BBC Apprentice Series 12 Episode 5 – Cycling Crowdfunding
With this task the key is going to be finding people that ride bikes – and finding them en mass. This isn’t a general consumer task, it’s all about focusing on a niche. I’d call Cycling Weekly and find online communities and cycle clubs. It is possible to create a reason to buy (planned impulse, if you like) due to the limited length of the crowdfunding campaign.
Successful crowdfunding is all about creating demand before you launch, so on day 1 I would have focused on getting purchase commitments, talking with somebody from the Crowdfunding platform about getting the raise on the first page (typically this is all about raising at least 30% of the target amount within the first 24 hours) and also creating online adverts (Facebook, Google, etc.). The video is also an important element of the campaign page.
I’d also have planned an event around the London Olympic Velodrome. It’s an ideal location for finding your target market keen to get the latest cycling tech.
The Velodrome would also have been the perfect place to get feedback on the products and how to position them. In a niche space (a large one, admittedly) the right language is important. Understanding how cyclists talk about the new products could be incredibly valuable for the campaign.