The Impact Of Pricing Strategy On The Success Rate Of Reward-based Crowdfunding

Crowdfunding has opened up new modalities for the financing of SMEs and creative industries,injecting vitality into them.The current crowdfunding model mainly includes reward-based crowdfunding and equity crowdfunding.Among them,the rewarded crowdfunding form is more flexible,more convenient and has a lower threshold,which is more in line with the current needs of small and micro enterprises and creative industry financing.But the theory about it is still insufficient,so this article chooses reward-based crowdfunding as the research object.Domestic reward-based crowdfunding adopts the "All Or Nothing" financing model.If the financing amount reaches the pre-established target,the sponsor will obtain all the funds.Otherwise,nothing will be achieved.Therefore,how to make the financing amount successfully achieve the goal is the primary issue that the sponsor should consider.Reward-based crowdfunding is guided by investor preferences.In addition to improving project quality and publicity,it is also important to use reasonable pricing strategies to guide investors in decision-making.Reward-based crowdfunding take "many-to-one" mode to finance,with small and fragmented investors.In this case,information asymmetry makes it difficult for the sponsor to discriminate investors'preference and price accurately.Since reward-based crowdfunding products are aimed at niche markets such as cultural and creative markets,investors' perception of the value of the project is greatly influenced by subjective factors,and there are large differences in preferences among the investors.This difference in preferences provides the possibility for sponsors to implement price discrimination.This article discusses the impact of the highest and lowest prices on the crowdfunding success rate in the differential pricing strategy and project menu.First,using the game theory method,compare the success rate of crowdfunding under the three pricing methods of unified pricing,stage pricing and menu pricing when the sponsor provides homogeneous products,and then expand the model to provide a heterogeneous product menu.It is concluded that differential pricing can improve the success rate of rewarded crowdfunding financing.Through theoretical analysis,the maximum price in the project menu is negatively correlated with the financing success rate.The minimum price is positively correlated with the financing success rate.Finally,the case data of the point net is analyzed by Logit regression method,the above conclusions are tested,and the selection of the promoter pricing strategy is proposed.