A Creative Technique To Raise Money For Product Creation
Here is an often ignored tactic to raise money before you even start product creation – make a decision on what your product is going to be and write an outline for it.
From your outline, create a list of bullet points that presell the product.
Using your bullet points, offer your upcoming product to your list as a Beta test.
What Exactly Do You Need To Do?
Tell Your List:
- The product is in creation at the moment
- They will receive the product the moment it is done and what the expected delivery date is
- They are getting the best deal because you would like their feedback
- They are Beta testers. If the product is software, they will look for bugs. If it is written material, they will let you know about any typos and what they think should be removed or added, etc.
- Once they offer their feedback, you will fix any bugs, add whatever is missing, fix typos, etc. and then send them a finalized polished version.
- You will then offer the product to the general public for a significantly higher price than what they paid for.
This tactic not only gives you some money upfront to work with but also provides you with valuable feedback which you can use to make the product even better than you had planned for it to be in the first place.
It’s a guarantee that a handful of your Beta testers give you suggestions of things you couldn’t have thought of yourself – suggestions that can make an enormous difference in increasing your sales later on.
In fact, the feedback aspect of this tactic alone makes this technique worth doing.
A Note Of Caution:
Do not be tempted to give away your beta product as 9 out of 10 people you give the product to will not get back to you with feedback as they have nothing invested.
When you charge something no matter how small, the number of users who give you feedback will increase substantially.
The one exception of giving away the product for free is if you give it to people you know personally like JV partners and friends.
Since you already have a relationship with them, they don’t need to invest to feel vested in your success financially.
Special Bonus For Using This Technique:
Ask your Beta testers for testimonials you can use in your sales material.