Crowdfunding Marketing as Market Research – Sometimes Crowdfunding Failure is a Good Thing
As reported in The Wall Street Journal not every product should exist. That’s why crowdfunding marketing as market research is so useful and so powerful for entrepreneurs. Just because you have a vision or a dream for a product, a brand or a business doesn’t mean it can, should or will be profitable.
This isn’t the first time I am referring to Tim Ferriss’ seminal blog post on using Kickstarter as a market research tool as well as a source of funding. Good ideas can become great products and crowdfunding marketing as market research will give you the answers you need before pulling the trigger on product design & development, manufacturing then marketing.
Then there are products that really shouldn’t be rolled out to the public until crowdfunding marketing as market research is conducted.
The most recent example of this is the man onesie.
No, I am not drunk while writing this. Dismiss any thoughts of a very bad typo or a very bad joke.
See the man’s onesie for yourself….
You have to read the Fox News article and other articles you can find. If you do some Googling of the article’s keywords you’re guaranteed to have fun. Yes, you’ll have your best laughs of the day but more importantly you’ll understand the core concept of this article.
Putting aside the importance of using crowdfunding marketing as market research is the essential step of consulting your inner psychologist. Your inner psychologist is that voice inside your head that tells you if something is right or wrong, makes sense or doesn’t, etc.
To bring this point home take a look at the teddy bear sex toy. Nope. I’m not drunk and I’m not kidding.
Here’s the Indiegogo campaign for “Teddy Love”. [ editorial note: the author of this article is shivering in fear ]
This is the best case ever for invoking your inner psychologist BEFORE using crowdfunding marketing as market research. This campaign raised $843 out of a goal of $50,000 .The fact that as much as $843 was raised is a scary thought.
Before you consider bringing a product to market, FIRST think about it and run it through your inner psychologist. If it makes sense then take an informal poll of five or ten friends, neighbors or co-workers and get their opinion. THEN AND ONLY THEN should you consider taking it to Kickstarter or Indiegogo.
What if your crowdfunding campaign fails? THAT’S GREAT! You learned that your product idea won’t make money and you spent comparatively little to discover this fact. Then it’s back to the drawing board to come up with your next good idea. Then rinse and repeat.
The alternative? Your garage, your basement and/or all of your attic and closet space is filled up with boxes and boxes of merchandise you paid to have produced and nobody will buy.