Saturday, April 26, 2014

"Three basic issues that should be addressed before launching a (product-based crowdfunding) campaign"

"three basic issues that should be addressed before launching a (product-based crowdfunding) campaign:
  1. Cost. Before anything else, you need to determine what the true costs of the product are in terms of materials, labor, and ancillary production expenses? 'You can’t begin to set realistic margins until you have that completely nailed down,' he says.
  2. Quality. In this case, 'quality' doesn’t necessarily mean reaching for the highest possible standard, with all other considerations secondary; that’s the path to bankruptcy, notes Miller. 'You have to match customer expectations and product costs to your quality benchmark,' he says. 'You need the right balance. If the quality is too low relative to your price point, you’ll either never get off the ground or your customers will ebb away. If the quality is too high per the price, you can lose so much money you go out of business.'
  3. Scheduling. You have to deliver products when they’re expected. 'Most electronics are sold during the Christmas season,' says Miller by way of example. 'If you miss that delivery, your volume falls off a cliff. So, you have to know your production can meet your schedules. It’s absolutely critical.' "
More at: http://crowdfundingnow.blogspot.com/2014/04/the-washington-dc-crowdfunding-challenge.html

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