People who post their products on crowdfunding sites receive different responses. When you visit the Singapore Kickstarter platform, you will notice some projects have thousands of people backing it while others barely have ten people committed to seeing the project come to fruition. Sometimes this could be because the product is not appealing or the creator was not convincing enough.
Crowdfunding is an excellent way to raise funds for your business, but even though it seems easy, it can be a challenge to get people to notice your project. It would help if you were strategic. Before posting your project and launching your campaign, you need to find out how to market it so that you can get financing.
Focus on the product that is most likely to sell
Most of the people who have been successful in crowdfunding their business ventures chose to focus on only one product even when they had more to offer. The primary reason for doing this is people want to back tangible items and not several ideas. Remember, this is the first step to realizing your dream as an entrepreneur.
Once you have financing, you can easily expand to having an entire store, and by then, you might have access to more funds. Ask yourself which of the items you have for sale can you market best and is most needed in the market. Once this idea takes off, you can then build a store easily, especially if you have an established client base.
Who is your target audience?
Many successful entrepreneurs started their businesses because they discovered a gap in the market. More often than not, this need arose from personal experiences, which could be difficulty in finding an item they needed or the available products were too costly hence leaving people who cannot afford at a disadvantage.
As you come up with your business plan, you need to identify your target audience. This will help you craft a proposal that those in need can relate with and even back it because they recognize the value of having that product in the market.
Even if the market seems to be saturated with a specific product, if that is what you truly want to sell, you should find loopholes in the items currently in the market and carve yourself a niche people are willing to get behind.
Differentiate your product from similar ones
Unless you are creating a new concept, you’ll discover that you already have competition for the product you want to sell. If yours is unique and new to the market, the status quo may not remain for much longer. Someone will find ways to outcompete you. This is the cycle of a business, and you need to find ways to have a competitive edge over the other producers.
You may opt to focus on how you package your products, price, or expand on usage to create a buzz about the product. You need to creatively make your product the only choice for buyers even when more people are selling similar products.
Singaporeans are quite innovative, and if you are creative enough, you can come up with a product that many people can relate with and even offer to support financially through the Kickstarter store. However, sometimes all you have is one shot at making it happen, so you need to get it right the first time. Otherwise, people may lose interest or feel you are not ready for the business venture, so they may not be willing to invest in your project.
Afterwards, look for various avenues to market your innovative product(s). Consider recognised and registered Kickstarter product stores such as The Novus Lab, Interstellar and We The People. Also look to sell on physical platforms and also social platforms like Lazada and Shopee. Always spread your net wider and you’ll be well on your way to making profits!