How to make crowdfunding work for you

Crowdfunding is a powerful tool used today by entrepreneurs around the world to get their business started and/or launch a new product. If you are contemplating a new product and/or want to experiment with real-world data and money, crowd funding is a powerful tool you’ll want to consider.

It is important when you get started to focus on building your community. This is what relationship marketing is all about and has been for a long time. You want to have a group of raving fans who love your product.

This means you need to build relationships with customers. Too many businesses try to “blast” (yes, that’s the word they use) their message to people hoping and praying that it might have a positive effect.

This is not a good thing to do.

A much better way to connect is to build relationships by providing help and showing others how your product or service can solve their problems or open new doors. Focus on being a helper and listen to them first. In doing this, you’ll learn about their needs.

More than just money

Another trend in crowdfunding today is to do more than raise money. Start-ups need help in a variety of areas. Entrepreneurs often have an expertise in one area like engineering, but maybe not in another, like design or marketing. It is a good idea to hire for your areas of weakness.

Crowdfunding can provide assistance to help shepherd a new company through the various stages necessary.

Large companies are using crowdfunding to test new product ideas. For example, GE has a division called First Build which pioneers new products. They used the crowdfunding services at Indiegogo to get their new idea launched. Those with the idea at GE couldn’t get the funding they needed from marketing. So, they turned to crowdfunding as a test. They raised more than $2 million for a product and, more importantly, built a strong base of loyal followers and fans.

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