By Evan Varsamis, founder/CEO at Gadget Flow Since the crowdfunding industry came into the limelight, it was a common misconception that
By Evan Varsamis, founder/CEO at Gadget Flow
Since the crowdfunding industry came into the limelight, it was a common misconception that this industry is all about creating a one-off product that can change the lives of consumers. Over the years, as crowdfunding started to grow, the outlook of the industry changed. Today, crowdfunding campaign creators aren’t sticking to funding for a single product on its own. Instead, this platform has become a place where brands can grow their entire product line, starting with one campaign followed by another.
If you are planning to launch a series of products through crowdfunding, make sure your campaign structure and promotions follow a proper timeline. It’s just like launching any other form of business, only in this scenario, you need to have your initial funds be via crowdfunding.
Even if your products are impressive, it’s all about the method of promotion. If you want to expand your brand, here are some tips and tricks that can help you master the trade.
Generate buzz before you launch again.
After your initial launch and delivery of a successful first campaign, start planning your second campaign promotion. The difference is, you’ll already have an audience the second time around. Be it on your social media, website or even your previous campaign page, try to generate some buzz about your second campaign well ahead of your launch. This will help you keep the interest of your existing backers so they can back your campaign as soon as you launch the second time. The more testimonials you provide or video updates you share, the better your chances of building credibility.
Refer to your previous campaigns.
Every campaign page you create after your first needs to mention your previous campaign(s) — with one caveat. Make sure to only mention the ones that were successful. By detailing your previous success with crowdfunding, you’ll be able to add more credibility to your profile.
Compile emails from your first campaign.
Once you finish your first campaign, you’ll be able to build an email list of backers who have shown interest in your product. When it’s time to launch for the second time, send out a message to your previous backers letting them know there’s another great product coming soon. Build your email list and work with an email management service to plan your newsletters ahead of time. Campaign Monitor and Mailchimp are both great options for staying organized.
Spoil your original backers.
The backers for your first campaign should be your most cherished audience. Make them feel special so they come back to your second campaign and help you reach your goal even faster. In your pre-launch emails and messaging, add in special deals and discounts for them.
Work with marketing agencies on a large scale.
Marketing platforms, including my own and others such as BackerClub, offer promotional plans across multiple platforms to capture a wide audience. Find the right service for your campaign and make sure your promotions are being done consistently throughout your campaign. Since you won’t be working on just one product launch, you need to build your social media profiles and have a more consistent presence. This will help you build a reliable audience for your product that you can use to generate buzz and grab potential backers as and when you launch additional campaigns.
Choose a reputable fulfillment partner.
Finally, since you’ll be building a product line around your campaign, make sure you’re working with a reliable fulfillment partner. All of your products should be delivered on time and they should not affect your next campaign in any way. Always remember, your delivery timeline needs to be rigid and not at all flexible no matter when you launch your campaign. You can choose to factor in some extra time for delivering the product but never delay the promised delivery date.
When you’re looking to expand your brand through crowdfunding, it will only be possible if you have a successful first campaign. Prepare your promotions in advance and try to launch the best version of your product each time.
Evan Varsamis is an entrepreneur and founder/CEO at Gadget Flow, as well as an investor and marketing advisor at Qrator Ltd.
The opinions expressed here by Inc.com columnists are their own, not those of Inc.com.
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