EP #528 The High-Ticket Price Point Strategy Behind a $87K Kickstarter | Keybird

Key Concepts

• Crowdfunding for high-priced products
• Kickstarter as a testing ground for market demand
• Importance of authenticity and personal touch in campaigns
• Communication and trust-building with backers
• Content strategy and consistent updates
• Targeting the US market through Kickstarter
• Innovation in niche markets (acoustic pianos)
• Importance of showcasing product functionality
• Overcoming limiting beliefs in crowdfunding

Launching a High-Priced Product on Kickstarter

The podcast episode features an interview with Maya from Keyboard Instruments, a company based in Copenhagen, Denmark, that successfully crowdfunded their "Keyboard L1," the world's smallest acoustic piano, on Kickstarter, raising over $84,000. The piano sells for $2,970.

• The Product: The Keyboard L1 is a lightweight (39 kilos), portable acoustic piano with 49 keys (four octaves), designed to be accessible for people living in small apartments. It measures 70 cm wide and less than 120 cm high.
• Motivation for Kickstarter: Keyboard Instruments used Kickstarter as a "litmus test" to gauge market demand for their innovative piano. They viewed it as a relatively risk-free way to validate their product before committing to full-scale production.
• Authenticity and Personal Touch: Maya emphasizes the importance of maintaining an authentic and personal approach in their campaign and communication with backers. This aligns with the approachable and friendly design of the piano itself.
• Addressing Concerns: Recognizing the higher price point, Keyboard Instruments focused on being highly responsive and attentive to potential customers' questions and concerns, fostering trust and justifying the investment.

Key Strategies and Insights

• Kickstarter as a Testing Ground: Kickstarter can be used to validate product demand before investing heavily in production. If the campaign fails, it minimizes risk.
• Authenticity Matters: Being genuine and true to the brand's DNA resonates with backers, especially in a crowded market.
• Communication is Crucial: For high-priced items, close communication with potential customers is essential to address concerns and build trust.
• Showcase Functionality: Demonstrating all features and functions of the product, especially through video, is vital for conveying its value.
• Content Calendar: Maintaining a consistent content schedule with updates keeps backers engaged and attracts new ones.
• Targeting the US Market: The US market is generally more familiar and trusting of Kickstarter, making it a key target for crowdfunding campaigns.

Step-by-Step Processes and Methodologies

While the episode doesn't explicitly outline a step-by-step process, it implicitly highlights the following:

1. Product Development: Innovate in a niche market with a product that solves a specific problem (e.g., portable acoustic piano for small spaces).
2. Campaign Preparation: Create a compelling video showcasing the product's features and benefits.
3. Launch and Engagement: Launch the campaign and actively engage with potential backers, answering questions and addressing concerns.
4. Content Strategy: Develop a content calendar to maintain consistent updates and keep backers informed.
5. Post-Funding: Transition to production and continue building the brand through social media and other channels.

Arguments and Perspectives

• Maya's Perspective: Authenticity and a personal touch are key to success, especially for high-priced products. Consistent communication and addressing customer concerns are crucial for building trust.
• Salvador Brigman's Perspective: Overcoming limiting beliefs is essential for crowdfunding success. Innovation and a unique product can attract backers even in established markets.

Notable Quotes

• Maya: "We just found it to be a very good testing ground for us also to see if there's demand on the market for this type of a piano."
• Maya: "Especially with this campaign, we understood how important it is to be really close in communication with the backers, with our potential customers, because it's such a high investment that they want to feel like they're heard, their needs are addressed, their questions are answered."
• Maya: "Just be fearless in your ideas and uh don't uh think that you cannot accomplish whatever you put your mind to."

Technical Terms and Concepts

• Crowdfunding: Raising capital from a large number of individuals, typically through online platforms.
• Kickstarter: A popular crowdfunding platform focused on creative projects.
• Backers: Individuals who contribute money to a crowdfunding campaign.
• Campaign Goal: The target amount of money a creator aims to raise.
• Perks/Rewards: Incentives offered to backers in exchange for their contributions.
• Fulfillment: The process of delivering rewards to backers after a successful campaign.

Logical Connections

The episode connects the following ideas:

• Innovation and Market Demand: A unique product can create its own demand, even in established markets.
• High Price and Communication: Higher-priced products require more personalized communication to build trust.
• Authenticity and Brand Building: A genuine approach resonates with backers and strengthens the brand's identity.
• Kickstarter and US Market: Kickstarter provides access to a large and engaged US market.

Data and Statistics

• Keyboard Instruments raised over $84,000 for their Keyboard L1 on Kickstarter.
• The Keyboard L1 sells for $2,970.
• The piano weighs 39 kilos.
• The piano has 49 keys.

Conclusion

The podcast episode provides valuable insights into successfully crowdfunding a high-priced product on Kickstarter. Key takeaways include the importance of authenticity, personalized communication, showcasing product functionality, and targeting the US market. The story of Keyboard Instruments demonstrates that innovation and a genuine approach can overcome limiting beliefs and attract backers even in established markets. The episode also highlights the value of Kickstarter as a testing ground for validating product demand before committing to full-scale production.