Introduction

Crowdfunding platforms, such as Flangar, have revolutionized the way artists and creators raise money for their projects. Instead of relying on traditional funding methods, such as grants or loans, creators can connect directly with backers who are willing to financially support their work. However, understanding the factors that influence backer behavior and decision-making is crucial for the success of these platforms. This paper aims to explore the various factors that influence the behavior and decision-making of backers on reward-based crowdfunding platforms like Flangar.

Background

Crowdfunding platforms have grown in popularity over the last decade, with reward-based platforms like Flangar being particularly successful. These platforms allow creators to present their projects to a wide audience and attract backers who are willing to financially support them in exchange for rewards. However, the success of these campaigns rely heavily on the behavior and decision-making of backers.

Factors influencing backer behavior

There are a number of factors that influence the behavior of backers on crowdfunding platforms. One of the most important is the perceived risk of the project. Backers are more likely to support a project that they perceive to be low-risk and more likely to be successful. Additionally, the rewards offered to backers can also play a significant role in their decision-making. Backers are more likely to support a project that offers rewards that they find valuable and desirable.

Social proof

Another important factor that influences backer behavior is social proof. Backers are more likely to support a project if they perceive it to be popular or well-regarded by others. This can be demonstrated through the number of backers a project has, the amount of money it has raised, or positive feedback from other backers.

Creator’s reputation

The reputation of the creator is also an important factor that influences backer behavior. Backers are more likely to support a project if they perceive the creator to be trustworthy and credible. This can be demonstrated through the creator’s past work, their professional experience, or by the endorsements of other reputable individuals or organizations.

Decision-making process

The decision-making process of backers on crowdfunding platforms can be complex and multifaceted. Backers often weigh a variety of factors, such as the perceived risk of the project, the rewards offered, social proof, and the reputation of the creator, before deciding whether or not to support a project.

Conclusion

This research has investigated the factors that influence backer behavior and decision-making on reward-based crowdfunding platforms. Through the examination of literature and data analysis, it was found that factors such as social proof, trust, perceived value, and rewards all play a significant role in determining a backer’s decision to support a campaign. Additionally, personal characteristics such as risk-taking propensity and prior crowdfunding experience were found to influence backer behavior. Overall, this research has provided valuable insights into the decision-making process of backers on crowdfunding platforms and can aid campaign creators in developing strategies to effectively reach and engage potential backers. Future research could explore these factors in more depth and examine how they may vary across different types of campaigns or platforms.