You have a great idea (or several great ideas) and want to launch a brand on Kickstarter. How do you bring to life not just one product, but an entire line of products? Enventys Partners has worked with a number of entrepreneurs who have used Kickstarter to successfully establish their brand. Learn about what it takes to launch your product(s), the type of data you need to be successful and the next steps to make your brand a reality.
What to Consider when Establishing a Brand through Crowdfunding
First, what is Kickstarter?
Simply put, Kickstarter is a crowdfunding platform where people can contribute money toward your big idea. With over 15 project categories to choose from, Kickstarter has helped project creators around the world raise over $4.8 billion. Whether you developed a new app, designed a new travel jacket or created a one-of-a-kind pet product, the possibilities for your idea are endless.
Now, it’s important to note that there’s a difference between launching one idea and launching an entire brand on Kickstarter. Although challenging, it’s not an impossible goal to achieve. Just ask Peak Designs, BAUBAX, NOMATIC or CMON. All are brands that have introduced several products through the platform.
Nevertheless, there are few things to consider before launching your brand on Kickstarter versus going the ecommerce route.
Is there a true need for your product?
Does your product solve an issue or is it a “nice to have” item for people to enjoy? Both types can be successful on Kickstarter, but the most successful campaigns are able to position their product in a way that makes people think they need it.
At the end of the day, it’s important for people to see the value in your product and understand how you’re better than the competition.
Is your product something you can expand on?
If your product solves a single problem, then you have an opportunity to modify it and create enhanced versions based on user feedback. Likewise, if your product has multiple use cases or features then you may have an opportunity to launch a whole line of products within that same category.
We’ve worked with several entrepreneurs who launched their flagship product on Kickstarter and eventually launched several new products featuring the same technology or concept later on.
Are you collecting data and insights?
You’ve built out your campaign page and you’re ready to launch! Now what? The key to launching an entire brand on Kickstarter is thinking ahead. What types of data do you want to collect while your campaign is running? What resources are you leveraging to promote your project? Data is key to not only understanding who your target audiences are, but also what they want out of your product, what they like about it, what they dislike about it, etc.
The Kickstarter Dashboard is Key
Use Kickstarter’s dashboard to understand the sources of your campaign traffic and how much funding is coming in from each. Throughout your campaign you should also:
- Engage with your backers
- Post backer updates with surveys asking what they like or dislike
- Read backer feedback in the “comments” section of the project
- Host a Facebook Livestream where people can ask you questions in real time
Once you have backer feedback and data insights, you’ll have the ability to make informed decisions about your campaign and the product itself moving forward.
Are you developing a post-crowdfunding plan?
Congrats, your campaign is over! You had a successful campaign and a large number of backers. You’ll start to receive a lot of feedback once you fulfill all of your pre-orders and when people actually begin using your product.
Now, it’s time to consider whether or not you’d like to create something entirely new featuring the same concept or technology around your flagship product, or if you want to make an upgraded version of your original product.
It’s no secret that Kickstarter is a great platform for you to test new product ideas launching under your brand. Even larger companies have turned to Kickstarter and Indiegogo to “validate” new products before bringing them to the masses. For example, Segway now sells the Drift W1 on Amazon and their website after first launching through crowdfunding. Once you have market validation for your big idea you’ll be able to use Kickstarter as a bridge between idea and, eventually, ecommerce.
Building Your Brand for Ecommerce
As you continue to launch new products and build your backer (or customer) list, you’ll be able to successfully build a brand, collect feedback on your new products and eventually take your products to ecommerce.
If you need help with launching your product on Kickstarter or strategizing after your successful crowdfunding campaign, reach out to Enventys Partners. Our crowdfunding and ecommerce marketing teams have the experience and strategies needed for both crowdfunding and post-crowdfunding businesses that reap positive results. To request a quote or learn more, get in touch today.
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