Crowdfunding is something that a lot of new brands and product developers rely on these days, but simply setting up a campaign on your favorite crowdfunding site is simply not enough to ensure success.
In many cases, a campaign is really going to benefit from the right type of marketing. That is where companies like InventureX come in. Grant Lawson, a lead crowdfunding strategist, talked to me a little bit about just how much InventureX can help out crowdfunding campaigns at any stage.
What’s the best part about working with InventureX?
I truly find it fascinating just how creative people can be out there. When we come across a campaign that has a lot of promise, a lot of times we just know. It can make our jobs pretty easy, because it just comes down to getting a campaign in front of the right audience. Once enough people hear about what the product offers, it will no doubt really start to take off if we can get people to talk about the product and share it with their friends on Facebook, IG, Twitter, or any other social network they’re active on.
Since you work in strategy, what are some general tips for people getting started initially and wish to launch independently?
Coming up with an idea is one thing, but marketing that idea is another thing altogether. In order for a campaign to really have success, it must be marketed correctly. Some of this needs to be done professionally, but there are some things people can do that are beneficial that really take very little effort.
Minor things like labeling a campaign correctly, putting it in the right section, sharing it personally on social media and giving a detailed description all lead towards having more success. It is actually surprising to see just how many campaigns are set up with such minimal effort. Unless a product is truly groundbreaking, it is magically not going to be discovered with so much competition out there. Solid marketing and being able to generate attention is key.
What does the crowdfunding industry look like in five years?
It really seems like crowdfunding is at an all-time high right now, but I think it will be just as strong five years from now, if not stronger.
There might not be as many smaller campaigns being launched, but that will come down to people just being smarter about running successful ones asking for more funds and what backers are looking for in terms of what speaks to them.
Right now it seems as though it’s a bit cluttered out there, but the good ones always do seem to rise to the top and generate a massive buzz. This is still one of the best and most effective ways to raise funds, so in five years it should only get stronger.
How many campaigns do you examine and work on in a year?
Our goal as a company right now is to continue to grow, and we have done that in each of the six years InventureX has been in business.
In total, we are closing in on 400 campaigns since the beginning. We are very close to averaging over 100 new campaigns a year these days, and are growing team is more than capable of handling all of that and much more.
How can strategies be customized to offer a truly unique experience for backers?
One thing we realized early on is that there is definitely no solution out there that is right for everyone when it comes to marketing as all campaigns are different in their own rights.
It would be crazy to use the same marketing strategies for a pillow that we would use for something related to a cell phone.
Each client we work with gets a customized set up for them based on their product, industry, and target audience. We are constantly tinkering with ideas as well, so strategies can change midway through a campaign as we become in a better spot to make decisions after analyzing the data and feedback coming in.
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