Reflecting on wearable brand Misfit, acquired by Fossil Group for $260 million in 2015, Fossil Group Vice President and General Manager Preston Moxcey shared four tips entrepreneurs tend to miss when launching a campaign, Entrepreneur reports.
1. Don’t reinvent the wheel.
A glaring gap in the market may have been the inspiration for your product’s development, but remember that you’re not launching into a vacuum. Pay attention to what else is out there and working well already.
That’s what great founders and entrepreneurs do. They don’t try to create energy out of nothing. They take advantage of the momentum of what’s around them and they harness it into something unique.
2. Don’t make promises too far in advance.
The only things we’re talking about with consumers now are things that are shipping tomorrow. We’re not talking about products that are going to ship in 2018. We’re talking about products that are going to ship in January.
3. Don’t belabor an old product.
You can’t dwell on your past success forever. You have to plan ahead. Smart companies will embark upon a crowdfunding campaign with at least a five-year plan that might include ideas about an exit strategy or future products and timelines for them.
4. Communication can trascend product updates.
Another piece of advice Meister shares when it comes to ongoing communication is that it can transcend traditional product updates.
Even if you don’t have an update about when something’s going to be delivered, did you travel this week? Did you go someplace cool? Did you meet with interesting people who had an impact on you? Maybe write about that. More and more investors, from what I’m hearing, care about seeing the lifestyle within the brand. And your customers will help you tell your story.
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Oliver* 