[Funding Planner: Week 3, 5-Minute Summary] #3. Types and Planning of Events to Attract Supporters
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Episode 11 of the <WADIZ School Funding Planner>
series.
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- Depending on the project timeline, the most common events are notification sign-up events, trial group events, and 72-hour funding events.
- These events can help increase the number of people who sign up for notifications and the project participation (Pay later) rate.
- Event gifts should consist of items that supporters are likely to prefer and that complement the Rewards.
The Funding Planner, previously available only through Wadiz School—here’s a 5-minute summary
Wadiz provides a variety of educational programs to millions of makers through Wadiz School. Among these is a regularly offered three-week course called “Funding Planner.” For makers who understand the basics of funding but find the actual process challenging, we offer three live lectures packed with information to help you refine your project. However, for those who can’t attend the lectures, we’ve prepared the “Maker Tips” series—a 5-minute guide to the key takeaways.
In Part 3 of Week 3, we’ll introduce the three most popular event types used by makers on wadiz. Find out what kinds of events you can run to attract more supporters.
1. Types of wadiz project events
First, what kinds of events can you run on wadiz?
You can run various events divided into three phases: launching soon, during the project, and after the project ends. If there’s an event that suits your needs, you can run it yourself in any format without restrictions.In thisepisode, we’ll cover the three most frequently used events: the “Sign-Up for Notifications” event, the “Product Testing” event, and the “72-Hour Funding” event.
① Sign-Up Event
This project is held during the pre-launch period for supporters who signed up to receive notifications—that is, notification subscribers, during the period when the product is launching soon. As mentioned earlier, notification subscribers are “an important pool of potential customers for the maker.” To expand this pool, we run an event where simply signing up for notifications enters you into a drawing for a gift. This has the advantage of attracting more supporters early in the project.
However, due to the nature of the event, a large number of notification subscribers may lead to a lower conversion rate—that is, fewer subscribers actually participating in the project. Additionally, please note in advance that wadiz cannot provide the information of notification subscribers due to personal information security concerns, so you will need to collect it individually.
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In addition to the notification sign-up event, you can also plan a separate event where you give away products to supporters who signed up for notifications and have completed their project payment reservations. This is a highly recommended method for increasing both the number of notification sign-ups and the conversion rate. |
② Test Group Event
Second, during the period when the product is launching soon, we’re holding a “Product Tester Event” where participants can try out the maker’s Rewards in advance and leave reviews. Trial group events are widely used in the beauty and food categories, where reviews from actual users are particularly important. As reviews from trial group participants accumulate in the project’s “Community” tab, they help instill confidence in supporters who are considering participating in the project. In other words, this approach has the advantage of driving project participation (payment) .
However, just like with the notification sign-up event, you must collect participants’ information individually. While this helps increase the number of early sign-ups, keep in mind that it can also lead to a higher number of invalid entries.
③ 72-Hour Funding Event
Finally, there is the “72-Hour Event” held during the project period. This is an event where supporters who participate (use the Pay later option) and leave a preview review within three days of the project launch receive a free gift. Generally, the first three days after a project launches are considered the period when the most funding is raised. Running the 72-Hour Event during this time can provide a significant boost to raising funds in the early stages. In particular, since this event encourages participation from those who have signed up for notifications, it has the advantage of increasing both the number of notification subscribers and the project’s conversion rate.
2. The Three Principles of Event Planning
If you’d like to try planning other events on your own, wadiz the three principles of event planning. Defining the purpose and methods—why you should run an event and how to run it—when operating a project on wadiz can help you stay on track. Keep the following three questions in mind:
- WHY: Why run events?
- HOW: How will you encourage participation in the event?
- WHAT: What will you offer as event prizes?
First, why are you running an event?
As emphasized earlier, on wadiz, the primary purpose of running events on Wadiz is to increase the number of notification subscribers and the project participation conversion rate.So, why do we emphasize these two metrics?
It’s because the visibility of your project on Wadiz can vary depending on the number of notification subscribers and the project participation conversion rate. First, if you attract a large number of notification subscribers, your project may be included in the “Top 20 Notifications” collection and featured at the top of the homepage. On wadiz, where dozens of projects launch every day, this is a way to gain significant visibility through a dedicated collection. Furthermore, if a large number of people participate in your project, the maker’s project will appear in the “Real-Time Rankings,” allowing it to gain even more attention.
Second, how do you select event prizes that drive participation?
To achieve the two objectives mentioned above, you need to motivate supporters to take action. You need to encourage supporters to click “Subscribe” or participate in the project through the event. One effective way to encourage this is by offering appropriate event prizes. Rewards that encourage event participation can be divided into the following two categories.
| 1. Products that appeal to the primary target audience for Rewards |
| 2. Products that create synergy when used alongside the Rewards |
Let me give you an example. If the maker’s rewards are “vertical mice” designed for office workers, you could structure the event prizes as follows. Think about what kind of prize would be more meaningful to your supporters than a simple coffee gift card.
| 1. Products that the primary target audience for Rewards (office workers with wrist pain) would prefer | Wrist brace |
| 2. Products that create synergy when used with the Rewards (vertical mouse) | Mouse pad |
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| When putting together event product bundles, there are two key factors to consider: the average transaction valueand quantity. These can be determined based on the event’s objectives. If you want to raise awareness of your project among a wider audience, we recommend lowering the unit price and increasing the number of winners. If you want to boost the conversion rate leading to project participation, we recommend raising the unit price while reducing the number of winners. |
<WADIZ School Funding Planner> Series
Week 3
- How to Set Advertising Budgets for Promotion and Marketing
- Wadiz Advertising Plans Suitable for Your Rewards
- Types and Planning of Events to Attract Supporters
Week 2
- The Story Opening That Determines the Success or Failure of Your Funding Campaign
- How to Write a Story Opening: Lessons from Leading Examples
- How to Plan the Main Body of Your Story to Persuade Supporters
Week 1
- Documents to Submit During the Review Stage
- How to Set Your Funding Goal
- How to Reach Your Fundraising Goal
- How to Identify Features of Rewards That Resonate with Supporters
Wondering if a new Funding Planner School will be starting soon?
Check it out at wadiz School
Written and Edited by Han Ji-hye; Planned and Lectured by Ju Hee-jae
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