When a FronTier finishes its funding period, there are a few key changes you must make.
What is a Late Pledge:
Most FronTiers will stay open as a Late Pledge after the funding period ends. A late pledge is a new Tier that has the same content that was included in the FronTier, but with an increased price. This price markup is to incentivize customers to pledge during the funding period in order to get the best deal, and to create the most growth, for your FronTier.
How to change your FronTier into a Late Pledge:
Before changing your FronTier into a Late Pledge, you must first wait for the funding period to end completely. After the funding period ends, there is an easy method to change your FronTier into a Late Pledge.
Simply edit your Tiers using the Pencil icon and increase the price, we would recommend a 10-15% markup from the original Tier price. If you aren't sure which price would be best, you can contact your Creator Relations Rep.
Once all your Tiers have this increased price, you are finished and your FronTier is now considered a Late Pledge.
It is important to increase the prices of all Tiers, even closed Early Birds. If you skip this step, you could potentially lose out on Pioneers upgrading their Tiers.
When Pioneers upgrade, they pay the difference in Tier prices. Increasing the price of all Tiers allows your Pioneers to use the Late Pledge to upgrade their Tier, without being overcharged. This overcharge would consist of the extra difference between the old price of the Tier they have, and the new price of the Tier they are upgrading to.
How long should a Late Pledge run for:
Typically, Late Pledges will run for a month, after which it is best practice to close them and move the FronTier products to your Store.
For information on how to close your Late Pledge, please follow this guide.