People like to compare new things to things they already know. It makes it easier to put abstract ideas in context, making it easier to digest a new experience. That's why Lebron James isn't just Lebron James, he's either "The next Michael Jordan" or "No Michael Jordan". He can't exist simply as the first Lebron. The same is true with startups. Every new company is "Groupon for Doctors" or "The Airbnb of Prisons"; rarely is anything truly new, yet easily explained.
This is quite true with my startup, Stock Mfg. Co. We are often referred to as "The Kickstarter of Fashion" or "Like Threadless, but for cut-and-sew clothing". These comparisons, while not entirely accurate (though flattering), help people more easily grasp what we are doing on the surface, thus giving them an impetus to dive in a bit deeper and learn more about us.
So, you can imagine people's confusion when I announced last week that we were running a Kickstarter campaign in which we were exlusively premiering 11 new Spring/Summer items, with proceeds from the campaign going towards upgrading machinery at our factory. I heard plenty of "But, I thought you WERE a Kickstarter, what are you doing ON Kickstarter?". Simply put, Kickstarter has become one of the most powerful e-commerce platforms out there for a young company, IF you have an interesting story to tell.
Along with contextualizing stories, people also love bullet points. So, here are some of the reasons Kickstarter is such an incredible tool for a consumer-facing startup.
- Reach. The hardest part for any startup is driving traffic. With Kickstarter, you not only have a built-in platform to engage people on, but they give you basic analytic tools as well.
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- Call to action. Our Kickstarter campaign has been live for one week so far. That one week was the best week of sales we've had in the very brief life of Stock. A big reason for that is, people from our broad personal networks have been more inclined to purchase than ever before. Having a Kickstarter campaign helps you clearly define what you are trying to do and why, easily communicate your story, and instill a sense of urgency due to the limited time period of the campaign.
- Transparency. When someone makes a pledge, and sees their purchase move the needle on your project, they get a sense of ownership of your project. They are more inclined to share with their networks, because they have a sense of pride in what they're doing.
- Cost and Insight. Because users have been conditioned to understand that they will not see their Kickstarter rewards for weeks or months after their bid, it gives companies the ability to pre-sell their products, mitigating costs, and vetting out demand for future production. For example, if I see at the end of our campaign that we have sold 125 Striped shirts, and only 17 White Oxfords, we can make more informed decisions on the future production of those pieces. And we were able to do this basically just for the cost of producing a handful of samples.
Hope this was helpful to anyone considering a Kickstarter, and feel free to reach out with any questions.
Oh yeah, and check out our Kickstarter if you like good clothing and/or creating jobs in Chicago.
Take Care,
Jim
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