Makers, once you have created the best new product ever of course people will throw money at you to make it! Right? Before you put your home on the line or sink every penny into that great new product you made, please test your market.
One way to test your market is through a crowdfunding site like Kickstarter or Indiegogo. It’s one thing for somebody to say they would buy your product, it’s a whole different animal when they have to actually take money out of their pocket and give it to you, the story often changes quickly.
Crowdfunding gives you a better idea of the actual demand for your product, if you are at a price point where you can make money, and gives you feedback on potential improvements or adjustments that may be needed on your product from those early adopters.
Make sure if you do run a campaign you plan it out and set yourself up for #MakerBizSuccess. If you throw it together without strategic planning you are likely to fail and it will not tell you whether the product is good or not, just that you may need a lot of help in your marketing skills.
Here are a few highlights and a link to an interesting article with expert tips from people that have been there and done that:
Are You Ready to Launch? – Creating a Successful Kickstarter Timeline
By Shetara of @MakersRow
“In addition to funding, Kickstarter and Indiegogo are great launch platforms to test your initial product concepts in the market.”
“You will need at least 2 months dedicated to setting up the project. The more thought and attention you give your Kickstarter “pre-launch” the more likely your chances are for a successful campaign.”
Read Full Article…
As they mention in the article, when you use the crowdfunding avenue make sure to plan your rewards for maximum results, and you put a lot of thoughtful effort into the visuals and content. First impressions go a long way towards success.
More recently I have started to explore electronics again. Unfortunately it has been quite a few decades so I forgot almost everything. No worries though, a lot has changed with the technological advances, like Arduino, etc…so I am probably better off not thinking I know stuff that is not accurate.