Why is crowdfunding important?
There are several reasons why crowfunding is important for the development of a product, but the main one is money to support the idea. There are other reasons to consider crowdfunding, such as:
Brand awareness: A crowfunding campaign can help clients build customer communities, and a good level of market expectation.
Real time product feedback: Crowdfunding campaigns allow clients to use a real selling environment to find out which aspects of their narrative work the best.
Team discipline: A crowdfunding campaign generates external pressure on the client's team to deliver on every aspect of product development, like community building.
Love for the product is key: On Kickstarter or Indiegogo, when someone finds a product they love, made by someone they believe in, backing it is a way of engaging.
Steps to a successful campaign team
Partner with the best
Every campaign has the same tools to tell its story. It is all about how well they're used that’ll make the difference. There are some things that would be better off leaving to the experts.
A new way of marketing
Talking about Crowdfunding as a new way to market the client's product, there are ways to plan its growth beyond the campaign:
Allocate a real AD budget
Rainfactory recommends an ad budget of at least $50,000 to start, though smaller ventures can get away with considerably less.
Plan for your new storefront
When your crowdfunding campaign is over, the team should be ready to make some tweaks and turn the design and all the client's learnings into its store.