Is Crowdfunding For You?
Crowdfunding is a powerful way for entrepreneurs to introduce their new products to a
worldwide audience. Crowdfunding websites such as Kickstarter and Indiegogo have become a key part for many new products hitting the market. In fact, many marketing companies now use these platforms as a way to test products with consumers. Billions of dollars have been raised through crowdfunding websites, and it's rapidly growing. With these campaigns, inventors are able to introduce their new product to consumers at a lower price so it can be invested into the project.
When considering if you should create a crowdfunding campaign, ask yourself “Am I ready?” Campaigns are not for ideas. These campaigns are for polished and tested products. Your product should be designed and developed so people who have the power to fund you, know what they’re buying into.
Before launching your crowdfunding campaign, you'll want to do your homework. A lot of research is necessary to understand who your target market is and how you will reach them. Do your customers need this product? With that question, you are able to understand your customer’s needs and address them in your campaign.
Research your competitors to see what they're doing right and what they're doing wrong. Look through their social media and take notice on how they engage with their following. Figure out a way you can do better.
Make a great video! People are buying into the product but they’re also buying into you. Briefly tell your audience why you invented the product and why you’re passionate about it. And most importantly show them the product, how it works and why they need it.
The next step is deciding which crowdfunding platform is right for you. The most popular crowdfunding sites are Kickstarter and Indiegogo but there are other sites such as Crowdfunder, Crowdrise, and more. Deciding that depends on what types of product/project you’re raising funds for. And be sure to utilize your current audience, push the campaign on your social feeds, website and through your email list. Make sure to ask friends and family to share it as well.
Creating a crowdfunding campaign is not any easy task. As long as you are prepared for it, you’ll have a chance at success!