August 2023
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The Leading Edge - Taking Care of Business
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Using Crowdfunding to Launch New Products

 

Using Crowdfunding to Launch New Products

Have you an idea for a new product but lack the funding to make your concept a reality?

Using Kickstarter, or other crowdfunding platforms such as Indiegogo, to fund your business projects can be a great way to raise capital and gain exposure for your ideas. Here's a step-by-step guide to using Kickstarter effectively, but the principles are the same for any platform:

  1. Research and Plan: Start by thoroughly researching Kickstarter and familiarize yourself with the platform's guidelines, success stories, and best practices. Identify similar projects to yours and learn from their strategies.
  2. Define Your Project: Clearly define your business project and its goals. Determine the funding amount you need and how the funds will be utilized. Develop a compelling story around your project that you think will resonate with potential backers. Be creative, make it exciting, and let people see they have an opportunity to get in on the ground floor of something special.
  3. Create a Kickstarter Account: Sign up for a Kickstarter account if you don't already have one. Ensure that your account is complete and showcases your project effectively. Provide detailed information, images, and videos that communicate your project's value proposition.
  4. Set Your Funding Goal: Determine a realistic funding goal for your project. Consider the expenses associated with your business, production costs, and any rewards or incentives you plan to offer to backers.
  5. Craft Your Campaign: Design an engaging and visually appealing Kickstarter campaign page. Use high-quality images, videos, and graphics to effectively communicate your project's vision, features, and benefits. Craft a compelling story that connects with potential backers emotionally. It is important that this has the wow factor.
  6. Offer Rewards: Create enticing and relevant rewards for different levels of pledges. Consider offering exclusive early access, limited-edition products, discounts, or unique experiences. Make sure the rewards are attractive enough to motivate people to back your project. Wander through other successful projects and see what they are offering.
  7. Promote Your Campaign: The secret to a successful campaign is to drive traffic to your project—tons of it! Develop a comprehensive marketing plan to promote your campaign. Leverage social media platforms, email marketing, personal networks, and relevant online communities to spread the word. Go to similar Kickstarter projects and search Google to see what coverage they have received from bloggers, podcasts, or other media sources. Contact them and ask them whether they are interested in writing about your campaign.
  8. Launch Your Campaign: Choose an optimal launch date for your campaign. Ensure that all campaign components are ready, including compelling visuals, rewards, and a clear call-to-action. Coordinate a launch strategy to create momentum right from the beginning.
  9. Engage with Backers: Actively engage with your backers throughout the campaign. Respond promptly to messages, comments, and inquiries. Show gratitude and appreciation for their support and keep them updated on the project's progress.
  10. Maintain Transparency: Be transparent about your project's timeline, challenges, and any potential risks. Regularly update backers on the progress and address any setbacks or delays promptly. Transparency builds trust and credibility with your backers.
  11. Finish Strong: As your campaign nears its end, intensify your promotional efforts to maximize the funding. Offer limited-time incentives, showcase success stories, and create urgency to encourage last-minute pledges.
  12. Fulfill Rewards: Once your campaign successfully ends, start fulfilling the rewards as promised. Maintain clear communication with your backers regarding the reward delivery timeline. Deliver the rewards on time and maintain a high level of customer service.

Remember, crowdfunding platforms are not a guaranteed source of funding, and success depends on various factors, including the quality of your project, marketing efforts, and the engagement of your audience. However, following these steps and executing a well-planned campaign, will increase your chances of having a successful campaign.

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Using Crowdfunding to Launch New Products

 

Using Podcasts to Promote You and Your Business

Getting people to interview you for podcasts involves a combination of proactive outreach, building a strong personal brand, and demonstrating your expertise and value to potential podcast hosts. Here are some steps you can take to increase your chances of being interviewed:

  1. Research and target podcasts: Find podcasts that cover topics related to your expertise and target audience. Look for shows that align with your goals and whose listenership matches your target audience. Take note of the podcast's format, tone, and previous guests to tailor your pitch accordingly.
  2. Define your expertise and unique perspective: Identify your niche or area of expertise and where it aligns with the themes and topics covered by the podcasts you identified in your research. Having a clear and defined focus will make you more appealing to podcast hosts looking for specific guests.
  3. Craft a compelling pitch: Develop a concise and engaging pitch that outlines who you are, what value you can bring to the podcast, and why you would be an interesting guest. Highlight any relevant accomplishments, experiences, or unique perspectives that make you stand out.
  4. Connect with podcast hosts: Reach out directly through email, social media, or their podcast's website. Personalize your messages to demonstrate that you've done your research and genuinely appreciate their work. Be polite, concise, and respectful of their time.
  5. Leverage your network: Utilize your existing network to find connections to podcast hosts or producers. Ask friends, colleagues, or acquaintances if they know any podcast hosts or if they can introduce you to someone who does. Personal recommendations can greatly increase your chances of getting an interview.
  6. Create valuable content: Start creating your own content to showcase your expertise and build credibility. This can include writing blog posts, recording videos, or starting your own podcast. When you approach podcast hosts, you can then provide samples of your work to demonstrate your knowledge and communication skills.
  7. Be a guest on smaller podcasts: Consider starting with smaller or niche podcasts to gain experience and build your reputation as a guest. These shows may have fewer listeners but can serve as stepping stones to larger opportunities. Once you have some podcast appearances under your belt, it becomes easier to approach more established shows.
  8. Engage on social media and industry events: Engage with podcast hosts and potential interviewers on social media platforms related to your industry. Share valuable insights, comment on their posts, and participate in discussions. Additionally, attend industry events, conferences, or meetups where you can network with podcast hosts face-to-face.

Remember, getting interviewed for podcasts requires persistence, as not every outreach attempt will result in an interview. Keep refining your pitch, improving your content, and seeking opportunities, and eventually, you'll start to receive more guest appearance requests.

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Using Crowdfunding to Launch New Products

 

Coach's Corner - What Is It That You Fear?

We often hear of successful business people who “failed” many times on their way to being successful. What is it that you fear? Starting a business, applying for a new job, changing your career, or making a significant change in either your professional or personal life all involve risks. It is normal to be fearful, but it is important that you don’t let it hold you back from potentially wonderful opportunities.

Here are five ideas which may help you overcome the fear of failure.

What would it look like if you didn’t make the change in your career or start a new business? What does failure look like? What is the price of inaction? It is worth remembering that regrets can be worse than failures.

What do you fear? How might that fear be holding you up from achieving some great business or life goals? Often, the fear itself is not life threatening, it is more the fear of the unknown or the fear of change. It is important to acknowledge your fears, overcome procrastination and take your first small steps towards your dream.

Are you prepared for success? What does success look like to you? Shift your thinking from dwelling on the fear, to focusing on being successful. Do your research, create a solid business plan or strategy, look at all possibilities, and focus on the steps to achieve your goals.

What are you going to do to keep focused on the goal? How do you keep your “eyes on the prize?” Having measurable goals is another important way to gauge your progress. Get into the habit of constantly focusing on your dream.

Who can help you? Accountability, and sharing your vision with others, is a good way to keep on track. Others have travelled the same or similar journey, so do not be afraid to ask for assistance, advice and support. Finding a coach or mentor is a good way to bring that outside viewpoint and gain an objective perspective.

Giving some thought to the points above will help you overcome your fear of failure and move you towards the success you desire.

Paul Abra, Motivated Coaching

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The Leading Edge - Taking Care of Business
PO Box 517 (26 Chemaushgon Rd). Bancroft ON K0L 1C0
Phone: 1-800-465-4119
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