TAS 327: How to Raise Money and Launch Products Using Crowdfunding + Mistakes to Avoid with Khierstyn Ross

Crowdfunding has a huge presence and influence in the startup marketplace. There are so many headlines that tell of the overnight success of product campaigns on sites like Indiegogo and Kickstarter. This seems like a perfect platform to integrate your product into. On this episode of The Amazing Seller, Scott sits down with Khierstyn Ross a specialist in helping entrepreneurs launch their products on crowdfunding sites and beyond. You’ll hear her take on product validation, building a prelaunch audience, and seeing crowdfunding as more than a “One-time event.” Get ready for some powerful insights!

Validating a product for crowdfunding

The key to a successful crowdfunding campaign is momentum. You need to drive a lot of people to make pledges toward your product. How do you know a product will be a hit with a lot of people? Khierstyn Ross shares a few insights she has gathered as she consults with people trying to launch a product via crowdfunding. She encourages business leaders to get out and talk with everyday people about their product. Does it strike a nerve? Does it solve a problem that resonates? She doesn’t pretend to know the ins and outs of every industry or niche that a product will address but she knows how to help an entrepreneur ask the right questions. Get more helpful insights from Khierstyn on this episode of The Amazing Seller.

What is the best way to build a prelaunch audience for your product?

So you’ve done the research and you know your product is solving a problem that will resonate with people. How do you get people fired up about this product? How do you ensure that your launch day goes off with a BANG? Khierstyn Ross has a few ideas that will help you optimize your efforts to build a prelaunch audience. She has found that running Facebook ads with video is extremely successful in building that audience. This strategy is effective when you also include a special promotion to give ad viewers a discount percentage off of the item on launch day. To hear more tips from Khierstyn, listen to this episode of The Amazing Seller!

Is crowdfunding right for you and your product?

It seems like there is no end to the variety of products available on crowdfunding sites like Kickstarter and Indiegogo. But is this method of product promotion and audience gathering right for you? The truth is you don’t have to have a completely new original idea for a product to be successful on a crowdfunding site. It is a great place for original product ideas but you can also have a familiar product that has been repurposed for a specific demographic or with features that no one else is providing. One fact remains, you need to have a physical product. If you are considering leveraging crowdfunding for your product launch, make sure to listen to this episode of The Amazing Seller!

Don’t think of crowdfunding as a one-time event

Most people think of crowdfunding as a one-time event. You promote and publicize a product, gain the funding needed, then ship the item to the backers. Done. But is that thinking shortsighted? Could you leverage crowdfunding as part of a larger business model? Khierstyn Ross has built a business assisting entrepreneurs who are just getting their product on the market. She is convinced that crowdfunding can be utilized as a tool to launch into even greater success. Find out how you might be able to use crowdfunding with your product on this episode of The Amazing Seller!

OUTLINE OF THIS EPISODE OF THE AMAZING SELLER

• [0:03] Scott’s introduction to this episode of the podcast!
• [3:30] Scott welcomes Khierstyn Ross to the show.
• [4:40] Khierstyn talks about her background in business.
• [10:00] How does crowdfunding a product work?
• [14:15] What happens to the funds raised if you don’t reach the stated goal?
• [18:00] A Kickstarter page ranks high on Google right? Does that page stay up?
• [20:00] What crowdfunding site is best?
• [21:30] How would rolling out a product on one of these sites look like?
• [23:30] What is the first step once you’ve done your product and market research?
• [25:40] How would Khierstyn validate a product?
• [30:00] What is the best strategy to build a prelaunch audience?
• [33:30] Creating an appealing crowdfunding page.
• [36:30] Who should use crowdfunding?
• [40:00] What about patents?
• [41:00] Don’t think of crowdfunding as a one time event.

RESOURCES MENTIONED IN THIS EPISODE

• Khierstyn’s email address: k[at]crowdfundinguncut.com
• Khierstyn’s Facebook page: facebook.com/khierstyn.ross
• Khierstyn’s Twitter page: twitter.com/khierstynross
• Khierstyn’s website: crowdfundinguncut.com
• John Lee Dumas’ website: eofire.com
• Kickstarter
• Indiegogo
• Read the North Aware article on qz.com - HERE