217: Using Crowdfunding for Customer Feedback on Your Invention

217: Using Crowdfunding for Real Customer Feedback on Your Invention

March 14, 2024

With Yuri Dvoinos, CIO of Aura & Serial Entrepreneur

Hosted by Kevin Mako, President of MAKO Design + Invent

217 Using Crowdfunding for Real Customer Feedback on Your Invention
217: Using Crowdfunding for Real Customer Feedback on Your Invention

Yuri Dvoinos is the visionary behind an illustrious portfolio of 15 enterprises that have collectively amassed tens of millions of dollars in revenue. Among his ventures lies the portable Jammy Guitar, a resounding success story that garnered $250,000 in initial funding during its inaugural crowdfunding endeavor, swiftly followed by a staggering $500,000 in its subsequent campaign. Today, Yuri shares how he accomplished these commendable feats and his insight into crowdfunding to inform modern innovators, burgeoning startups, and niche manufacturers. He elucidates the profound significance of customer feedback and delves into how to optimally harness such feedback to drive subsequent product iteration and development.

Here are the key takeaways from the episode:

  • What is the portable Jammy Digital Guitar?
  • Crowdfunding provides instant high-quality feedback from real customers!
  • A large factor in their success was that they identified a gap in a market with lackluster products and filled the gap with their product.
  • They received a lot of immediate feedback from people who said they loved the product on the crowdfunding platform.
  • The primary reason they wanted to do a crowdfunding campaign was not to secure funding, but rather to get real customer feedback from backers who had actually pre-purchased the product.
  • Make sure you celebrate your campaign’s successes once it has finished!
  • After that, leverage your campaign to get interest from prominent people in the industry.
  • There was a clear signal from the crowdfunding campaign on the subset of customers that were very interested in the product, and why they wanted it.
  • Customer segmentation can be very valuable when striving to find your ideal target audience, as you can develop a product exactly for them.
  • Version 2.0 comes after launching an MVP.
  • Consider leveraging both Kickstarter and Indiegogo!
  • As you evolve, you will figure out how to reduce costs associated with hardware development.
  • Consider different types of video and image creation methods when crafting marketing materials! Content made by staff, owners, and users often resonates best with consumers.

Yuri Dvoinos Links:

LinkedIn | Aura

The Product Startup Podcast Links:

www.ProductStartup.com

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MAKO Design + Invent Links:

www.makodesign.com

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Kevin Mako Links:

Instagram | LinkedIn | Quora | Facebook | Twitter

Producer: MAKO Design + Invent is the original firm providing world-class consumer product development services tailored to startups, small manufacturers, and inventors. Simply put, we are the leading one-stop shop for developing your physical product from idea to store shelves, all in a high-quality, cost-effective, and timely manner. We operate as one powerhouse 30-person product design team spread across 4 offices to serve you (Austin, Miami, San Francisco, & Toronto). We have full-stack in-house industrial design, mechanical engineering, electrical engineering, patent referral, prototyping, and manufacturing services. To assist our startup and inventor clients, in addition to the above, we help with business strategy, product strategy, marketing, and sales/distribution for all consumer product categories.