You develop an engaged audience
Believe it or not, the audience you develop throughout the course of a crowdfunding campaign is the most engaged customer you will ever have. They take pride in your product’s success. They like you so much they are willing to wait until your campaign is finished, the dust has settled, and for you to have worked out the kinks in your supply chain before receiving their reward.
Your idea is validated
Without sinking a ton of money into your project you can test your idea out on your target market. The consumer is your investor so if they don’t like it then you know it’s time to go back to the drawing board or think about a pivot. If they do, then you have the opportunity to grow sustainably beyond your first stage.
You learn to be a marketer, developer, social media strategist, accountant, leader, salesman, analyst, customer service agent and more
An entrepreneur wears many hats, the above are but a few of these. As an individual you learn and grow every day. As an entrepreneur you have to do it faster because in 15 minutes you have to be the data entry clerk or the analyst or the graphic designer.
You know how many of your product to produce
It’s that simple. Although there have been some recent instances of campaigns that experience delays in production or have not actually fulfilled any orders at all, neither scenario is one that YOU need to experience. Consider using a reward system that includes early shipment for the first 50 investors – this will take the pressure off and help your campaign start off with a bang.
You gain confidence in your idea and your abilities
Don’t start thinking about your next campaign just yet – you still have to fill those orders. But you can, and should, celebrate your success! You had an idea, successfully raised your funds and now that brilliant idea can become reality. You have added many skills to your toolbox that will be put to use as your business grows. Be proud!
This article is brought to you by NextChapter.com.hk. Visit their website to learn more about crowdfunding.