4 Advantages of Late Pledges for Creators
A guide of strategies and tips for creators looking to optimize the Late Pledges phase of their successful crowdfunding campaign.
Our latest product release, Late Pledges, offers creators an opportunity to broaden their campaign reach, expand their community, and ultimately enhance their funding potential. This feature enables creators to engage with those who missed the initial campaign, attract new supporters who discover the project after its conclusion, and even convert those who were previously unable to pledge due to various constraints.
In this blog article, we will discuss the benefits of Late Pledges and offer expert guidance on how to use it as a strategy to optimize your post-campaign crowdfunding strategy.
1. Attract more backers
We have all been late to an exciting Kickstarter campaign and wished we could’ve been a part of the action if we had discovered it earlier. Late Pledges allows creators to give backers who missed their crowdfunding campaign another chance to participate in the campaign before it’s gone for good. This means even those who discover the project after the campaign ends can now pledge their support. It’s a win-win situation for both creators and backers, as extending the campaign can help creators get more attention and more backers get a chance to contribute to a new idea.
2. Increase your monetization potential
More time equals more money. Many creators rely on their crowdfunding campaigns to support their livelihood as artists, storytellers, inventors, and other creatives. With Late Pledges, they get an extended window of support that can help them generate additional revenue and continue monetizing their creative idea throughout their successful campaign's fulfillment and production phase. This not only helps them continue to surpass their funding goal but also ensures that they can keep their momentum going.
One monetization tactic we've seen creators deploy is leveraging Late Pledges as a testing ground for new reward tiers or product variations that weren’t available during the initial funding period. This gives new backers a refreshed experience and allows creators to assess interest in fresh offerings.
3. Centralized Backer Data
Our Late Pledges offering provides creators with the opportunity to collect pledges after their campaign has ended. Backers who pledge within this Late Pledge phase will be added to the Backer Report, same as the initial raise period. For creators who use a third-party pledge manager, there are some important things to know.
Any new pledge information added during the Late Pledge phase will be displayed in your backer report. The 'Pledged' column will indicate the date the pledge was made, making it easy to reference. We suggest that you set up your pledge manager after you have completed collecting Late Pledges on Kickstarter and are ready to begin fulfillment. This way, you can transfer the pledge information easily and only once. Kickstarter does not automatically send any new pledge information to third-party pledge managers. Therefore, it is recommended that you wait until you have completed collecting all the pledges on Kickstarter before setting up your pledge management solution.
With the wealth of backer data available to you in the backer report, you can simplify some of your fulfillment processes. Utilize this data to create an efficient shipping list, ensuring that all your backers receive their rewards promptly and without any hiccups. Additionally, you can use this information to create and send surveys to your backers to enhance future campaigns and improve the overall experience for your community.
4. Remarket your campaign with exclusive rewards
Offering incentives to latecomers is a great way to create a sense of FOMO and excitement, potentially bringing in people who missed out on the initial campaign.
When you're thinking of rewards for Late Pledgers, make sure they're super cool and unique. Consider offering limited edition merch, personalized thank-you videos, or exclusive behind-the-scenes content. If you give them an extra incentive, people will be more likely to join your campaign after the initial funding period. To properly usher in a new wave of backers with these exclusive rewards, it's best to promote them across social media, email newsletters, and your campaign page via the Updates tab.
Late Pledges can be a powerful tool in your crowdfunding creator toolkit whether you’re looking to attract new backers, increase monetization, manage pledges efficiently, or offer exclusive rewards. Remember, active communication and strategic promotion are key to a successful Late Pledges phase. Keep your community informed and excited, and use the feedback and data gathered to refine future projects. With the right approach, Late Pledges can turn the post-campaign phase into an impactful extension of your initial efforts.
