Before starting a project, the product side often wants to know what their target audience wants, what functions they need, and what users want from your product. So how should we investigate? Let’s start by making it clear that while no two crowdfunding projects are exactly alike, as each project has its own unique circumstances, the initial crowdfunding research phase is extremely similar for any project. In this process, we need to compare our own products with those of other friends, so as to effectively locate a group of our own target audiences. There are no preconditions here. After all, the entire crowdfunding project is very Being flexible, we need to constantly adjust our project content and marketing strategy. We also need to constantly conduct comparative analysis from all aspects of product market fit and competitors. Below we will explain the above content in detail.
Before we go any further, I want to ask you two questions:
1. Why do people buy your product instead of other competitors’ products in the market
2. What's innovative about your products? Is it just needed for some people's life?
In fact, the above two points can be summed up as follows: product differentiation, which is especially important for overseas crowdfunding projects. After all, if they can buy your product’s substitutes anywhere, or even better, they will There is no need to wait a long time to participate in crowdfunding.
Whether you are a start-up company or a company that already enjoys a certain reputation, our primary goal before doing an overseas crowdfunding is to ensure a perfect market fit.
In other words, the idea of whether a product is good or bad should not be determined by our individual or the voice within the team. In order to understand its potential more objectively, we should do a pre-market measurement to verify it. Below we will learn from many look at this issue from a different perspective.
1. First, we need to conduct multiple experiments on the price that users are willing to pay, such as product questionnaires. We can ask questions from multiple perspectives on the price, function, and functions that users want to achieve. In this step, we usually use A/BTest test, in the end we can get a lot of user feedback on the product before getting the product and the best price point, which can be directly used in the super early bird price after the project is launched (but still need to be corrected) cost and other issues, and finally determine whether this price point is reasonable).
2. Secondly, we can conduct research on similar products on Amazon and some overseas shopping platforms. In this step, we need to pay close attention to the number of reviews of other similar products, as well as related issues such as preferences, functions that need to be improved, product power, etc. in the evaluations given by users about this product.
Through the research on competing products of the same type, we can obtain a lot of valuable information and user feedback in the early stage of project warm-up, and understand in advance what our potential users expect from the product.
3. While researching other competing products, don’t forget to study their strategies for product promotion, such as what they did to get such a huge traffic, etc. Researching competitors’ marketing strategies can also save huge savings for our products To save time and reduce the investment risk of our own projects, the ancients have a poem saying that being able to write is our teacher, which is absolutely true.
4. To understand whether competing products of the same type have attracted the attention of various media, we can judge whether products of the same type are needed and loved by the media through past reports. Here we only need to search for the competitor’s product name or brand name on Google to harvest a huge amount of news resources. Often in these media articles, there are the contact information and Linkin account of these journalists, so that we have not yet launched the product. Before that, a group of media libraries willing to report on the same type of products were harvested.
5. It is also very important to study the advertising delivery methods of other friends of the same type. If other friends place long-term advertisements on social media platforms, they will continue to spend money to attract suitable audiences, so this An advertising strategy must be effective! Therefore, for the reference and optimization of its advertising strategy, you need to carefully identify and use it.
6. Daily brainstorming with the team to finalize product keywords, which is a very critical and important part of our crowdfunding campaign. Here we need to brainstorm ideas from within the team after completing the above research, and then create content for our own product campaign pages, social media, and promotions on Kickstarter and Indiegogo. It came in very handy.
Having said so much, I still hope that it can help everyone. In the past few years, we have conducted countless tests on the above content, and the results are very effective. Not only can it effectively save our limited time and money, At the same time, we also have the opportunity to compare our products with other similar products and understand their advantages.