A 10-Step Guide from the Creators of MemoryOS
Here in memoryOSWe have a saying that we often repeat: “Most of the Kickstarter happens before the actual Kickstarter.”
Preparation is the key. But even if you understand that most of the work is done ahead of time, you still need to prepare for a few sleepless nights after the release date. The usual mantra of startups will also apply to your crowdfunding campaign: measure, analyze and adjust along the way.
As you may know, crowdfunding is better suited to some B2C products than others. To give you the context of our product here, memoryOS is a gamified app that teaches memorization skills with the help of palaces of the mind and interactive micro-lessons taught by our co-founder, two-time world memory champion, Jonas von Essen.
Before becoming the most funded app on Kickstarter and getting 6400% funding (and taking it further to the Indiegogo platform right after), we spent countless hours researching the rabbit hole of crowdfunding tips and tricks. We also had calls with several top-tier crowdfunding project creators who were kind enough to answer our questions and share insights from their experience.
We share our approach (and secrets) to creating a successful crowdfunding campaign because we know how difficult it can be to launch your own product. So here is a complete 10 step guide:
Find a unique idea
You must have a unique idea for a product that would solve at least one problem for your target audience. The proven approach is to establish two main hypotheses up front and then work to test them:
- Does your product work and solve the problem as intended, and is it better than what exists? This is generally known as the “proof of concept” stage.
- Are there enough people who are willing to pay for your product so that you can build a sustainable business?
You will need to build a base prototype to test the first hypothesis, and if it works, you can work to make it an MVP or short demo version for your future commercial product. Then you can have people try it for free and prepay for the full version.
Getting people to back your interest with your wallet means you already have clients, not just enthusiasts, and significantly increases the chances of a successful project.
Yes, it is important that people pay a minimum reservation deposit at this time and receive their commitment to pay the remaining amount for the full product later. Getting people to back your interest with your wallet means you already have clients, not just enthusiasts, and significantly increases the chances of a successful project.
Get user feedback
As soon as you have something to prove, take short surveys to better understand your customers by collecting and analyzing why and for what purpose they would want your product.
Here at memoryOS, we called the first thousands of potential customers and had many interesting conversations to help us connect with our audience on a more personal and emotional level.
Once you have a demo or prototype for users to test out, be sure to add a feedback form right at the end of your experience (or collect feedback using Google Forms for surveys or via email inquiries).