by TripSafe Founder & CEO, Derek Blumke
People have great ideas everyday but, rarely do they end up seeing the light of day. Being an entrepreneur requires thinking on your feet and EXECUTING. Stop planning and just Do!!!
For 8 months, my team and I planned and researched the best practices for launching a successful crowdfunding campaign for TripSafe, a portable security system that fits in your carry on and protects you and your belongings when at home or go away.
Any soldier will tell you that battle plans are great but they tend to go out the window the moment you get onto the battlefield and shots start going off… So let me help you get around that issue. Here is a roadmap for any fellow startup entrepreneurs looking to jump into a crowdfunding campaign!
- A Chief Inspiration Officer goes a long way
A crowdfunding campaign is a massive time compression of what a startup usually learns over the course of 1–2 years packed into 30–45 days. Throughout this, you learn if you have a product market fit, who your customers are, what works well, and what failure points you have in your company.
Your team is heading into intense terrain and it is your responsibility as a leader to be the anchor, inspirer, and motivator throughout the campaign. Morale and commitment will constantly be tested, and you must be the glue keeping everything together.
The key here is to maintain zero ambiguity and consistently be there for your team members when they need it. Ask questions like, “How are you doing?” when discussions and setbacks arise.
2. Create a strong Campaign video
This is a vital component as it helps to create an emotional connection between your target customers/backers and your product while clearly illustrating the problem you are solving for them.
When organizing the components for the video, it is important to ensure that you address the following:
a) that you’ve know without a doubt who your customers are, or have orchestrated enough research that you have a good idea who they are; and b) that your campaign video remains completely in line with YOUR vision of the product or company, paying close attention positioning and messaging for all of your key audiences.
Truth be told, our initial video ended up on the cutting room floor before our launch. We ultimately, made the decision to reshoot it for our launch in late July.
Expect more info on this in my next article: “How to Create a crowdfunding campaign video in under 7 days”.
3. Secure media coverage: Having a good relationship with the press and being featured in stories is incredibly important. Not only does it boost your credibility, it also helps to increase audience knowledge and awareness about the product.
Secure a PR expert with solid media relationships ahead of your launch. Crowdfunding is becoming increasingly popular and it is important to have a member of your team be able to clarify your brand story and aid you in standing out in a crowded space.
If you don’t have PR you have already engaged with, take time to research the publications and blogs who are reaching your potential customers. It also doesn’t hurt to reach out and ask for feedback about what you’ve been building. Though some press don’t like being contacted without an established relationship already in place, it’s still worth a shot!
Reel them in by showing them how your product solves a current problem consumers have. People aren’t interested in a product advertisement, they are interested in a solution. Your product becomes even more of a necessity if you have built something that solves a problem that people are facing in their everyday lives.
4. Build email lists and organize pre-commitments:
In the days leading up to launch get as many friends and family members in your network to commit to purchasing SPECIFIC perks. Don’t ask if they will back your campaign, but instead inform them of the exact dollar amount and perk they are purchasing. This is where your initial traction will come from. Don’t forget to thank them for supporting you!
While they may not have the problem you are aiming to solve, you are tapping into your personal relationships to reach those who support you and want to see you succeed. Ultimately they are still pre-ordering or ordering your solution.
5. Connect and partner with distribution partners & influencers: Throughout the entirety of your campaign, always remember to take time to focus on like minded organizations who have reach to your customers. These organizations should have a similar mission and/or audience, ensuring this will make it so that it is more likely that they are passionate about what you are doing.
I recommend that you develop a list of at least 20 organizations, companies and influencers in your space and reach out to them ASAP. These contacts should already have calendars in place for their social media accounts, newsletters and email outreach to their members and followers.
With the tight timeline you’re up against, you need to engage them with as much lead time as possible. While it is never too late to reach out for feedback, support and potential collaborations you are most likely to be successful if your outreach occurs ahead of time.
6. Have a Digital Marketing Expert on call:
Don’t wait until you are five days into your campaign to suddenly be hit with the realization that you don’t have a knowledgeable key digital marketing expert in place.
Know your gap areas. If you don’t have a digital marketing expert on your team and/or someone with paid advertising experience, contract someone ASAP.
Digital marketing also helps to support PR and vice versa.Together they can make a dramatic impact on your social channels and boost engagement and awareness.
With TripSafe, we received great press coverage in our first week of launch and quickly realized without the additional digital marketing support around paid media buys and focused targeting efforts, we weren’t leveraging the earned media coverage we were receiving.
As result, we missed out on a TON of potential customers who may have seen or read about TripSafe and never bothered to check us out again because they didn’t have ample reason to revisit our campaign, website or social channels for updates.
If you are already a few days or weeks into your campaign, don’t worry, we are a great example that there is always a solution.
7. Don’t forget that you are the expert on your product!
While there is a lot of great feedback that comes from consultants, bloggers, and advisors that rattle off the 10,000 things you MUST do before launch, no one understands your product, idea, or company and your team’s situation like you do.
A solid plan and lead time are a MUST, launching in a rush is not the ideal situation. You can will something to success, provided that behind that drive, you have an incredible team of experts, passionate partners and an unbreaking attitude to succeed!
Don’t let over planning turn into procrastination due to fear of failure. Take a deep breath, trust your instincts and and jump off the cliff into your launch. Organize and implement a timeline, and begin executing it. It will not be easy, but don’t lose touch with the passion that you have with your product or company. Good luck and go!
Check #TripSafe out on social!
