In this episode of the Thoughtful Entrepreneur, your host Josh Elledge speaks with the founder and CEO of Russell Marketing, Will Russell.
Russell Marketing is a launch marketing agency that works with various consumer brands. They’ll work on various product ventures, but most of the time they work with consumer hardware and product development.
Josh and Will explore how crowdfunding is the way that many of these ventures launch. Will shares that working with his product launch marketing team on so many different products has given them valuable insight into a variety of industries and verticals. This unique insight is part of why Russell marketing helps product-based brands achieve success – they have the experience and authority to be leaders in their space.
Some of the first products Will launched were crowdfunded. He shares that it was easier back then than it is now to start from scratch. The space has become more and more complex as time goes by, and now crowdfunding and the industry itself have evolved considerably. It’s really important to resolve objections and market issues before you launch. You’re investing a lot when you launch a product, so you need to make the effort to really understand the market research. Why might someone not buy your product (who might otherwise normally?) You need to solve these problems first and foremost, before you launch, in order to see success.
There’s considerable work involved in crowdfunding, and Will suggests you keep a few things in mind. For one thing, early traction is entirely your responsibility. The platform won’t give you visibility until you get your audience invested first. Next, be completely transparent as the founder. No one knows who you are, so why should they trust you? This challenge can be addressed when you personalize your transparency to your audience. They need to know you and trust you beyond just your brand. How are you, as the founder, going to present your product to your audience? Consider these points before diving into crowdfunding.
Josh also talks about how no matter what, expect to invest in your own business’s product launch. If you want to crowdfund successfully, be ready to spend money to move quickly and gather funds. On the other hand, if you don’t decide to frontload your investment, it will take longer to build your buyer base. The upside to this is that you can reinvest your profits later on to build your visibility if you’re trying to bootstrap.
Want to contact Will? Reach him through his website or by emailing him at will@russellmarketing.co.
Want to learn more? Check out Russell Marketing at https://russellmarketing.co/.
Check out Russell Marketing on LinkedIn at https://www.linkedin.com/company/russell-marketing/.
Check out Will Russell on LinkedIn at https://www.linkedin.com/in/willrussellmktg/.
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