Your Crowdfunding Project Will Fail if Your Product Doesn’t Solve a Problem!
Crowdfunding through Kickstarter and Indiegogo, among others, is all the rage these days. It offers an alternative to traditional methods to get ordinary members of the public interested in backing, or rather, investing in your new product. However, you may want to combine entrepreneurial and interpersonal skills for success in crowdfunding.
Keep these points in mind for your crowdfunding project and get more backers.
Convey value of your product by alleviating pain points
Unless your product alleviates the pain point of potential customers, it won’t be of use, and will not get much backing. The purpose of creating a product must be to solve the problems facing customers. For the success of a crowdfunded product, it must convince prospects that it can solve their problem. For example, you could create a solution to a persisting problem. But unless you are able to show the value of your product to the audience and how it can solve their problems, crowdfunding won’t help.
Find a manufacturer that can meet your demands
If someone is interested in your product, they are obviously interested to find out when they can expect to get their hands on the product. You can offer a reliable answer only when you have a reliable manufacturer that can meet the proposed demand or a sudden spike in demand. When looking for a manufacturer, make sure you understand the pros and cons of hiring one overseas. Find a company whose goals complement your vision. It is equally important to ensure that communicating with them is not a hassle. Language barriers can set you back.
Your pitch must make a connection
Your pitch must establish an emotional connection with prospects, convincing them to immediately go for your product. The same applies to crowdfunding. Remember, there are hundreds or thousands of similar projects competing for the support of the people you are targeting. This is where creating a stunning video pitch can help. Make sure the video quality is clear and your story line compelling enough to create interest and establish a personal chord with the audience or backers. Prove your credibility and demonstrate clearly how your product works and can solve their problems.
Consumers love to connect with real people and real stories rather than brands or companies, and they are constantly evaluating product creators.
Many crowdfunding projects focus on the creator’s pain points that they experienced. Pain points that produced the idea itself and then came up with a product that alleviates the pain. By sharing your personal story behind the product creation and your own pain points, you can establish a personal connection with consumers and convince them that this is the perfect solution to their problems.
Get feedback and improvise
Before crowdfunding your project, take time to have a small focus group of consumers test your solution and give feedback. The best strategy is to examine the customer feedback and improvise upon it to come up with a better solution or an awesome product that consumers find irresistible enough to ignore. Make your product or service more in sync with what your potential client base wants. This highlights the importance of taking feedback seriously, sending a message to customers that they are valued and being heard. With little effort, your product can get even better – something your audience cannot ignore.
Do your share of research when it comes to crowdfunding. Remember, it does take time and effort to make a success story. Put in your hard work, connect with the audience, get their feedback, and offer them the solution they are looking for. That’s the formula to get a stream of loyal customers. Remember, there is no shortcut to success!
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