Crowdfunding: Best for Niche Products or Products Fit for a Wide Audience?

When doing your research to find out whether or not crowdfunding is right for your invention, you may question which audience is best for crowdfunding. You may have a niche product or a product that the everyday person would enjoy.

Whether you are someone whose product appeals to a small or large audience, there is a place for you in crowdfunding. Individuals of a wide variety are online daily. That means it is likely that many different individuals are also on crowdfunding sites. Based upon how well you’ve established your crowdfunding campaign, you could be able to reach your crowdfunding goal no matter the product type.

Benefits for niche products

One of the best parts about the internet is that millions of individuals from around the world are constantly engaging online. When a website such as Fund an Idea launches, anyone from your hometown, to a city in Asia can find your crowdfunding campaign, and give donations. When you view it from this perspective, it is easy to realize that a “niche” product may not be so niche for citizens of a country miles away from your own. Your product could be one that improves the lives of thousands of people from a different culture.

Hatch, a notebook exclusively for “makers and entrepreneurs,” was able to become 262% funded through crowdfunding. The notebook raised $40,896 by creating a campaign that made anyone feel as though they are an entrepreneur, and could use this notebook. Clearly, actual makers and entrepreneurs are only a small market, but by developing a campaign that made them feel as though they could be one, it led to more donations and a successful crowdfunding campaign

Benefits for everyday products

Inventors with ideas that appeal to a wider audience may feel as though they will easily receive donations. The truth is, without a well-developed campaign, your product could still fail. Even the most relatable invention could face a lack of funds if the campaign is not done properly. This means, it is important to take time on your pre-campaign, nurture your campaign while it is live, and do everything you can to follow up with your rewards after your campaign has ended.

Food products easily attract people from all around the world. Even though many different cultures eat in different ways with different spices and flavors, we can all still relate to certain food products. The Field Skillet did just this when it raised $1,633,361 through its crowdfunding campaign. Of course, a skillet is something almost everyone from all walks of life utilize when cooking, but without their hard work and dedication throughout their entire campaign, they would not have been successful. 

Benefits for both

Crowdfunding can be an incredible journey for a variety of different inventions and ideas. Even if you believe that your product is only for a niche market, you could become funded by taking the time to develop and fine tune your campaign. Watch webinars, do your research, and look towards successful crowdfunding campaigns in order to create your own.

Even if you do not believe that crowdfunding is the direction in which you and your invention should be headed, you should take the time to research the world of crowdfunding. Learn the ways you can ask for small donations in a way that suits you the best. Most of all, be confident and work hard in order to give your type of invention its best chance at receiving funds.