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Using Indiegogo to test the market for a new product from a well-established company reveals a huge hit!
"The LaunchPad team did an amazing job and I cannot recommend them enough. Their attention to detail, content creation and campaign execution is second to none. They exceeded all our expectations and more."
Rheem is a well-established company with a long history of quality products, but they wanted to test a new innovation to see if there was interest from consumers. The new product was HotWave – a multipurpose host sprayer that never runs out of hot water. The Launchpad Agency was hired to execute an Indiegogo crowdfunding campaign to test the market to determine market viability and consumer reactions.
Knowing that the main goal was to test the market, the Blast-Off Pre-marketing Campaign was essential in gathering information from the initial ad campaign, as well as reactions to social content. From the start, the team delivered good engagement with lots of positive comments and enthusiasm on the ad campaign highlighting key product messages. Through daily optimization, we were able to build a community of over 10,000 subscribers setting the Indiegogo launch up for success from the start.
In addition, we knew content would be key for this campaign, so we strategically developed the campaign video and page to really tell the story, convey key product messages and convince the target audiences why they needed this innovative hot water hose sprayer.
Execution and Tactics
Since this product was brand new to the company, the Launchpad Agency took care of everything from soup to nuts including advice on branding, product name, photo and video assets, and messaging. Once these assets were firmly in place, we turned our focus on developing the best strategy to target a market of home owners, RV enthusiasts, pet owners, and more.
The key to campaign success was an integrated launch with strong social capital, aggressive media relations and creative digital marketing tactics engaging target audiences in several channels to create product and campaign awareness. Featuring a staggered launch strategy, we were able to surpass 50% of the $50,000 funding goal during the soft launch (first 24 hours) ensuring that the campaign was trending really well when the media embargo lifted and the press began visiting the page on the hard launch (2nd day) of the campaign.
Needless to say, the campaign was a complete success, reaching the funding goal and beyond with over 1000 backers and a total raise of $124,689. With a total ad budget of $20,000, we were able to achieve over a 4 to 1 ROAS with a detailed breakdown of the best target audiences, most engaging creatives and copy that resonated best with the HotWave.
With a successful campaign under their belts and a lot of great data, the Rheem team was able to go back to their company and show that the HotWave would be a great addition to their product family with terrific market potential. By using crowdfunding as a market validation tool, this saved the company overall thousands of dollars then if they had gone through the regular channels for testing their new products.
Funding Goal $50,000 / Amount raised $124,689 / 239% funded!!