You’re reading edition #5 of the LaunchBoom Newsletter, which is sent every Tuesday to thousands of product creators.
In case you missed it… last week we made a big announcement. We officially released the dates of our upcoming Crowdfunded Summit!
Mark your calendars for May 9-11 for 3 days of live content.
We’ll have both the CEO of Kickstarter and the CEO of Indiegogo giving keynotes!
This is the first time the CEOs of the biggest crowdfunding platforms will be speaking at the same summit. It should be a lot of fun 🙂
Learn more about the event here.
With that out of the way, let’s dive into this week’s newsletter!
Contents
1. Short Story
A deserving family.
After years of hard work, this family launched on Kickstarter and raised $124,228 CAD in 30 days.
Here’s their story.
Meet the Miseners (Carissa, Chas & Ada), the founders of Wildelore.
A new outdoor apparel company for pregnancy, nursing, postpartum & beyond.
It all started when Carissa became pregnant with Ada.
She loved the outdoors but when she went looking for clothing options for pregnant women, she was surprised at how little options she could find for women that loved the outdoors.
This process introduced her to countless other women asking the same question – “why are we being left out of the outdoor industry?”
So she decided to change it.
The first product would be the All Phases Fleece – an outdoor sweater that transformed during the stages of pre and postpartum.
Early last year, she had her initial prototypes done, she knew she was ready to launch, but she didn’t know the best marketing strategy.
So in June of 2022, Carissa joined LaunchBoom.
Six months later, she launched on Kickstarter.
Here’s a look at how she did it.
Step 1: build a Reservation Funnel.
Carissa first built her Reservation Funnel.
The LaunchBoom Reservation Funnel not only collects emails, but allows visitors to put down a deposit (which we call upgrading to VIP) to reserve the best discount. Those that put down a deposit are 30x more likely to buy on average.
Here’s what her landing page looked like:
Step 2: build a prelaunch email list with Meta ads.
Carissa used Meta ads to drive traffic to her Reservation Funnel.
Meta ads still consistently perform the best in building highly qualified prelaunch lists.
There were quite a few ads and audiences tested, but here were the top 3 ads.
Ad 1 – Video Ad
Click the image to see the ad
Here were the final metrics of this ad:
- 1,067 leads
- 53 VIP reservations
- $19.76 cost per reservation (CPR)
- $0.98 cost per lead (CPL)
Ad 2 – Video Ad
Click the image to see the ad
Here were the final metrics of this ad:
- 522 leads
- 76 VIP reservations
- $12.57 CPR
- $1.83 CPL
Ad 3 – Photo Ad
Click the image to see the ad
Here were the final metrics for this ad:
- 641 leads
- 46 VIP reservations
- $20.45 CPR
- $1.47 CPL
Before launch, she had spent a total of $20,349 in ad spend and generated 9,947 leads with 1,270 of those leads upgrading to VIP.
With this many VIPs, Carissa felt extremely confident before she pressed the launch button on Kickstarter.
And when she did, here’s what happened…
She blew past her goal on day one of the campaign!
Of the 1,270 VIPs she had, 492 of them converted into a backer, which is a 38.7% conversion rate!
With this much success right from the start, she was able to keep momentum going during the campaign.
By the end, she had raised $124,228 from 840 new customers.
With this amount in pre-order revenue, she now could bring her product idea to life.
2. Marketing Tip
The Paradox of Choice.
15 years ago, Barry Schwartz discovered the secret to happiness.
It just so happens to also be a principle of marketing.
👉 Humans want less choice, not more.
In Barry’s 2007 TED talk, he shared the Paradox of Choice. A concept that directly challenges “freedom of choice,” which is a central tenant of western societies.
Here’s a summary of his talk:
- We live in a society that values freedom
- And we believe that freedom equals choice
- But Barry argues that choice does not equal happiness
In fact, it leads to this:
- With too many choices, people don’t choose at all
- Even if we make a choice, we worry if we made the best choice
Understanding this is key to good marketing:
- Focus on one call-to-action
- Keep your product offerings simple
- Guide people where you want them to go
Point is:
Less choice = more happiness.
And a happier customer is good for business.
3. Favorite Content
The same is true for crowdfunding launches.
Learn to launch your product in 5 minutes per week.
Every Tuesday, I send a newsletter just like this one! You can expect to read about my biggest lessons and most-effective strategies to launch a successful crowdfunding campaign. Sign up using the form right below 👇
