Understanding Late Pledges: A Comprehensive Guide for Kickstarter Creators
Discover how to enhance your Kickstarter campaign with Late Pledges. Explore the advantages, best practices, and success stories to optimize your project's potential.
Kickstarter remains a beacon for creators seeking to put their ideas into action. Amongst the myriad of strategies and features we offer to enhance the overall crowdfunding experience for creators and backers, Late Pledges stands out. Since its launch earlier this year, Late Pledges has been met with rave reviews and widespread utilization. With the latest introduction of this new product advancement, it's important to continue sharing how creators are leveraging Late Pledges to raise more funds and expand their support community.
In this comprehensive guide, we’ll explore the concept of Late Pledges, the benefits, and best practices for integrating them into your Kickstarter campaign. Inspired by insights from experienced Late Pledge creators this article aims to equip you with the knowledge to maximize your campaign’s potential.
… So let’s dive in!
ICYMI: Late Pledges
The end of your Kickstarter campaign no longer means the end of support. Creators can use Late Pledges to continue accepting campaign pledges for a period of time after the campaign's end date. This extended window allows backers who discover your project after the campaign has ended to still access exclusive rewards or pledge their support for those who missed the original deadline. It also helps creators continue to monetize their creative ideas ultimately generating more revenue.
Compared to other late-backing fundraising tools in the space, creators who launch their projects on Kickstarter save time and money in the post-campaign crowdfunding phase by enabling Late Pledges instead of using an alternative late-pledging plug-in.
Kickstarter Staff
Kickstarter Staff
Why Offer Late Pledges?
Increased Funding: The primary advantage of Late Pledges is the potential for additional funding. Many backers may have missed the campaign for various reasons, and Late Pledges gives them a second chance to contribute. This can be especially beneficial for projects that have fallen slightly below their stretch goals.
Community Building: Offering Late Pledges keeps the momentum going and allows the creator to continue engaging with their community. It provides an opportunity to maintain interest and excitement around the project, which can be crucial for long-term success.
Reduced Backer Confusion: You no longer need to set up a spotlight page and redirect traffic to another platform or website. You can keep all activity and traffic on your same campaign URL, which results in reduced drop-off overall. Instead of backers clicking on an unknown link, setting up a secondary account on another tool, and logging in to pledge, you can streamline the process on a single destination.
Enhanced Backer Reach: Late Pledges attracts a higher percentage of NEW backers (25%+) than the crowdfunding stage. Overall, 80% of late pledge backings to repeat creators come from backers who had never backed that creator before, compared to 64% during the core campaign. This indicates that by enabling Late Pledges on Kickstarter, creators can reach a new audience of backers, even if their main campaign also ran on Kickstarter.
Improved Ad Spend ROI: Utilizing performance marketing on your campaign? With Late Pledges, you can increase the value of your ad spend at the end of the campaign by continuing to drive the project page to collect backings.
Collect Weekly Payouts: Other platforms traditionally pay creators late pledge contributions monthly. However, we have decided to issue weekly payouts to allow creators to be more flexible with their post-campaign timelines.
Flexibility for Backers: Late Pledges cater to backers who may have discovered the project late or were unable to pledge during the campaign due to financial constraints. By offering Late Pledges, creators demonstrate flexibility and inclusivity, fostering goodwill among their audience.
Unified Backer Experience: Kickstarter has a substantial network of engaged backers, with over 23 million total backers. Implementing Late Pledges on your crowdfunding campaign can significantly enhance your campaign's exposure compared to smaller crowdfunding platforms in the space.
Best Practices for Late Pledges
Exclusive Rewards: Ensure that your fulfillment process is well-organized and delay-free by offering Late Pledges exclusive rewards to your new backers. It’s important to plan accordingly to manage both sets of pledges efficiently.
“We considered the main role of Late Pledges to be an extra campaign period. Those who hesitated to join us initially received a second chance to participate in our Maker PRO campaign. We were deeply grateful to those who continuously showed interest in our campaign, so we offered a limited-time deal during the Late Pledges period. — Magpie Tech of Maker Pro : 17-in-1 Multipurpose Tool Set
Increase Reward Cost: Be mindful of your budget. Late Pledges can increase your overall funding, but they also come with additional costs. Plan your budget carefully to ensure that you can fulfill all pledges without compromising on quality. We recommend increasing pricing per reward slightly, by at least 10%, to create a buffer for any unforeseen production costs.
“For the Late Pledge phase, we implemented a slight increase in prices for the rewards. This strategy was designed to encourage early support during the initial campaign while still providing value to those who joined later. It also helped us manage the additional costs associated with extending the campaign and fulfillment. — The Master Forge of Master of Realms
Feedback Loop: Use the late pledge period to gather feedback from your backers. This can provide valuable insights and help you make any necessary adjustments before finalizing production.
Marketing and Promotion: Don’t stop promoting your project after the Kickstarter campaign ends. Use social media, email marketing, and other channels to reach potential backers who might be interested in Late Pledges. It may take time for your TikTok or Instagram Reel to reach new audiences so it’s important to keep promoting. We recommend driving excitement for this phase by promoting those exclusive Late Pledges rewards, limited availability, and other cool incentives.
How to Set Up Late Pledges in 3 Steps
Enable Late Pledge Before Your Campaign Ends
- While in Project Build, go to your project basics tab and switch on the Late Pledge feature, which can be found under your project’s General Options.
Revise Your Rewards
- Before your campaign ends, make sure to visit the Rewards section and prepare offerings for the Late Pledge period.
- Adjust the cost slightly to account for any additional expenses from delayed pledges. We recommend increasing your Late Pledges offering by at least 10%.
Manage Add-Ons and Communicate with Backers
- Include additional products or bonus items not originally available in your campaign to attract late backers.
- Use Kickstarter’s communication tools to keep your backers informed with regular updates, maintain enthusiasm, and secure further commitments.
TLDR;
Late Pledges are a resourceful tool for Kickstarter creators, seasoned and new. They offer a second chance to secure additional funding and engage with a broader audience of backers. By understanding the benefits and best practices associated with Late Pledges, you can maximize the potential of your crowdfunding campaign and bring your creative project to life with greater success.
We recommend incorporating Late Pledges into your strategy to boost your campaign financially and garner larger community support.
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