5 hot platforms to raise funds for your new product

Remember Google Glasses?

Your team has designed a new product, but it is not selling on your traditional sales channels.

Or as a new business, you have a brilliant product idea, or have a prototype done, but you do not know how to go about selling it to the masses.

You think you are alone? No. Feel at home. Even Google struggled (still struggling) to launch Google glasses.

Launching a new design is like walking on the tight rope. You need to take the risk with enough practice guided by people who has already done that, leveraging on today’s hot platforms. Here we list the top 5 platforms that can help you reach out to your ideal customers faster and cheaper (relatively!)

#1. Amazon

Not surprisingly, this is option #1. Almost 70% of the people look for what they want directly on Amazon. If your product has a search term that is commonly sought by your ideal customers, Amazon is a great deal. This platform allows you to quickly set up a listing and test the waters. It needs proper analysis of the market in Amazon, budgeting, and a careful incremental approach to manage stocks. Use our consultants, if you have not launched before.

Unfortunately, if your product is so unique that it will not be sought by general terms by your ideal customers, or if you are short of marketing budget, you are out of luck on this platform. Read below for further platforms.

#2. Crowdfunding

Did you know there are 75+ crowdfunding platforms just in the UK? The key platforms like Kickstarter and Indiegogo has proven successful for many big brands. Remember Pebble smartwatches campaign. Success stories galore, but the hard reality is that 90% of the campaigns fail to deliver.

In these platforms, people buy people, not just products. As a business owner, you should stand in front of your brand, have an interesting backstory, and proof that you are a real deal.

People are paying to get their products probably next year. Trust and communication is important. Nowadays, there are exclusive agencies for crowdfunding campaigns charging starting from £5000 😳. There is work involved indeed, and if done well, the benefits are huge, as you end up creating your amassed customer base in quick time.

Join in our webinar with Jes Bailey from Crowdfund 360 to listen more on how well to leverage these platforms.

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Like our page and we’ll keep you posted.

#3. DIY

“Build a website and a facebook page. Customers will come flocking. Your product is just plain awesome”, they said.

It does not work like that, unfortunately. Today’s customers are inundated with choice. You will need to go through a ladder of:

  1. KNOW: My potential customers can easily discover me and my brand
  2. LIKE: My visiting customers have enough reasons to truly like and be surprised about my brand
  3. TRUST: My liked customers have enough reasons to trust that I will deliver my promises in my product

Each step takes time, money, and effort. Building a social media page and great following does not warranty that they will buy. It is like a movie star asking his fans to vote for him in an election.

If you have deep pockets to support yourself and the business for 6-12 months, including paying for agencies and freelancers, it is worth the pursuit.

#4. Angel investors

This is the least sought out option, but the most plausible. If your product has a universal appeal to scale globally, certainly seed investors will be interested in investing a little money to bootstrap your idea. The bootstrapped money could be used for creating a crowdfunding campaign or social media campaign. What is more important is that the relevant investor will be bringing great advices for your industry. Use a platform like F6S or AngelList to network and find the relevant investor. It does not cost money, but meticulous time.

#5. On the road. High street, may be!

You think I’m joking, but not. This is the easiest means to test your products with potential customers. You can directly get feedback from them. Many malls and councils provide very low cost pop-up shops. Utilise them especially during festive seasons.

If you think, some high street brand can stock your products, and if you have the budget to acquire and distribute stocks, you can approach them directly. Listen to Al, a director of Coconut Merchant stocked in the likes of Tesco, in this video on how to go about approaching them.

That is not the end of the list. Be creative and find ways to reach your customer. Either a bazooka or a sniper-shot approach. It is your choice to find them, but plan with people who have done that, to save your peace of mind. Good luck with your launch.

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