Kickstarter for the established Business
Kickstarter. It’s that crowd funding platform that start-ups and backyard-inventors use, right? It’s easy to see how it helps get them on their way, but could kickstarter actually be just what your established business needs?
Everyone wants the best marketing, consumer feedback and funding for their projects - how can you tell if kickstarter is the right place for you to get it for your project?
Why did Knog use Kickstarter for their new bell?
A far cry from a ‘start-up’, Knog has been a successful global cycling accessories brand since 2003. When they decided to revolutionise the humble bicycle bell, they used Kickstarter to connect with their target audience. This exposed their idea to the acid test ‘what do people really want?’ while sharing the creative process and getting funding for their project. In their words, ‘what better way to test a revolutionary new product design than put it up on Kickstarter?’
They decided they wanted $20,000 from the campaign, saying ‘with your backing, we can bring this product to life much faster than we normally would’. They were rewarded with over $1,000,000 pledged by over 20,000 backers - and a resounding affirmation ‘YES! We want this product!’
Now it’s up to them to deliver.
What are the risks?
The thing about exposing your ideas while they’re hatching, is that you allow yourself to be vulnerable in front of your audience. Your successes, as well as your failures, are public and can influence perception of your brand. The good thing about a failure on kickstarter, is that if you correctly identified your audience, you’ve got solid, constructive feedback that your creation needs something before the market will embrace it the way you want before you invest too much time or money in it yourself (and the visible evidence will fade into obscurity fairly quickly).
I’m not a Start-Up - why should I bother with Kickstarter?
It’s not all about funding. A key ingredient in successful products is consumer feedback (see ‘What Makes a Successful Product’ for more successful product tips). As an established business, one of the main benefits you can gain from using Kickstarter comes from exposing your creation to the world during development. Letting the voice of the end user influence the design or the options available ensures the end product is on-point with what the market wants. The funding and marketing might be a happy by-product.
6 indicators Kickstarter could work for you