It is no secret that the some of the successfully crowdfunded projects fail miserably afterwards. Some projects crashed and burned right away while others gradually faded away. The good news is that a great deal of people still believe in the idea of crowdfunding thanks to all the other crowdfunded projects that actually have a bunch of satisfied backers. These types of projects are usually made by people that are realistic about their goals and don’t promise too many things. As a creator of a crowdfunding project, you shouldn’t overpromise either.
Keep the Bonuses Feasible or Simple
A common technique to rewarding backers that pay a higher amount than the finished product’s suggested price is to include some sort of freebie like a T-shirt or coffee mug. That’s great if you want to build a loyal following but the tasks involved in granting these bonuses can be daunting and may derail you from your primary objective which is to build the main product in the first place. Always think ahead before making an extra promise. Don’t sweeten the deal too much if you can foresee yourself struggling to meet deadlines.
Minimize the Stretch Goals
A “stretch goal” is another form of promise that a creator needs to fulfill if a certain amount beyond the target goal is raised. It sounds good on paper because you are giving your backers a nice extra or two regardless of how much they paid. Deciding whether or not you should do this is simple. Just think of it as: “More money raised means more pressure.” If you raised double the required amount, you have a lot more work to do and too much work pressure could also affect your primary goals. For starters, it is best to minimize or even eliminate the stretch goals. If you raised more money, great. Use that extra money to accelerate development or make the finished product even better. Besides, you can always add stretch goals later on as a surprise.
Remember, no matter what amount a backer pays, he or she will expect a good or at least passable product. In fact, their expectations will be reflected by your promises.