By now your startup may have some social media presence. But how to enhance it in an inexpensive way and parallelly how to get a more concrete feedback with the possibility to make some money ? Simply the answer fits in one word… Crowdfunding!
It seems easy but it definitely is not. Especially if you have not been in the business world long enough! And believe us, we know that from first hand 🙂 In our case, we decided to run a crowdfunding campaign at a very early stage of our startup (only a couple of months after we had started working with our project). Why?
- To get as much as possible general feedbacks (negative, positive, neutral, any kind of feedback).
- To do an early market research (costs much less and is based in all different potential customers).
- If possible to get some money (great reward but should not be your only aim).
Gladly, we got quite successful by increasing our social media presence: 10K+ YouTube views of our video, 500FB likes, 1500+ Twitter followers. However, we did not succeed to raise the money we were seeking.
That was a big frustration but in parallel it helped us to a great extent to realize what to do next. Especially in relation to these two points:
- Work in our value proposition (simple WIFM= What’s in it for me… the customer!)
- Add the people’s feedback to our business model.
The point is that all that led us to currently have our first investor on board, to corporate as LLC ,to establish some collaborations and to be selected to soon exhibit in 2 international technology conferences. Not bad for a startup being present for less than a year 🙂 Crowdfunding opened to a big extent our eyes on how to proceed!
What we should do better next time:
Much more preparation (I would say at least 4+ months) to officially launch a crowdfunding campaign.
Have a very good and detailed pre-planned strategy.
Engage public and media relations well in advance.
Expose yourself in different online media like Quora, Product Hunt, LinkedIn etc.
Choose the platform that best fits your product.
Have constant updates.
Choose wise all your perks and clearly and in simple & catchy words mention why people should support you.
What are your thoughts and experience regarding crowdfunding?
ps: success in crowdfunding does not necessarily mean only gaining some money. Use all the feedbacks to learn and improve!