The Unexpected Benefits of Crowdfunding

Startup Guides > The Unexpected Benefits of Crowdfunding

In addition to the money provided by backers, crowdfunding can generate other, unanticipated benefits for small businesses. Two such benefits are 1) new customers and supporters, and 2) access to additional financing and specialized services.

New Customers and Supporters:

Everyone who contributes to a crowdfunding campaign is a potential new customer and loyal advocate for your brand. Not only are they likely to purchase from you in the future, they also are a source of great feedback.

You get amazing feedback by putting yourself out there. As a matter of fact, it allows you to study the feedback, make necessary improvements to the product, and then put the product out in the market. Yes, it would delay the launch of your product, but you are putting out a better product that your customers would like. But for this, you would have put out a less than perfect product, hear customer's feedback, make necessary changes and then re-introduce your product. This would have cost you more money and time. Most importantly, you would have lost credibility...

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The Unexpected Benefits of Crowdfunding