take into account you shipping costs.
And always ask yourself: would you open your purse for your rewards?