Consider these strategies for launching a product so it does not meet the same fate as the Hornet
A key part of success when crowdfunding is to have a beautiful working prototype with high-quality digital assets (photos and videos).
BY JEREMY LOSAW
In 2014, I created a new product and was ready to launch it. I spent months with my friend Brian Watson to build a new style of competition-grade, radio-controlled car.
We designed it, 3D-printed molds, made custom carbon fiber components and had a special body painted for the photos and videos. We called it the Hornet in homage to the city of Charlotte, where we live and which has an NBA team with the same name.
It was coming together perfectly. Then, the bottom fell out.
We posted the Vectorworks Hornet 1/12 Scale R/C Car on Kickstarter and raised only $230.
At the same time, we took the car to the racetrack to show how amazing it was to other RC car enthusiasts. But instead of setting fast laps and winning races, it did barrel rolls and was hard to control.
It was a disaster of a launch and a large part of why we decided to cancel the project. I made some fundamental errors in my launch strategy and paid the price.
In this second part of a series on launching an invention or product, the following are some different platforms for launching physical products with strategies for each—so that your product does not suffer the same fate as the Hornet.
Crowdfunding
A popular choice for inventors to launch their products in the past decade, crowdfunding features platforms such as Kickstarter and Indiegogo that let creators share their projects and pre-sell products before having inventory in a warehouse ready to ship. However, a lot of inventors think that a crowdfunding campaign is a way to generate free money.
Not true. It takes a lot of preparation and prework before the campaign to ensure the raise is successful. People are not naturally browsing crowdfunding for things to buy like they might on Amazon, so they have to be driven there. And once there, they need to be convinced to buy.
A key part of success when crowdfunding is to have a beautiful working prototype with high-quality digital assets (photos and videos). The demographic tends to skew younger and male on crowdfunding, and high-quality content is key to gaining trust.
Another tip is to set a campaign goal less than what you really need to raise. This sounds counterintuitive, but people are less likely to back a campaign that has raised $100,000 and is only 50 percent toward a $200,000 goal than if it has raised $100,000 and is five times above a $20,000 goal.
People do not want to back losers, so high campaign goals are deadly.
It is also prudent to avoid trying to launch seasonal items. Yearly seasonal items, such as holiday items, or life-seasonal products such as baby products are needed quickly and not great for crowdfunding.
If you are in doubt about the right strategy, look into hiring a crowdfunding marketing agency.
Trade shows
These are a great way to launch a product into a targeted market. You will be surrounded by industry pros, and other startups in your category and can make meaningful contacts in the industry and with consumers.
Sales is a relationship-based business. Having a booth at a trade show puts you face to face with people on the show floor, where you can have a depth of conversation and live demos that are not possible in a virtual environment.
It is crucial to spend time planning. First, choose one or more shows that best fit your product category. There are myriad shows throughout the year across the world for every product category: consumer electronics, pets, home goods, industrial automation, and more.
It helps to understand the fee structure and ensure that the cost of the booth, travel, “swag” and incidentals is within your budget and has good potential return on investment. Try to network with other showgoers and media to set up meetings beforehand to maximize your impact while on site.
Trade shows can be a time suck and draining, especially for the introverted innovator. However, the relationships you foster can help accelerate your sales and growth like nothing else can.
Social media
This is a fast and easy way to get eyes on your new product. Although most social media platforms are free to join and post, it takes a lot of work to build a following and make an impact.
The first step is to find which platforms most resonate in the product category for which you are going to launch. For example, house plant enthusiasts tend to be drawn to visual platforms such as Instagram and TikTok, so those are great places to interact with that community.
Then, monitor the conversation and see what other people and companies are doing with their posts and engagement to get a feel for what is generating interest, and how you might fine-tune your digital assets.
Because social media is fast paced, be prepared to post regularly and intentionally. Before your launch, build a war chest of digital content to keep posts fresh.
It helps to map out a calendar to help stay on a regular schedule and capitalize on holidays and events such as Christmas, Arbor Day, Black History Month, International Women’s Day—or any other relevant days on the calendar that you would like to highlight for your brand.
As you build organic traffic and followers, you can strategically deploy paid ads to get outside your core followers and drive traffic to your landing page or e-commerce site to capture the sale.