Launching a brand new product is already an extremely daunting task. Although crowdfunding platforms and social media has made it much easier to facilitate, it should never be the only source of funding. There are many hard costs to build these customer lists, and build the crowdfunding campaign. While there are many partners to help you along the way, the investment you make upfront can return exponentially when executed right.
To put this into perspective, prior to crowdfunding, getting a product to market involves taking a product to final production, courting distributors and buyers, with the hopes that your distributors will successfully reach customers and build a sustainable model to continue placing orders. This means that all the upfront investment for research, development, and tooling must be paid for before selling a single unit.
With crowdfunding, you now have access to a customer list, valuable feedback, market and press validation, and most importantly money to finance research, development, and tooling… even before you ship a single unit. Reolink, a manufacturer of security cameras, partnered with Crowdcreate to launch their latest wireless security camera called Argus. In 45 days, Argus pre-sold over 6000+ units at over $1 million proving a strong market demand for a product that hasn’t even finished development. After successfully delivering their crowdfunded security camera around the world, Argus is now one of the top selling wireless security cameras on Amazon.
The opportunity to grow a product and brand through crowdfunding is here. Take into consideration these key marketing secrets and maybe you will be launching the next big crowdfunding campaign. Crowdfunding is the single most influential technology that is changing how we innovate