This study assessed farmers' perceptions of the outcomes of the Campaign-Based Watershed Management (CBWM) program in Ethiopia, and how this influences their willingness to participate in the program. Key informant interviews, a household survey, and the Google Earth Engine were used to collect and analyze the relevant data. Results show that farmers' perceived outcomes of the CBWM program hardly motivated them to participate in the program. Particularly, farmers were not motivated by the physical effects of the program, because of the limited direct benefits to individual households, and destruction of previously developed micro-watersheds by frequent runoff and human and animal disturbances. Similarly, farmers were not motivated by the economic effects of the program, because of the limitations/absence of benefit-sharing mechanisms and resultant conflicts among farmers. The only motivating outcome of the program concerned its effect on personal capacities, which was particularly appreciated in localities that were vulnerable to erosion. The results of the study suggest the need to (1) better integrate actions at watershed level to come to effective water runoff control, (2) enhance the participation of all local actors to come to more effective area closure initiatives with transparent benefit-sharing mechanisms, and (3) give much more emphasis to capacity building as a cross-cutting component in the program. Hence, in order to enhance the willingness of farmers to genuinely participate in the CBWM, the program should adopt a more participatory and integrated approach.