For ecommerce entrepreneurs considering crowdfunding, this episode offers a practical guide to leveraging Kickstarter. Learn how to validate product ideas, secure initial funding without equity dilution, and strategically build momentum for a successful campaign that can launch a sustainable business.
Key takeaways
Before launching on Kickstarter, build an email list for 3 months prior to drive initial momentum. Offer engaging content and giveaways to capture leads. BestSelf utilized a KingSumo giveaway with products appealing to their target audience, generating 1,600 emails.
Focus on crafting a compelling story for your Kickstarter campaign as people buy into the narrative on this platform, not just the product. Use a well-produced video to convey your vision and product's value.
Set a Kickstarter funding goal that allows for minimum product manufacturing AND provides enough capital to order additional inventory for sustainable business growth post-campaign.
Keep reward tiers simple and focused on the core product. Avoid extraneous rewards like branded merchandise that can complicate logistics and dilute donor interest. Utilize 'early bird' discounts to create urgency and reward early backers.
Harness Kickstarter's algorithm by aiming for a high number of individual backers, even with small pledges. More backers signal popularity to the platform, leading to increased organic visibility.
A successful campaign on Kickstarter, the crowdfunding platform, can help validate a business and a product. Catherine Lavery, the founder of BestSelf, a producer of productivity journals and tools, used Kickstarter in 2015 to launch the company. She describes the process to host Eric Bandholz, the founder of Beardbrand.
Frequently asked about this episode
What does this episode say about audience building?
Before launching on Kickstarter, build an email list for 3 months prior to drive initial momentum. Offer engaging content and giveaways to capture leads. BestSelf utilized a KingSumo giveaway with products appealing to their target audience, generating 1,600 emails.
What does this episode say about crowdfunding strategy?
Focus on crafting a compelling story for your Kickstarter campaign as people buy into the narrative on this platform, not just the product. Use a well-produced video to convey your vision and product's value.
What does this episode say about product launch?
Set a Kickstarter funding goal that allows for minimum product manufacturing AND provides enough capital to order additional inventory for sustainable business growth post-campaign.
What does this episode say about audience building?
Keep reward tiers simple and focused on the core product. Avoid extraneous rewards like branded merchandise that can complicate logistics and dilute donor interest. Utilize 'early bird' discounts to create urgency and reward early backers.
What does this episode say about audience building?
Harness Kickstarter's algorithm by aiming for a high number of individual backers, even with small pledges. More backers signal popularity to the platform, leading to increased organic visibility.
