Most crowdfunding studies have examined factors that contribute to the success in the funding stage of a crowdfunding project, while little is known about success-promoting factors in the postfunding stage. Based on customer value theory, this study investigates (a) the main effects of customer value propositions on project performance in both the funding stage and the postfunding stage and (b) how factors about customer value delivery moderate these main effects. We found that price incentive had a positive effect on funding performance in the funding stage, whereas the effect of personalization was negative. Price incentive was not found to influence postfunding satisfaction in the postfunding stage, while personalization exerted a positive effect. As indicators associated with customer value delivery, both creator's project experience and promised delivery time demonstrated interaction effects with personalization but not with price incentive on funding performance. These factors also interacted with price incentive to affect satisfaction. This study offers insights to help project creators achieve a balance between proposing economic value and relational value while the creators can leverage their project experience and promised delivery time for successful crowdfunding projects.

中文翻译：

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向客户提出经济价值还是关系价值？众筹项目两个阶段的研究

大多数众筹研究都考察了众筹项目筹资阶段的成功因素，而对众筹后阶段的成功促进因素知之甚少。基于客户价值理论，本研究调查了（a）客户价值主张在融资阶段和融资后阶段对项目绩效的主要影响，以及（b）客户价值交付的因素如何调节这些主要影响。我们发现价格激励对筹资阶段的筹资绩效有正向影响，而个性化的影响是负向的。没有发现价格激励会影响资金后阶段的资金后满意度，而个性化则发挥了积极作用。作为与客户价值交付相关的指标，无论是创造者 的项目经验和承诺的交付时间证明了与个性化的交互作用，但与价格激励对资金绩效的影响没有。这些因素也与价格激励相互作用以影响满意度。本研究提供的见解可帮助项目创建者在提出经济价值和关系价值之间取得平衡，同时创建者可以利用他们的项目经验和承诺的交付时间来成功的众筹项目。