You can learn from our experience :)
For a great crowdfunding campaign, you need a great product.
Azat (an inventor) presented us his invention, a smart wallet with a power bank and a Bluetooth distance detector: the first version of Volterman Smart Wallet.
After just a bit of research, it was obvious that it had nothing new compared to its competitors.
Nomad wallet was already a successful and long-time leader, which included its own power bank. Others like Walli, Woolet, and Ekster had successfully introduced the Bluetooth distance alarm feature and had very successful crowdfunding campaigns.
It was crystal clear that the arena of smart wallets wouldn’t be won with the features we had.
So when you see that others had similar features and successful outreach, would you make the choice to give up and walk away?
Maybe, but you shouldn’t. We sure didn’t
There was no way we’d get the audience to embrace us, or get the crown of the #1 slot in crowdfunded wallets if we had something that we tweaked to be just a little bit better than our competitors.
If we wanted to beat the competition (and we really did), we had to have a product that was so remarkable, so far beyond what people expected or saw in other wallets that nobody could argue whose was the best.
Rule #1: If you aim to be just a little better than your competitors, you will lose. Be the first – a Champion whose advantages are so obvious that nobody will argue the opposite.
While our competitors had power bank and a Bluetooth alarm system, we added into a list of features a global GPS tracking, memory card, worldwide WiFi and most critically, a camera which would take a photo of thieves when in lost mode.
The last feature was created specifically for media, giving a WOW factor to the product.
As a hook to catch media attention, it really worked.
If you go over the thousands of articles about the Volterman Smart Wallet, you’ll notice that most of the headlines include something like “This Smart Wallet photographs thieves”.
Of course, the article then goes on to discuss all of the wallet’s features, which is what matters to the customers and backers more.
Rule #2: Create a WOW factor with your coolest feature. The camera was not our most practical feature, but it was definitely the coolest one.
Were the great functionality and a cool feature enough to get the crown?
Of course not. We needed a great design!
The design is one of the most important factors in your success.
It plays with people’s emotions.
And if you dig deeper into marketing, you will understand how important emotions are in driving sales.
It’s well-known that people make their purchases emotionally, then justify them with logic. Sometimes they might justify that logic to their spouses, but they still buy with their emotions.
I totally agree with the research in this area.
Because the design was such a critical element in our product, we decided to involve the best design agency out there that we knew – Backbone Branding.
I highly recommend working with professional designers, and here’s a great model to bring them on to the team.
The best design agencies are also the most expensive ones, and you most probably will not able to afford their flat fee before your crowdfunding campaign. There’s where the trade comes in: you can offer them a percentage from the raised amount after the campaign is over.
Because they aren’t getting the money right away and are sharing the risks of an unsuccessful campaign, their rates will be more than their upfront fee.
That’s more than fair. It worked.
Learn more about this case study about Volterman's Indiegogo campaign.