In the dynamic landscape of crowdfunding, strategic pricing validation is a critical aspect of any successful campaign. Particula, a serial creator on the crowdfunding landscape, masterfully exemplifies this. Before entering the Kickstarter spotlight, they decided to utilized the Prelaunch.com platform. This case study casts light on how GoChess successfully leveraged Prelaunch.com, paving the way for a record-breaking crowdfunding campaign.
As the third crowdfunding campaign from Particula, GoChess was built on a solid foundation of two previously successful products: GoCube and GoDice. These innovative games found their way into the hearts of over 300,000 customers worldwide, earning multiple awards. Such accomplishments are a testament to Particula’s commitment to quality and innovation.
Particula’s latest offering, GoChess, is the world’s first fully robotic chessboard with AI technology. Aware of the mixed success of board game campaigns on crowdfunding platforms and the scarcity of successful chess campaigns, Particula’s primary objectives were twofold. First, to validate whether there was indeed a viable market for GoChess – the world’s first truly robotic chessboard powered by Artificial Intelligence. Second, to identify the optimal price points that resonate with their potential customers while also ensuring profitability for the company.
Particula sought to answer two key questions: Is there a market for this product? If so, what is the optimal pricing strategy? The team turned to Prelaunch.com to find these answers, marking the beginning of the GoChess journey.
Through Prelaunch.com, Particula was able to monitor the market’s response to GoChess product in real-time, adjust their strategies accordingly, and ultimately validate their pricing strategy prior to their official Kickstarter launch. As we will explore in this case study, this strategic decision set GoChess on the path to becoming the most funded chess campaign on Kickstarter.
GoChess Overview
GoChess, a revolutionary product brought by Particula, is set to transform the world of chess with its innovative features. This product isn’t merely a chessboard, it’s a fully robotic smart board equipped with AI technology and online connectivity, providing an all-in-one solution for chess enthusiasts of all levels.
GoChess combines the tactile excitement of a physical board game with the versatility of online play, bridging the divide between traditional and digital gaming. With a fully robotic mechanism for self-moving pieces, color-coded coaching lights, and real-time tracking of players’ moves, GoChess delivers a uniquely engaging and immersive chess experience. Its proprietary app even offers insights and analytics to help players improve their game.
By merging time-honored strategy gameplay with the latest technology, GoChess is poised to redefine how chess is learned and played. It is truly a game-changer, making the classic game of chess more interactive, enjoyable, and accessible to everyone, anywhere, anytime.
The Strategy Unfolded
In order to successfully validate their product and pricing strategy on Prelaunch.com, GoChess needed to implement a well-targeted and efficient campaign strategy.
The prelaunch stage was crucial for GoChess as it systematically addressed four key aspects of their campaign: identifying primary product benefits, defining product positioning, recognizing the target audience, and determining the most suitable price.
Building the Informative Landing Page
To ensure that page visitors fully understood the product, were convinced of its key features, and developed trust in the brand before hitting the subscribe button,the page had a funnel-like structure.
Creating an enticing and product-feature-centric landing page was a top priority. Unlike traditional Prelaunch.com landing pages, we opted for a bolder approach, featuring the core product features at the top of the page.
The goal was not to introduce visitors to the concept of a chessboard – an object everyone is so familiar with – but to acquaint them with the unique and innovative features of GoChess.
In order to make our value proposition crystal clear, we devoted specific sections of our Prelaunch.com page to showcase each of GoChess’s core features. Detailed descriptions were provided, allowing potential backers to gain a comprehensive understanding of the unique advantages GoChess brings to the table.
Each feature was meticulously explained, focusing on its purpose, its role in enhancing the gameplay, and its contribution to making GoChess an all-in-one solution for chess enthusiasts.
In addition to the written descriptions, we also utilized visual aids like videos and GIFs to bring these features to life. By showcasing GoChess in action, potential backers were able to see the self-moving pieces in operation, understand the functionality of the color-coded coaching lights, and comprehend how real-time tracking of moves can enrich their chess-playing experience.
And, finally, to bolster the credibility of GoChess and inspire confidence in our potential backers, we devoted a special section to highlight Particula’s accomplishments. This segment underscored Particula’s track record of success in the crowdfunding landscape, emphasizing on the widespread global acceptance and accolades earned by their previous products, GoCube and GoDice. By showcasing these achievements, alongside the company’s commitment to quality and innovation, we aimed to reassure potential backers of the value, reliability, and distinctiveness that GoChess promises to deliver.
As a result of this meticulous planning we crafted a landing page that resonated deeply with our target audience. It precisely conveyed the innovative aspects of GoChess, while strongly emphasizing the competitive edge it holds in the current market of chessboards. The landing page served as a comprehensive, engaging, and convincing introduction to GoChess, successfully sparking interest, and encouraging users to explore more.
Understanding the right market
As part of our market identification strategy, we ran targeted advertisements on social media platforms – Facebook and Instagram. This approach yielded significant insights into the demographics and interests of our potential backers. As a result, we discovered a keen interest in GoChess from audiences in the UK, USA, Germany, Italy, and the Netherlands.
In analyzing the profiles of those who expressed interest, we noticed a pattern. A significant number of our potential backers worked in fields such as computer science, insurance, and media and internet specialties.
This data is instrumental in understanding our key demographic and will inform our future marketing efforts.
The interest expressed by these professionals is a testament to the appeal of GoChess to tech-savvy, strategic thinkers who appreciate a blend of tradition and innovation in their gaming experience.
Validating the Price Point
Another significant aspect of the prelaunch campaign was determining the optimal price points for GoChess. By offering an innovative product in a niche market, Particula had to carefully consider the balance between profitability and affordability. Prelaunch.com’s pricing tests proved highly beneficial in this regard.
Through iterative testing, we could gauge how potential backers responded to different pricing options for GoChess.
A crucial consideration in our prelaunch strategy was setting the correct price for GoChess. Initially, we had set $449 for the GoChess 4XR model, which was $100 more than the VIP price we initially offered. However, after thorough competitor analysis and considering the estimated ROI, we tested a VIP price of $349. Upon validating these ROI estimates through prelaunch results, we determined that the overall campaign average price for the main board (GoChess 4XR) should be $359. To mitigate potential risks further during the live stage, we tested a price of $399 for a week. This experiment yielded nearly identical results to the $349 test, providing crucial insight. Given these findings, launching the Super early bird at $359 and incrementally raising the price to $399 proved a safe and effective pricing strategy.
Firstly, it allowed us to ensure profitability on each unit sold while offering a price our potential backers saw as valuable. By carefully navigating the balance between these two factors, we could guarantee that the project was financially viable.
Secondly, the iterative nature of our approach allowed us to adapt dynamically to the feedback from our potential backers.
This meant that our pricing structure was informed by the needs and expectations of our target audience, rather than being arbitrarily set. This responsive, customer-centric approach is key in building trust and commitment among our potential backers. Lastly, this strategy helped us to mitigate risk.
By testing different price points, we could identify the optimal price that would maximize our returns without alienating our customer base. This careful, considered approach to pricing played a crucial role in the successful launch of GoChess.
NOTE: This iterative process allows creators to refine their pricing strategy, balancing the need to cover costs and fund future developments with the desire to provide an accessible and affordable product for their potential audiences
The price validation on Prelaunch.com yielded promising results, indicating a strong market acceptance for the product. With a Price Validation Score of 73, we observed a positive reception for GoChess, which, given its niche status, is a great achievement. This score not only validated our pricing strategy but also underscored the perceived value of GoChess among its potential users. It reinforced our belief that despite being a niche product, GoChess has the potential to carve a substantial place for itself in the market by offering a unique blend of traditional gameplay and cutting-edge technology.
Summary
Before launching a product, validating various aspects such as market acceptance, pricing, and user interest are of paramount importance. This process helps mitigate risks, preventing the launch of a product that may not resonate with the target audience.
To summarize, our pre-launch campaign for GoChess was crafted with great care, focusing on creating an engaging and informative landing page. We highlighted not just the product’s innovative features but also Particula’s track record of success in crowdfunding and product development. Market identification through social media platforms led to valuable insights about our potential backers’ demographics and interests. Also, Prelaunch.com’s pricing tests helped us balance profitability and affordability, leading to the successful validation of our pricing strategy.
These efforts resulted in a positive reception for GoChess, indicating its potential to disrupt the market with its unique blend of traditional gameplay and advanced technology.
