Your Crowdfunded Product Was A Success…What’s Next?
Congratulations! You’ve been successful in crowdfunding your product on Kickstarter or Indiegogo. All your hard work and dedication has paid off, and you now have a ready-to-launch product with a solid base of customers that can’t wait to give it a try. But the journey isn’t over yet. There is still a lot of work to be done to make sure that your product launch is a success, and your customers remain happy.
First and foremost, you need to get started on production. If you haven’t already done so, it’s now time to create the prototypes for your crowdfunding campaign. You’ll need to source the right materials, hire reliable manufacturers, and ensure quality control. This part of the process can be tricky, so it pays to be thorough.
Once you have everything in place for production, then you can start focusing on marketing your new product. This is a critical step that will help you drive customer acquisition and brand awareness. You can use social media, email campaigns, content marketing, and other channels to get the word out about your product.
The next step is setting up an eCommerce store. If you don’t already have one, Shopify is a great platform for creating an online store quickly and easily. They offer a range of features that make it easy to manage orders, customize product pages, and create marketing campaigns. Once your store is set up and running, you can start promoting your products through social media ads or Google Ads.
Launching your product on Amazon can be a great way to increase brand visibility and grow your business. On the plus side, it offers access to a massive customer base; with over 310 million active users in 2020, Amazon provides an excellent platform for entrepreneurs to market their products. Additionally, launching on Amazon eliminates many of the hassles associated with selling online, allowing business owners to focus on product development and customer service rather than website design or marketing.
However, there are a few drawbacks to consider when launching your product on Amazon. First, it’s important to note that Amazon charges fees for selling products; while this is often offset by the profits generated from increased sales, it can be difficult to accurately calculate how much you’ll make each month. Additionally, Amazon is a competitive marketplace; new sellers must compete with established brands and their products to stand out. Finally, Amazon has strict rules and regulations when it comes to selling products; failure to comply with these could result in account suspension or termination. Overall, launching your product on Amazon can be a great way to increase visibility, but it’s important to weigh the pros and cons before making the decision.
If your product is right for offline channels like stores, catalog companies, or even TV shopping networks, you should consider your inventory position before deciding when and how to approach these offline channels. In some cases, online channels can be more difficult to manage for startups because of the demand for quick turnarounds between purchase and delivery. Offline channels, like stores and catalogs have longer lead times for getting a purchase order but also allow you to build out your inventory based on a defined order, allowing you to better manage inventory forecasting.
Finally, you will need to think about customer support. You should be prepared to answer questions from Kickstarter or Indiegogo backers, as well as customers that purchase your product through your eCommerce store. You’ll need to be able to quickly and accurately address customer inquiries and provide timely assistance when necessary.
Ultimately, crowdfunding your product can be a great way to get your idea off the ground. However, it’s important to remember that there is still work to be done after Kickstarter or Indiegogo. From production to marketing and customer support, you must consider all these elements to ensure a successful launch. But, with hard work, dedication and a bit of luck, your product will be a major success. Good luck!
This guest blog post was provided by our partner, Retailbound, a retail consultant agency that works with innovative brands that want to scale in retail. Interested in getting your product on Amazon or on the shelves of major retailers but don’t have the time or experience? Contact Retailbound via email at info@retailbound.com or fill out their contact us form.