Why Do You Need A Beta Product In Crowdfunding

electronics-581598_1280
Share This Post

Crowdfunding has been a great technological innovation that has opened so many doors for startups as well as small and medium-sized enterprises with regards to their early stages of financial need. What used to be a very cumbersome approach in the past has been revolutionized and made more efficient by advancements in technology.

In the past, business startups would have to talk to people one after the other in hopes of getting a nod with their funding needs to get their business ideas off the ground. This would take weeks and even months at a time just to set up the meeting and get an audience with people who has the financial capability to pour in the funds you need for the business.

Now, you just have to set up your online project and work on getting investors online to your campaign. But this is easier said than done and one of the things that can greatly help your efforts is focusing on your beta product even before you start asking investors to pour in money in your project. This can help you increase your chances of successfully reaching your funding goal for your campaign.

The importance of beta products in crowdfunding

Here are a few great reasons why you need to work on your beta product even before you set out to campaign for funds from other people. These will help guide you as you move forward with your crowdfunding projects.

  • You get to source out suppliers early on. Production is a crucial process in business operations and there are a lot of things to consider in this area. For one, you need to have a good handle on the whole cycle from start to finish. This gives you an idea on the realistic timelines as against expectations and more importantly, you get to talk and interact with your suppliers early on. You need to develop a professional business relationship with them which can be a good basis for a long and beneficial working condition for the both of you.

  • You get to tackle product development. This helps you identify potential problem areas early on so you can better handle them in the future. You get to go through the whole process from start to finish and this also gives you the chance to make improvements as you go along. You can identify areas in the process that you automate and you can pinpoint potential challenges that you need to focus on as you go along. This helps you understand and the whole cycle from start to finish and puts you on top of things.

  • You get to use your beta product for marketing. You need to come up with marketing materials for your crowdfunding project which comprises of photos and videos to help investors appreciate your idea even better. You can use the production process side by side with your beta product as the cornerstone of your publicity materials to convey the message that your idea is doable and that you are presenting a real project.

 

 

This article is written by the Crowdfunders Editorial Team. In Asia, Crowdfunders.Asia is a leading portal on providing news related to crowdfunding, start-up, property and business. It is operated by CoAssets.com. CoAssets is South East Asia’s first listed and largest real estate crowdfunding platform. If you have any Crowdfunding news or stories to share, please email [email protected]

 

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>