Advantages of Crowdfunding
1) You get free marketing.
The more people know about you and what you represent, the more they take interest and talk about you. Creating a “buzz” yields an unending circle of rewards that keeps giving, just as long as you keep your work in the eyes of the people. Be prepared to update the information on your page(s) to remind your fans and backers that you are thinking of them, while remaining relevant.
2) Finding out some ideas on how to market your product is easier.
Since Crowdfunding allows you to reach the general public in ways that have not been available before, you can experiment with new ideas and tweaks in order to raise customer interest. For example, and on a small or large scale, you could find out that instead of just selling cookies, you could sell and market the things that go along with cookies (i.e. – sugar toppings, decorations, accessories, sample packs). This type of adjustment may bring you twice as many more followers, fans, and donators.
3) You could easily go beyond your expectations in funding with little startup.
If properly managed and presented, the average project can exceed expectations. More than likely, if the product or idea is more than just average, and a great one at that, an inventor or business owner could all but expect to go beyond almost any reasonable benchmark. Keep in mind though, when dealing with predictions of costs for materials, you may need to compare and contrast your ideas with a similar concept in order to get a good estimate of what the associated costs will be before you budget. It would not be wise to grossly underestimate or overestimate your calculations under any circumstances, in any business. Lastly, one good thing about asking for funds through Crowdfunding is that you don’t necessarily have to have any finds to begin with.
4) The ability to get advanced sales on your product is an added bonus.
Keeping risks to a minimum is a must for any business, whether new or ancient. If a business can fulfill the need for startup or maintenance capital through Crowdfunding without having to fork out its own worth, whether through current assets or future stock, it diminishes economical responsibility. Not in such a way in which there is no risk at all, to be realistic, but in a way that gives the owner or inventor more comfort in knowing that money will be there to make the blueprints a realization. In other words, if you Crowdfund successfully, you will have the mental ease to say to yourself, “There is no excuse for failure”, and that equals much added help and a boost to your confidence.
The benefit of advanced sales comes from backers that like your product or idea enough, to the point that they are willing to part with funds in order to get a head start on obtaining your goods before most of the general public can. How good is that? Crowdfunding can not only provide financial avenues, but at the same time, it can generate a very long line in your checkout area, albeit virtual or physical.
Would you like to learn how to build a successful crowdfunding campaign? We’ve a 16 module online video training that covers all aspects of building your campaign, to sign up for access to the training please click here.