Health tech, or healthcare technology, is a growing industry that has the potential to be suitable for crowdfunding for several reasons:
- High demand: Health tech is a rapidly growing field with a high demand for innovative solutions to improve healthcare. This demand can attract a large number of potential backers and investors.
- Strong potential for social impact: Health tech has the potential to make a significant positive impact on society by improving access to healthcare, reducing costs, and improving health outcomes. Crowdfunding campaigns that highlight these social benefits can be attractive to backers who want to make a difference.
- Growing ecosystem: The health tech industry is expanding, and there is a growing ecosystem of suppliers, manufacturers, and investors who are interested in supporting new health tech startups and products.
- Access to early adopters: Crowdfunding platforms can provide startups in the health tech industry with access to early adopters who are excited to support new technologies and innovations. This can help startups validate their products and gain traction before launching in the broader market.
- Potential for increased regulation: Health tech startups may face increased regulation and scrutiny from regulatory agencies, which can make traditional funding options more challenging. Crowdfunding can provide an alternative option for startups to secure funding while they navigate the regulatory landscape.
However, it’s important to note that crowdfunding is just one of the many options available for funding health tech startups, and the suitability of crowdfunding will depend on the specific needs and goals of each startup.
If you’re a new entrepreneur with a medical or fitness-focused product, crowdfunding can be a great way to get started. However, there are a few things you need to know before you launch your campaign.
First, it’s important to know your market and create a unique campaign. Next, set attainable goals and keep your backers engaged.
1. Know Your Market
Having a solid handle on the industry you’re in and the products or services that are the latest and greatest is essential to making the most of your venture. It also gives you an edge over your competitors and makes the most of your marketing budget.
The best way to do this is to conduct an extensive market analysis, including a thorough understanding of your competition, as well as an examination of your target demographics. You’ll need to know who your ideal customers are, what they want and need from you and how you can deliver it.
A more difficult task is sizing the available market for your product or service. There are a plethora of resources to help you along, from government reports and journals to online market studies and forums. The most effective methods involve a bit of detective work and careful selection of the data you collect. The most important factor is to make sure the information you gather translates into actionable results for your business. The most successful companies will employ an internal and external communications strategy to keep their customers and employees happy. The rewards can be significant, including a boost to your bottom line.
2. Create a Unique Campaign
If you have a new healthcare tech product that you would like to launch on Kickstarter, there are some things you should keep in mind before launching your campaign. The first thing you should do is know your market. This will help you create a unique campaign that will attract people to back your project.
Another important factor for a successful campaign is brand recognition. Increasing brand awareness helps to increase your company’s credibility, builds trust with potential customers and instills loyalty in them. By creating brand awareness, you can ensure that your healthcare technology products will be among the top choices of people searching for healthcare solutions.
As with any crowdfunding campaign, you need to take time to promote your project before it is launched. You can do this by creating a newsletter and reaching out to your contacts through email and social media. By doing so, you’ll be able to ensure that your campaign will be seen by as many people as possible, which can help it go viral.
You can also make your project page stand out from the crowd by creating a visually-appealing video that will appeal to your target audience. You should also include a reward system that will encourage people to donate money to your campaign.
In addition to a rewards structure, you’ll need to decide on a timeline for your campaign. A timeline is essential because it will help you get your backers’ attention and make them feel like they are part of your project.
To do this, you need to set your goals and create a realistic timeline for when you will be able to deliver your product or service. You should also provide updates to your backers on when you will be able to deliver their rewards and let them know if you are experiencing any delays in delivery.
In addition to setting your goals and creating a timeline for your campaign, you should also consider the costs of your project. For example, you’ll need to calculate shipping fees and determine how much it will cost to produce your product or service. You should also plan for any taxes that may be incurred by your project.
3. Set Your Goals
Using a SMART goal-setting framework is one of the best ways to create a solid roadmap for success. Setting goals that are specific, measurable, attainable, relevant, and time-bound will help you stay on track to achieve your desired outcomes.
The health technology industry is a highly competitive environment. Innovators who can secure a strategic position in this landscape will find themselves in the driving seat for future product growth and development.
A strong strategy should be rooted in your company’s mission and vision–in other words, why you do what you do. Leadership expert Simon Sinek explains that leaders must have a clear understanding of their “why.”
This should be part of your overall marketing strategy, which should be designed to promote your product and its benefits to patients. Content marketing is an important component of your health tech strategy, as it will provide you with an opportunity to reach out to potential customers and share your message.
Having a consistent, planned, and purposeful plan will accelerate your content marketing efforts and lead to greater results. This will help you to get ahead of the competition and attract the attention of your target audience.
The first step in creating your marketing strategy is to determine who you want to target. You will need to know your buyer persona, who they are, how they shop for products, and what they look for when evaluating brands.
When you have your buyer persona in mind, then it’s time to start building out a marketing plan for your health tech products. This will involve identifying the different channels you’ll use to reach your audience and create content that is relevant to their needs.
A good place to start is to visit sites such as Kickstarter, where creators post their projects and backers can pledge cash to fund their creations. You can also browse through projects from previous backers to learn what others liked and didn’t like about their experiences with the platform.
Before committing to a project, make sure it’s feasible. Kickstarter has a few rules that backers should be aware of, including that they won’t receive any funds until they’ve reached their funding goal. This helps to reduce risk for everyone involved. Having a realistic budget for your project will help you to ensure that it will be successful.
4. Reward Your Backers
Whether your health tech product is a smartphone app, a wearable device, or an in-home gadget, there are plenty of ways to reward your backers for their support. Choosing the right rewards can help you get more conversions and raise your fundraising goals.
To do this, you’ll need to think about what you want to offer your backers and how much they’re willing to pay for it. Luckily, Kickstarter has some great tools to help you create and manage your rewards.
For starters, you can add a comparison chart to your campaign page that shows your backers how your product compares to similar products in the market. This can make your product stand out from the crowd and help your backers decide if it’s worth their money.
Another important part of your rewards is the tiers you set. These tiers are based on the amount of money a backer pledged and should incentivize them to continue contributing.
The tiers are also a good way to make sure your rewards stay affordable for your backers. Depending on your product, you might consider offering lower-tiered rewards to those who give a small donation and higher-tiered ones to those who pledge more money.
While you’re designing your rewards, consider a few things:
If you use a gif on your reward page, make sure it’s easy to change. Both platforms allow you to upload a self-hosted img>-tagged gif, but Kickstarter requires you to delete and reupload the image, while Indiegogo allows you to simply double-click on an existing gif and select a new one.
Finally, you can include a chat with us button on your page that lets your backers reach you directly to discuss their questions or concerns. These buttons are a great way to keep your backers engaged and increase your conversion rates.
If you’re a first-time creator, using a crowdfunding platform like Kickstarter can be a bit overwhelming. But if you follow these tips, you’ll be on your way to making your health tech product a success. The key is to have a strong marketing strategy, a solid product, and an attractive rewards structure.