[Funding Planner: Week 1, 5-Minute Summary] #4. How to Reach Your Fundraising Goal
This content is
Episode 4 of the <WADIZ School Funding Planner>
series.
Don't forget to take this with you!
- You can set your funding campaign’s business goals—such as the number of subscribers, conversion rate, and average Rewards value per customer.
- To maximize your funding amount, you need a strategy that manages these three elements.
- To increase the average Rewards value, try offering sets or bulk packages.
The Funding Planner You’ve Only Seen at School—Here’s a 5-Minute Summary
wadiz is wadiz Schoolto provide a variety of educational programs to millions of makers. Among these is a three-week course called “Funding Planner” that runs regularly. Designed for makers who understand the basics of funding but find the practical application challenging, this course consists of three live sessions that provide insights to help you refine your project. However, for those who find it difficult to attend the lectures, we’ve prepared the “Maker Tips” series, which lets you grasp the lecture content in just 5 minutes.
In this fourth episode of <WEEK 1>, we’ll explore strategies for increasing the number of subscribers, conversion rates, and the average reward value per customer. In particular, you’ll learn how to structure Rewards that you can apply right away.
1. Strategies for Reaching Your Fundraising Goal
How can you reach your funding goal?
As discussedin Part 3, we explained the formula: “Business Target Amount = Number of Notification Subscribers × Conversion Rate × Average Rewards per Subscriber” ! The first of these factors is the number of newsletter subscriberscan be increased by running events to encourage sign-ups or through advertising campaigns. As for the conversion rate, can also be improved by hosting events or closely aligning your ad creatives with your funding Story to encourage supporters to participate in the funding campaign. Average Rewards Valuecan be increased by introducing tiers—such as “Super Early Bird” and “Early Bird”—that appeal to early participants in funding, or by offering special sets or bulk purchase options.
In the lecture, we covered “number of notification subscribers” and “average price of Rewards per unit” in depth—both of which can be significantly influenced by your strategy as a maker. Since the number of notification subscribers is closely tied to marketing, please check the upcoming episode on promotion and marketing for more details. In this episode, we’ll take a closer look at the average Rewards price.
2. Average Rewards Price
How can you increase the average value of Rewards per unit?
Average Rewards ValueOne way to increase the reward average order value an example of set/bulk packaging.
- First, the Jeju Ramen funding campaign structured its rewards around the “concept”to structure its Rewards.
- Second, , the “New Orleans Kit Full Set” promoted the “all-in-one””to convey the message that these Rewards take care of everything.
- Finally, the “Dimap All-Purpose Skincare 7+7” emphasized the “huge benefit” during fundingby pledging 7 items and receiving 7 in return.
In other words, if you design your offerings around one of the three approaches—Concept, All-in-One, or Benefits—, you can achieve a higher average order value.
Supporters participating in the funding must choose one of the rewards designed by the maker. Therefore, it’s important to increase the average order value through strategic packaging. Especially for products with lower unit prices, set/bulk packages become a key strategy for boosting the average order value. Makers, why not try choosing one of these three approaches yourselves!
<WADIZ School Funding Planner> Series
- Documents to submit during the review stage
- How to set a funding goal
- How to reach your set funding goal
Curious about when the next Funding Planner School will be held?
Check it out at wadiz School
Written by Han Ji-hye; Planned and Lectured by Joo Hee-jae; Edited by Ryu So-mi