SA Crowdfunding Blog

Monday, 05 November 2012 00:00

Crowdfunding Success Series: LunaTik

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LunaTik is a project that started on Kickstarter with a relatively simple, but really quite brilliant, idea. The project involved marketing products that allowed people to turn their iPod Nano devices into watches. Not only did this project utilize a product that was already on the market – and very popular – it also combined that product with an already well-known product – wristwatches – to create something new and that has a natural, built in fan base.

The iPod Nano, of course, is renowned for its small size and its versatile capabilities as an entertainment device. There was already a demand for a product such as what LunaTik offers. Because of that, this is one of the biggest success stories to come out of the crowdfunding world.

Amount Sought and Raised

LUNATIK went far beyond what it wanted in terms of the funding it actually got for the project. When it started, the project was only seeking a total of $15,000 from crowdfunding. In the end, the project raised nearly $1 million, with a total of $942,578 being given to the enterprise by funders.

Looking at what ended up making this project so successful is, like many successful projects, a look into someone being creative enough to find an obvious market and, further, being creative enough to find a way to exploit that market by offering just a little more than what was already there.

Why LUNATIK Worked

By the time LUNATIK started seeking funding, there were already people who were looking for a way to turn their iPod Nano into a wristwatch style device. This resulted in people utilizing cheap wristwatch straps or purchasing rather low quality straps designed specifically for the purpose that were already on the market.

LUNATIK really didn't add anything to the product, but what they did add was quality. They put out quality products that were very attractive. When people have already spent quite a bit of money on an iPod Nano, it's not likely that they're going to want to buy it cheap accessory to go along with it. What LUNATIK did to differentiate itself from what was already available was to offer something that not only matched the device for which it was intended in terms of looks, but which also matched that device in terms of quality.

A look at the company today reveals that they're looking into making military specification products and are expanding their line of products to go along with other popular consumer devices. Clearly, the company has learned from their own success, which is one of the most important things a company needs to do.

Take Away

If you are seeking to get a project crowdfunded, you can learn a bit from LUNATIK. Primarily, what this company's success demonstrates is that you don't have to reinvent the wheel to get a successful project going. In fact, you can marry your project to an existing consumer device and, thereby, avail yourself of an already existing market that will be interested in what you have to sell. Of course, individuals who do have enough money to fund your project will notice this and maybe clever enough to realize that you have a formula for success on your hands.

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