There’s an art and a science to creating the most attractive rewards. The “art” is how creative you can get with your rewards, while the “science” is how you massage buyer psychology and implement it into your campaign. The tool that we’ll talk about today, StockLimits, automates the “science” behind reward success and makes sure that you always have your best foot forward.
What Is StockLimits?
StockLimits is an online software that automatically manages the availability of rewards for your project.
As mentioned in the in-depth strategy guide to reward pricing, one of the key reasons Kickstarter and Indiegogo campaigns excel in raising so much funding during the campaign period is due to the sense of urgency created among buyers when the clock is constantly ticking down. Further limiting the available stock to create scarcity, especially of enticing reward tiers, elevates this sense of urgency to significantly increase conversions.
As an entrepreneur, you can run your campaign for any period of time up to 60 days. On average, the typical crowdfunding campaign is online for 30 days. With 24 hours in a day, that’s 43,200 minutes of your time to manually check on your stock.
Convert The Maximum Number Of Visitors Into Backers, All The Time
Yes, you can just leave your reward levels very high so you don’t have to come back to check in on your campaign for a few days. However, doing so risks lower conversions.
You might also run out of your rewards while you’re away doing your day job. With StockLimits, you have a right-hand-man automatically always there checking in on your campaign and your reward levels so that you always have the right amount to convince visitors to contribute.
Customizable Reward Thresholds
You’re in full control of when you want to top-up your rewards, how many units to add and when to stop adding rewards. After your cost projections, you might realize that you can only product 100 rewards at the Launch Day Special pricing. However, presenting all 100 at once might make the product seem unpopular (why are there so many left?!). So you might start off with 25 units available at the Launch Day Special pricing and have StockLimits automatically top-up your rewards until it reaches the 100 reward threshold.
When To Use StockLimits
Unlike some services (like Kickbooster) that require your campaign to be launched before you can set up your project, you can get started with StockLimits now even while in the draft phase of your project.
To do this, all you have to do is add your draft campaign link into Stocklimits.
If you have already launched, StockLimits will still work for you. Honestly, if you have a live campaign and are reading this, you probably understand the pain of manually checking your rewards all the time better than those who haven’t launched their campaign yet.
How To Set Up Your Project On StockLimits
Now, let’s get you set up on StockLimits to leverage consumer buying psychology, increase the number of backers and get you wildly overfunded!
Step 1: Create an account with StockLimits
To get started, you must have an account with StockLimits.
Step 2: Click Start Now to begin the setup process
Next, hit the “Start Now” button to begin the process.
Step 3: Choose which platform you’ll be launching with
Choose the right platform for yourself, depending on which platform you’ve decided to launch on.
Step 4: Fill in your project details
- Crowdfunding project URL (this can be your preview or draft link)
- Crowdfunding profile username*
- Crowdfunding profile password*
- Toggle the “Active” button so that it is blue. This informs the platform that you will be using the service.
- Choose whether you want to receive notifications for any changes
*In this case, I’d recommend creating a new collaborator/team member account and assigning this to your project with minimal campaign privileges.
Step 5: Decide between Free or Pro plans
There are two plans to choose from, the Free Plan or the Pro Plan. I will go more in-depth down below.
If you do choose the Pro Plan, you can choose to receive alerts via SMS (in addition to email).
Step 6: Manage your rewards
Once you’ve created your account, you’ll arrive at your main dashboard. Head to “Rewards” to manage your top-up amounts and reward limit.
Step 7: Fill in top-up amounts and reward limit
- Minimum stock desired – this is the level that triggers the top-up action. For example, if Launch Day Special reward reaches 3 units left, then trigger reward top-up.
- Top-up amount – this is the number of units that are added to the reward. For example, once triggered (from above), add 5 more units.
- Limit maximum sales – the absolute maximum number of units of that reward available. For example, you have 100 units available at the Launch Day Special reward tier. Once that number is hit, StockLimits will stop topping up rewards.
In this step, StockLimits makes things very simple and includes recommendations for the best results to convert visitors into backers. I’d recommend following their data-driven suggestions.
Step 8: Increase conversion on your campaign
Now you’re ready to leverage backer psychology to increase conversions on your campaign!
As a campaigner, you have the option of using the Free or Pro service. The key difference between the two plans is the frequency in which your project is monitored and your rewards topped up.
No matter when you sign up to use StockLimits, you will only need to pay for the days when your subscription was active and your campaign is live.
Only Pay Once You’ve Received Your Funds
Whichever plan you decide on, no credit cards are required to sign up and get started. Since StockLimits collect fees 21 days after the end of your campaign, your fees for using the service can actually be paid upon the completion of your campaign and once you’ve received the funds. This means no out-of-pocket costs for you and you only need to pay once you’ve received funds from the Kickstarter or Indiegogo campaign payout.
The Recommended Plan (And Why)
Using the free service, campaigns are checked and rewards are topped up every 24 hours. However, a lot can happen within 24 hours. One hour in, the campaign might run out of rewards, meaning you’ll have no additional funding for the next 23 hours, especially if you’re not available to come back to check in on the project.
With the Pro service, stock levels are monitored every single minute. As such, rewards are topped-up every 60-seconds and stock updates will occur automatically according to your requirements.
You might be thinking, “But wait, the Pro service is $29/day!”. Let’s do the math, shall we? Conservatively speaking, the fees to use the crowdfunding platform, marketing, COGs, packaging, etc. take up 40% of your costs. If your product is $50, getting just ONE person to pre-order your product in one day already pays for use of the service.
That’s why the investment of $29/day is a complete no-brainer price for the service.
The ease-of-use and time-saving nature of the product makes me wholeheartedly recommend the Pro service.
Is StockLimits Worth It?
Absolutely! StockLimits takes the psychology behind why people buy, and implements it into a simple and automated service. With StockLimits, not only will you always have a high conversion rate on your project, but you’ll also leave behind the headache of consistently checking a campaign every minute of the day for the next 30-60 days of your campaign.
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