117: How Lily Truong Raised $77,000 to Disrupt the Cotton Swab Industry
A team of doctors and engineers wanted a safer alternative to Q-Tips, so they created it. By understanding where potential users were coming from and staying on point with the idea that their product could alleviate those pains, the Oto-Tip gained the funding it needed to go big.
The lesson from Oto-Tip is, before you start any crowdfunding campaign, you must know how your project will improve people’s lives, and you must explain it in a way that resonates emotionally with potential backers. In this week’s episode, Lily Truong, co-founder of Oto-Tip and manager of its crowdfunding campaign, explains how they did it.
“My key question I wanted to ask myself was … ‘Why would someone need this? Why would backers resonate with the story? What pain point are you really solving?’” Crowdfunding campaigns can reach their goals when they offer a clear way to deal with common struggles people experience.
In the case of Truong’s campaign, Q-tips, cotton swabs, ear sticks, they all shove wax deeper into your ear, make you itch, and can even puncture your eardrum. The Oto-Tip offers another, far less irritating approach to earwax.
It all goes back to that pitch: Look, there’s a problem, but here’s a way to fix it. Find out how your own campaign can tap into people’s emotions and offer a solution.
In this episode you will learn:
- The importance of getting feedback before you even entertain the thought of crowdfunding something
- How to figure out the best media platforms to reach your audience
- Why you need a strong story and how to create one that works for you
- The good, the bad, and the ugly when working with PR firms
- Awesome hacks you can do with LinkedIn to boost your Kickstarter campaign
- & much more!