Mapping your Product Delivery
Crowdfunding is all about the journey from idea to product delivery. Whether you are an established business looking to source funding for a new idea or a start-up looking to grow and develop, backers want to follow along. Not only do they support you and get a product in return, but they can watch your product grow before their eyes.
Not only from an interest perspective, but from a trusting one. They want to see that their investment is worth it, getting them excited for the product to ship to their front door.
We wanted to share a couple of pointers to ensure that your project is clearly outlined and trustworthy…
Product Delivery Timeline
We highly recommend mapping your product timeline so your backers know exactly what is happening at every stage. Especially with crowdfunding, your customers are typically existing backers, meaning they will keep tabs on your progress. By laying out your proposed development and shipping process, you can ensure that your project is reliable and trackable.
Sharing Regular Updates
Regular updates are important to proving your loyalty and keeping backers in the loop. If your product delivery dates are delayed – let them know! Don’t keep your audience in the dark. Using a forum or newsletter is a great way to provide exclusive updates to backers so they feel valued and in the know.
Setting Reward Tiers
If you are reward crowdfunding, you will need to identify different tiers that backers can opt for. This means identifying different packages and pricepoints for different pledges. You can set expected delivery dates, exclusive perks and add-ons. Reward crowdfunding is all about trust.
Campaign Stretch Goals
In the excellent circumstances that your project exceeds your external funding goal, you can have identified stretch goals to indicate where additional money will go. This could be funding another colourway for your project, a complementary product or customisation feature.
Guaranteed Product Delivery
By adding a delivery guarantee to your campaign pitch, you can clearly show your backers that you value their contribution. For example, production plans dependent, if you clearly state that you plan to deliver in 6 months, there will be no disappointment when their product doesn’t arrive immediately.
If you use Indiegogo for your crowdfunding campaign, they offer the opportunity to select Flexible Funding, meaning that you strive to deliver the campaign even if you don’t receive your full external goal.
This is obviously different for varying businesses, however it eases the mind in knowing that the money is guaranteed to go towards production if your upper goal doesn’t complete.