Companies prides themselves on giving customers what they ask for based on research and market knowledge. Obviously, with competitive analysis and market knowledge giving the customer what they want should guarantee success. The reality is that today’s customers have more choice in how they engage and often describe the solutions they want in less focus groups and surveys and sit back and wait giving real feedback once the product or service has materialized.
What if we had an alternative approach that enables an innovative way of creating your product or service and allows for customer feedback as part of the development lifecycle? A method that also supports funding while establishing potential customers who are not only interested in the latest offering, but want to test it out for themselves. Then consider crowdfunding as the method that supports this approach and encourages customer participation, innovative development and market research all in one go.
Crowdfunding by way of creating your campaign will identify early adopters, a highly target group that supports your ideas and be part of your development lifecycle. Early adopter support qualifying your ideas helping to confirm your target audience, your marketing plan and sales channels and of course qualifying customer needs.
While we are constantly looking for fresh methods of reaching our target audience of early adopters consider the following points that support the crowdfunding approach:
- Pain points – Early adopters will share feedback in areas of pain points and support in mitigating or fixing issues identified
- Overcome barriers – Early adopters help in establishing the root cause of the problem faster due to their enthusiasm and willingness to help in building success.
- Responding to Customer trends – Provide feedback relating to market experience and competitive analysis while identifying the do’s and don’ts.
- Customer experience – Provide feedback relating to user experience and design while identifying user personas in support of acceptance testing.
- Delivering promises to customers – define and develop the roadmap that can be measured using your existing and future adopters