Pebble Build: Opal Ice Machine Campaign
Also, producers seek for funders’ feedback, as stated by Naturajan Venkatakrishnan director of FirstBuild, the primary objective of the Opal ice machine campaign was to obtain feedback from the market before mass production, also get the crowd involved in the ice maker’s design. As the project appeared to be successful, it also helped to promote the product and generate sales (Cowley, 2016; Brown, Boon, &Pitt, 2017).
Crowdfunding is appropriate tool for testing the product before its launch. By listening to the market needs, desires, and supporters’ feedback and work towards tailoring product features towards markets' needs and communicating those features back to the market (Gorshkov, 2011).
Involving customers in production of a certain …show more content…
Backers could pay $115 to pre-order a Pebble watch, which would sell in retails for $150. Within 2 hours, Pebble achieved its funding goal and went on to raise $10.3 million with almost 70,000 individual pledges. Pebble was also a massive marketing success as it went on to become a major consumer brand and sold over a million smartwatches by the end of 2014. In February 2015, Pebble launched the second campaign for its new model, the Pebble Time, achieved its fundraising goal of $500,000 in only 17 minutes. By the end of the campaign, Pebble had raised $20.3 million from more than 75,000 backers (Brown, Boon, &Pitt, 2017). Advertising Age claimed that Pebble’s primary purpose is differentiating itself from main smartwatch competitors by selling its watches through a different channel (Knox, 2015).
The objective of the first Pebble campaign was to raise capital after its founder failed to attract funding elsewhere. This led to some additional, unexpected benefits like: product promotion and direct sales. But, the second Pebble campaign purposes was for marketing, direct sales, and promoting the new smartwatch (Brown, Boon, &Pitt, 2017). Also, Pebble used the Crowdfunding to differentiate itself from its main competitors Apple and Samsung by selling its watches through a different and new channel (Knox,
Crowdfunding is appropriate tool for testing the product before its launch. By listening to the market needs, desires, and supporters’ feedback and work towards tailoring product features towards markets' needs and communicating those features back to the market (Gorshkov, 2011).
Involving customers in production of a certain …show more content…
Backers could pay $115 to pre-order a Pebble watch, which would sell in retails for $150. Within 2 hours, Pebble achieved its funding goal and went on to raise $10.3 million with almost 70,000 individual pledges. Pebble was also a massive marketing success as it went on to become a major consumer brand and sold over a million smartwatches by the end of 2014. In February 2015, Pebble launched the second campaign for its new model, the Pebble Time, achieved its fundraising goal of $500,000 in only 17 minutes. By the end of the campaign, Pebble had raised $20.3 million from more than 75,000 backers (Brown, Boon, &Pitt, 2017). Advertising Age claimed that Pebble’s primary purpose is differentiating itself from main smartwatch competitors by selling its watches through a different channel (Knox, 2015).
The objective of the first Pebble campaign was to raise capital after its founder failed to attract funding elsewhere. This led to some additional, unexpected benefits like: product promotion and direct sales. But, the second Pebble campaign purposes was for marketing, direct sales, and promoting the new smartwatch (Brown, Boon, &Pitt, 2017). Also, Pebble used the Crowdfunding to differentiate itself from its main competitors Apple and Samsung by selling its watches through a different and new channel (Knox,