Basic Steps to Fund Products with Crowdfunding Platforms Kickstarter & Indiegogo

Knowing your product has a market is pivotal to its success. It may sound silly, but we turn away a lot of potential clients based on the sheer nicheness of their products or designs. We can’t tell you how many times we’ve been on our way to launch a product, or half way through lead generation that we discover a near identical product that never surfaced in our original competitor analysis or during the creator’s own research and development.

Think of Crowdfunding as a finish line, and not the starting line. Most of our pre launch steps are outlined in this Crowdfunding Handbook & Pre Launch Checklist.

To sum it into basic steps:

  1. Have a product that works like the real thing, something you can demonstrate.
  2. Line up the production / manufacturer so you know how much it costs to make a certain amount.
    • Making sure your product has a market that warrants its creation is one thing, making sure it’s feasible to create at the price you promise is another. Make sure your Cost of Goods Sold (COGS) are air tight before making any public declarations as most startups have very little wiggle room to begin with. Even companies with the best of intentions can inevitably succumb to disappointing their backers with delays because they failed to properly do their due diligence on the manufacturing and production end. It warrants consulting a few manufactures to get a better scope of what it will cost to make your product a reality, so you’re not forecasting your COGs off of one estimate.
  3. Get good, high quality photos and videos
    • Assets are arguably one of the most important elements to this process, and the quality of them will go a long way in helping or hindering the success of your product. People have no way of experiencing the product first hand, which puts more weight on the value of the assets to provide validity. The quality of your assets alludes to the quality of the product and what people can expect from the brand so it’s imperative these are executed well. These will effectively be your identity to the world for your journey from lead generation into launch,
  4. Build your community around your upcoming campaign. We usually focus on a website, advertising, and an email list, as this is the most reliable.
  5. Use your pre-campaign learnings to develop the crowdfunding page
    • Positioning changes, so be prepared to defend your ideas and let them go if the data suggests! If we had a dollar for everytime we’ve had to disrupt one of our clients’ perceived visions on how to position their product we’d have enough for a successful campaign. Be prepared to have your expectations humbled by the data.
  6. Consult an expert on pricing strategy. This is something that is so easy to get wrong.
  7. In addition to your own channels, line up some other followers and outlets that will promote your launch
  8. Don’t stop the hard work after launching. Consistent email communication and backer updates instill confidence and trust.
  9. Deliver on that campaign when you promised; I can’t tell you how important this is to the greater crowdfunding community as a whole.
    • If you’re behind your original timeline, know that delays happen. It’s more common in crowdfunding and certainly for developing any new products. For most crowdfunding campaigns, there is no set roadmap for success, even though there are Indiegogo Certified Experts and the Kickstarter Hardware Studio. Some may have shipped on-time before, but even then, each campaign is different. You’re going to have new backers, new timelines, and lots of new problems. Some of those problems might even delay the shipment of projects to the people who want it most. Staying transparent and communicating with your backers is essential. Learn How to Talk to Crowdfunding Backers About a Delay – Kickstarter & Indiegogo Advice for Creators >> 

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