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Perhaps after reading up on the successful launch of MVMT, you’ve been inspired to launch your own watch brand. With the rise of the Internet and crowdfunding, anyone can come up with an idea and get funding for it. In fact, it’s one of the best ways to launch a minimalist watch, and MVMT has proven it can be done with the right marketing campaign.
How can crowdfunding help launch a watch brand?
Crowdfunding, what exactly is it? This is a method of raising funds for a business startup or cause whereby a large group of persons donates small amounts of money towards an idea, product or cause that interests them. These small donations can quickly multiply with the right amount of support and can be a very effective method for giving startups the push that they require to get their project off the ground.
There are several popular crowdfunding platforms available for startups to launch their products; two of the more popular ones are Kickstarter and Indiegogo. In order to successfully launch a watch brand, there are several steps that may aid in making your campaign more successful.
How to get started on crowdfunding?
Before launching your campaign on Kickstarter, ensure that you conduct thorough market research on the type of watch that you intend to launch so as to gain valuable information on your target market as this will play a great role in making your campaign more effective.
You must be able to give full details about your watch such as features and functionality, quality ( time of materials that will be used to manufacture the watch and the specific demographic that you will be targeting with your watch as well as how they will benefit from your line of watches. Having prototypes or samples of your watches would be a great asset to the success of your campaign.
You will need a pitch or a unique angle. If you put out a generic watch brand, then why would anyone fund it?
People want to be inspired. People want to be awed with what you have to offer. If you don’t have that “wow” appeal, then no one will want to fund you. Take a look at our reviews on Vincero watches. One of their main selling pitches is the Italian marble laced onto the watch. It’s not just a minimalist watch with a fancy leather strap. It’s an affordable, luxury watch laced with Italian marble. It’s a simple pitch. In fact, their Kickstarter campaign was titled “Vincero – Mechanical Timepieces with Italian Marble.”
Take a look at our write up on Original Grain watches. Like MVMT and Vincero, they styled themselves as a minimalist watch with a luxury touch. What’s their angle? They make their straps out of wood. They market themselves as one of the first eco-friendly watches in the market. Again, it’s a simple angle but it works. Now, they have a unique watch that has a place in the already crowded minimalist watch market.
In launching your crowdfunding campaign on Kickstarter, your initial campaign should have a realistic target (for example $2,000 as against $50,000) as it is more likely for you to achieve the smaller target and run the campaign again to raise more funds if the initial campaign is successful. MVMT started with a modest $15,000 campaign goal, but ended up with over $219,000+ in funding! Set a realistic goal but always aim high!
Social sharing also plays a vital role in the successful launch of a watch brand through crowdfunding. Giving donors the ability to share links with the information about your product helps to increase brand awareness, as well as to generate more donors toward the launch of your watch.
Another crucial factor in the success of a crowdfunding campaign is the length of the campaign. It is advisable that you give yourself a sufficient amount of time to generate the funds that you need to launch your line of watches. This will help to increase the chances of your campaign being successful.
Marketing also plays an important role in the successful launch of your watch brand since it is not enough to just start the campaign and expect it to be successful on its own. Therefore, it is highly advised that donors are kept in the loop about the progress that you are making in the launch of your watch. They can be notified about the different stages leading up to the launch of your product by utilizing email newsletters and/or social media notifications via an account dedicated specifically to your watch brand.
While carry out your crowdfunding campaign, you should simultaneously be working on a sales platform such as a website whereby persons can purchase your watches once it has been launched. This helps to maintain the momentum of launching your watch brand and it would in your best interest to have this up and running before your campaign ends as there is the huge possibility that you may have customers waiting to purchase your line of watches.
For your campaign reach the goal that you have set, your line of watches must have some unique feature that sets it apart from the watches that are currently available on the market. Emphasis must be placed on this unique feature of your line of watches in all of your marketing campaigns so as to increase the excitement of your target audience for the launch of your product.
It must also fill a need or provide a solution to a problem that affects the audience that you intend to target in your marketing efforts. It is also recommended that you have several variations of the watches for customers to choose from. Customers are more likely to be drawn to your product if it is of benefit to them.
Will crowdfunding help me succeed in the watch industry?
Sales is a simple theory. Find a product that people want, and then sell it to them at a reasonable price. Indeed, simple to say but hard to do.
Whatever product you launch, it’s always important to know if there is sufficient demand in it. If there is not enough interest, then you might not make enough money to pay for the initial setup costs, the manufacturing and marketing costs. It’s always important to know how much product you can move.
Crowdfunding will not only help you attain startup funds for your watch brand, but it’s also a test to see if there is enough demand for it. If you’ve been wanting to launch that titanium watch, test it on Indiegogo or Kickstarter before securing offshore contracts for titanium and hiring a Chinese manufacturer for a batch of 10,000 watches. See how much funding you get from one of these crowdfunding platforms. Test out the demand. Test out the interest.
Perhaps, you won’t even get $15 for your campaign. But who knows? Perhaps, you’ve struck it gold and get $200k+ like the founders of MVMT. Being an entrepreneur is about taking risks and testing your theory. If you’re ready to launch a watch brand, definitely give crowdfunding a try.