As you may know, at Serial Entrepreneur Club we are deep decoding the minds of serial entrepreneurs and figuring out how they start, scale, and exit their businesses and then rinse and repeat to do it all over again.
This week Roy Morejon joined us to discuss crowdfunding best practices and Kickstarter campaigns for physical products. He is an expert in crowdfunding, digital marketing, innovation, and entrepreneurship.
“We’ve had the amazing opportunity to launch over 2200 successful products on Kickstarter, raised over $350 million, and we’ve had 80 of our clients raise over a million dollars during their time on Kickstarter.”
The beauty of crowdfunding is to launch something by bringing early adopters that are willing to invest in the idea before it exists, letting the market validate the idea, as Roy explains.
The ability to do research has changed the game drastically over the last 10 years.
The research stage nowadays is the most critical phase of launching products because it gives you a headstart by seeing what products are out there, which were successful during a pre-launch, and how they actually managed the campaign.
There is so much data for everyone to see, you can start understanding your audience and what they are trying to solve through comments, feedback, and reviews for other products.
After doing some research and understanding the market and the audience a little better, a great way to make the most out of this process is by trying to answer these questions:
How can I make this product better?
How does it make everyone’s life easier or better?
Is it solving anyone’s problem?
The main goal of a Kickstarter campaign is to drive consumers to your new innovation, and the right way to do that is by first understanding their needs, as we mentioned. Once you understand what they need and you have a great product to offer, you just have to tell them about it.
A Kickstarter campaign will also test possible prices, launch dates or let them know when the product will be available. It’s key to not only put your product out there and get it validated by early adopters but also to spread the word.
If you want to learn more about campaigns and crowdfunding, listen to the full episode above!