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Sell Your Product Before It Exists - HBR | #TheMarketingAutomationAlert

Sell Your Product Before It Exists - HBR | #TheMarketingAutomationAlert | The MarTech Digest | Scoop.it

Advanced/ Digest...


Coin’s pre-existence sales push the concept of minimum viable product (MVP) even further. When Eric Reis was popularizing the concept of an MVP, the guiding principle was to build and release a product with as few features as possible, and then use the market’s reaction to gauge how to refine the product. Coin has managed to test the market without ever actually releasing the physical product.

 

Research led by Jennifer Muller has shown that, at least subconsciously, humans have a hard time seeing past the newness of something to recognize its usefulness. Coming up short in the mind of the consumer is one reason for the overwhelming rate of failures in product launches.

 

Exactly what causes a new product’s success or failure in the market is still widely speculated. New product launches are always a gamble, and strategy isn’t about perfection. It’s about increasing your odds of winning. Until we find out how to guarantee market adoption ahead of time, Coin’s strategy of selling the product before it really exists looks like an effective way to stack the deck with minimum losses and maximize possible gains.

 

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CYDigital's insight:

Yet another reason to use crowdfunding, besides funding your project or funding a product within corporate walls.

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What funding is best for your business? | smallbusinessheroes | #TheMarketingAutomationAlert

What funding is best for your business? | smallbusinessheroes | #TheMarketingAutomationAlert | The MarTech Digest | Scoop.it
Wondering about the best funding for your business? This handy infographic rounds up the option and finds the option that's best for you!

 

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CYDigital's insight:

Investment difficult? Beyond that!

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Crowdfunding's Big-Bang Moment - HBR | #TheMarketingAutomationAlert

Crowdfunding's Big-Bang Moment - HBR | #TheMarketingAutomationAlert | The MarTech Digest | Scoop.it
A big step by the SEC brings us closer to the crowdfunded equity financing that could change everything.


Excerpt...


But those impressive numbers may be eclipsed by a revolution in venture financing that is only being held back by final government approval: start-ups raising actual investment funds from individuals in exchange for equity or a share of profits.

 

Last week, the U.S. Securities and Exchange Commission took a major step toward allowing crowdfunded equity financing.  In a 600-page proposed rulemaking, the SEC moved to implement key provisions of the 2012 Jumpstart our Business Startups Act (or JOBS Act). Passed by a large bi-partisan majority of Congress, the JOBS Act directed the agency to simplify many aspects of corporate fundraising and initial public offerings, and to enable individual investors to participate in equity campaigns for small startups.

 

How big a deal is this “democratization” of finance? In a recent HBR article, Paul Nunes and I introduced the term Big Bang Disruption to signify innovations that, thanks to rapidly advancing technology, come out of the box both better and cheaper than alternative solutions already in the marketplace. These upstarts don’t just bedevil incumbents –- they blow them away.  Crowdfunded equity financing has the potential to do that.

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CYDigital's insight:

I scooped a few articles on crowdfunding last week, focused on two factors: (1) the SEC action regarding small investor participation in crowdfunding, and (2) the use of crowdfunding by large companies to bring different projects to market.


Is crowdsourcing a means to alleviate the pressure on the marketer's budget? Is there a potential return for an investor's funding of a marketer's budget?

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Why Do Big Companies Crowdfund? | Web Strategy by Jeremiah Owyang | #TheMarketingAutomationAlert

Why Do Big Companies Crowdfund? | Web Strategy by Jeremiah Owyang | #TheMarketingAutomationAlert | The MarTech Digest | Scoop.it

Condensed...


Market testing: A great way to test if your future product will sell is to see if the crowd is already interested.

 

Pre-Payment: In some crowd funding programs, it’s simply a form of pre-payment. Where the crowd funders will get access to early products as the first beta users, or receive specialized premium versions.

 

Keeping members engaged: Keeping potential customers and prospects engaged is a hallmark goal for many marketers. Now you can send your crowd investors frequent updates on project progress, early sneak peaks, and rally them to advocate for you. The great thing is, it’s opt-in for everyone.

 

Shared Fate: To me, this is the most important reason. Marketers have often said the highest form of engagement is word of mouth and advocacy. I believe that crowd-funding, where the crowd investors actually share an end result with the company is the highest form –they’re in it together till the end.

 

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CYDigital's insight:

This is incredibly brilliant! If you are associated with a "big" company, should you not be doing this?


See yesterday's crowdfunding scoop for more information on how crowdfunding is opening up to the small investor.

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SEC Gets Closer to Opening Up Crowdfunding - AllThingsD | #TheMarketingAutomationAlert

SEC Gets Closer to Opening Up Crowdfunding - AllThingsD | #TheMarketingAutomationAlert | The MarTech Digest | Scoop.it

Excerpt...


The U.S. Securities and Exchange Commissioners on Wednesday unanimously voted to propose a set of rules on crowdfunding that would allow smaller investors to buy equity stakes in startups. It’s a significant move after much delay, but only an intermediate one, given that this is just a proposal. The next step is a 90-day public comment period.

 

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-Receive a FREE daily summary of The Marketing Technology Alert directly to your inbox. To subscribe, please go to http://ineomarketing.com/About_The_MAR_Sub.html  (your privacy is protected).

-If you like this scoop from The Marketing Technology Alert (brought to you by iNeoMarketing), PLEASE share by using the links below.


CYDigital's insight:

I try to keep things marketing technology related, but this one is significant both for entrepreneurs and large companies (who may use crowdfunding for smaller projects). This should open the funding market up considerably.

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