So, Etcher is an exceptional product, and its creator is a seasoned veteran in the crowdfunding space. However, it didn’t manage to exceed its funding target, leaving its designer, Krupnik, feeling quite let down. “I think I’m progressing through the Kübler-Ross stages,” he shared. “Initially, I experienced denial, then anger, followed by bargaining—‘If I could just get on this blog,’ then resignation—‘it’s just not happening’—and ultimately acceptance.”
To delve into the elements that influence success or failure on crowdfunding platforms, I expanded upon the well-known “4 P’s” of marketing to formulate the 7 P’s of Crowdfunding Marketing.
Etcher has:
Product: Exceptional; Krupnik secured an official license from Ohio Art, the creators of the Etch A Sketch. It closely mirrors the original and users are passionate about it.
Price: An Etch A Sketch retails for $15, whereas Etcher is priced at $60. While it isn’t inexpensive, other less practical drawing tools for tablets have surged past $100, showcasing various pricing strategies.
Promotion: Etcher received significant media attention, appearing on television and being covered by major outlets such as CNET and TechCrunch. Most crowdfunding initiatives must work hard to gain such visibility.
Proven Track Record: Few developers have demonstrated a stronger capability for producing iOS accessories. Krupnik is a trusted name and stands out in his field.
Etcher lacks:
Place: Crowdfunding typically complicates impulse purchases. If Etcher were physically available in stores, it might have found its way into more shopping carts. The wait time for delivery can deter customers.
Purpose: Successful gadgets on crowdfunding platforms usually have a utility beyond entertainment. Examples include the TikTok watch, Elevation Dock, or the ScanBox, which serve specific needs.
People: Etcher’s primary challenge is market size. A single endorsement from influencers can rally thousands to support a tech product, but the niche interest in a digital Etch A Sketch appears to be limited.
Conclusion: The beauty of crowdfunding lies in its ability to validate a concept before it reaches the retail market. While Krupnik and his supporters may feel downcast by Etcher’s outcome, consider the alternative of investing substantial resources only to see a product flop.
The verdict is in from the crowd. In this era of startups, the collective voice prevails.