by: Komal Garewal
The Good News: Dave Chase, founder of Avado, fulfilled his funding goals after only 30 days on our platform! The Better News: His project is still being funding! With 29 days left, his project has been funded almost 150%.
Today, we spoke with Dave Chase, founder of Avado, and our first successful MedStartr! We asked Dave for some tips and guidance for his fellow and future MedStartrs. Here is a list of his pointers. Aka wisdom. Aka magic sauce ingredients.
1. Don’t be afraid to re-do your video..again and again.
One of the most important features on your project page is the video. Compell your audience to help you. Point to a problem and prove that your solution is the best. Having a face, preferably the founder’s, is best. It gives your project some credibility and personalizes it.
People who watch your video are more inclined to donate, rather than just by reading the text below. So, make sure you and your project shine!
2. The reward system is probably the most important part of the page.
Don’t be fooled by the narrow side bar – the reward system is critical to your success.
According to Dave, the challenge is to hit “the sweet spot: make the reward interesting to the people exposed and simultaneously, convey a message about your product.”
Use your rewards to make funders think that they need your product. For example, you can offer clinicians a free trial or installation of your product for a higher denomination.
This is a great way to build upon the message of what your company is all about. Set the tone and built upon the thought leadership that should be evident in your text.
3. Tap into your network and get the party started.
The initial challenge in getting funders is to get past the “ghost town” stage. “No one wants to be the first one to get their feet wet.”
This is why having friends and family be the first to donate is so important. People are more likely to donate to your project if they see others believe in it too. This is partially why once projects achieve 30%, they are significantly more likely to reach completion.
Dave’s tip? Email. Even a blast email. It’s the best way to jumpstart your project. Dave estimates that a little over 50% of his funders were people that he already knew.
“Honestly, the number of supporters is more important than the amount of money you generate.”
4. Dave’s marketing strategy? “Thought leadership.”
In addition to the email and social media outreach, thought leadership can position you as a leader in the industry. Dave has written several articles and blogs that have been published on various sites, including Forbes.
Your visibility and accountability lends itself to your product’s credibility. If people trust you and trust that you understand the healthcare landscape and related policies, industry stakeholders are more likely to invest you. Plus, these are the people you should really be targeting – they have more money to give and more opportunities for utilize your product.
And, marketing should be done before launch. As Dave says, “If you’re not already thinking about marketing, you’re dreaming.” A good idea is to pair up with an organization that can help your cause. For example, a patient advocate organization or community.
So MedStartrs, before you worry about finalizing your project page and launching, make sure you have marketing strategies in place and that you’ve already started implementing them. Then worry about your video and rewards system and remember, our MedStartr team is always here to help you.