Since one of my main projects revolves helping run crowdfunding campaigns for clients I bring in at Trident Design I wanted to share a few crowdfunding secrets with you!
My role at Trident is to help handle all inbound leads and sales and while most of them are related to industrial design and product development we also get a number of crowdfunding opportunities.
Unfortunately a lot of them go along the lines of a high hope that we have a secret sauce to raise them a lot of money without much work involved.
Crowdfunding is a lot of wonderful things but raising a huge amount of capital without investing dollars first is just not a reality.
Here are a few crowdfunding secrets that hopefully will help you consider if you are ever in a position to consider doing one will let you know if it’s worth it or not!
- It’s about market validation and a resourceful way to use marketing dollars. In fact if the chips fall the right way you might break even. Which is awesome! Not many marketing budgets allow that. But breaking even and getting market validation should be a goal not raising tons of money.
- You need a large community of targeted email leads. You either need to advertise to get them or you already have them. It’s the same for authors, artists, musicians, and really any business. If you have no leads you won’t get any sales. If you have no networking power or connections it’s extremely difficult to raise $50,000.00.
- You have investments you will need to make. Video investments are not cheap. Your time is valuable and you need to be a walking talking PR firm for the weeks leading up to it. These are just a few of your possible investments.
- Your pre launch strategy and what you do in the month prior is more important than the actual campaign.
- Just because it fails on crowdfunding doesn’t mean it will fail as a product or business.
That’s a little snapshot and I hope it helps! If you ever have any other questions email me at mike@MarketingFunWithMike.com or put your comments below.
Thanks for reading!
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