Hey folks, Joe Fier here from the Hustle and Flowchart podcast! I'm excited to have Will Ford join us today. Will shares crowdfunding secrets from his business LaunchBoom, to help entrepreneurs to successfully launch their products on Kickstarter and Indiegogo. We're diving deep into how Will successfully pivoted his business from an agency model to a coaching and consulting powerhouse. Let’s get started and break down what we talked about.
LaunchBoom’s Success Story
LaunchBoom started with 15 launches in its first year, and these generated over six figures each. Their success caught the eye of Kickstarter and Indiegogo, leading to valuable partnerships that brought in more business directly from these platforms. In 2021, Will realized the limits of the agency model and transitioned to coaching, which proved successful by January 2023. Last year was LaunchBoom's best under the new model.
The Power of Prelaunch Systems
A cornerstone of LaunchBoom's strategy is its robust prelaunch system. This system helps clients fail fast and cheap, saving both time and money. They onboard about 100 new products each month, continually improving their prelaunch strategies. Campaigns average a funding time of under 14 minutes, frequently exceeding their goals.
Strategic Use of Crowdfunding Platforms
Will emphasized how crucial early success is on platforms like Kickstarter and Indiegogo. Successful campaigns gain top placement and drive more traffic. His strategy is to create enticing options for backers to maximize revenue per contributor. LaunchBoom's reservoir of 10 million backer emails and AI tech has also reduced ad costs, building larger prelaunch audiences.
Engaging Backer Communities
Will highlighted the importance of integrating with backer communities on crowdfunding platforms. This engagement has vastly increased the number of deals, from 15 in 2015 to 100 in 2016. They run Facebook and Instagram ads before the campaign to build up a list and achieve a 4% average conversion rate. Their reservation funnel model, inspired by Tesla, has significantly increased engagement and conversion rates.
Lessons from Scaling
Scaling LaunchBoom came with its challenges, from dealing with countless samples and prototypes to keeping morale high through camaraderie and focus. Will shared stories like delivering products to campaign managers for testing and experiencing space issues at home due to the influx of boxes, which his wife was not thrilled about!
Upgrading Technology and AI Plugins
Will explained how he upgraded the tech stack at LaunchBoom, adding AI plugins to speed up Kickstarter and Indiegogo launches. This update significantly reduced the time and cost associated with campaign launches. By leveraging AI, they managed to expedite processes and improve the overall client experience.
One-to-Many Coaching Model
The one-to-many coaching model allows clients to benefit from each other's questions and support. This setup is not only cost-effective but provides a platform where everyone learns more collectively. Will's programs are affordable, priced under $10,000, without any commission. He emphasized that this model helps in fostering a supportive community of like-minded creators.
Crowdfunding as a Validation Tool
Will discussed the importance of using crowdfunding to validate and test consumer product ideas. LaunchBoom specializes in helping tangible hardware and consumer products succeed on platforms like Kickstarter and Indiegogo. Crowdfunding allows entrepreneurs to presell products, minimizing risk and gauging demand early on. Will called it a “no-brainer” for anyone looking to launch a new product.
Future Prospects and Concluding Thoughts
Will Ford's motivation comes from his passion for helping people and his excitement for building a global enterprise. Despite initial fears about the pandemic's impact on crowdfunding, LaunchBoom saw substantial growth. Will's openness to learning and innovation in this space has positioned LaunchBoom for ongoing success. At the end of our chat, Will invited listeners to check out LaunchBoom for free educational resources and the option to connect with a team member. We wrapped up with mutual appreciation and well wishes, excited about future collaborations. If you’re an aspiring entrepreneur or already in the product launch game, you’ll find this episode full of actionable insights and inspiring stories. Be sure to give it a listen for a deeper dive into the world of crowdfunding and launching new consumer products. Thanks for tuning in, and until next time, keep hustling!
Two Other Episodes You Should Check Out
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Genuine Networking: Strategies for Building Meaningful Relationships with Joe Fier
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Scalable Success: Secrets for Scaling a Business with Ryan Deiss
Resources From Episode
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