Designing a Kickstarter Reward Strategy That Converts
ith all the mayhem involved with launching a Kickstarter campaign, reward strategy too often becomes an afterthought for creators.
I get it. There are so many exciting and hands on tasks to-do… the last thing you want to do is dive into a spreadsheet and figure out your pricing strategy. And when you do sit down to figure it out, you find yourself asking… how much should I discount? How many rewards should I have? Should I create a $1 reward? Kickstarter tells me the most popular reward is $25, is that right?
I’ll help answer all those questions by breaking down reward strategies we use at LaunchBoom. Better yet, these reward strategies will actually be backed up by real data and use examples from 6-figure campaigns.
Core Principles of our Reward Strategy
Before diving into the weeds, let’s talk about some high level concepts we follow for our reward strategy. Many of these principles are combined to have a more powerful effect.
We like to define the motivation for people to back our projects in one sentence.
People looking to buy innovative products at a discount before anyone else.
This is a core principle of a strategy I like to call Reward Stacking.
Anchoring is a cognitive bias where a person’s decision tends to be influenced by an initial piece of information. The most classic example of this is the restaurant who has one $155 dish while everything else is around $25. You see the $155 dish, say “woah, that’s a lot”, then see the $25 dish and say “alright, that’s reasonable”.