CrowdMall vs. Indiegogo: A Matchup Review for Creators and Innovators
- The key purposes of these platforms are different: Indiegogo facilitates the funding of projects; CrowdMall helps to validate product ideas
- CrowdMall attracts influencers and tastemakers to pre-order cool, innovative products whereas Indiegogo attracts fans to support creative projects that meet their preferences
- Project creators on CrowdMall leverage demographic data to determine core customer personas whereas project owners on Indiegogo fulfill rewards to contributors via their online and/or offline addresses
Crowdfunding platforms have revolutionized the way entrepreneurs and innovators bring their products to market. Two such platforms, CrowdMall and Indiegogo, offer unique opportunities for creators to validate their ideas, raise funds, and gain traction.
This blog post compares and contrasts CrowdMall and Indiegogo, highlighting their key features, benefits, and drawbacks to help you decide which platform is best suited for your next product launch.
CrowdMall is a go-to-market and traction building platform designed specifically for early adopters, innovators, and creators. It focuses on pre-selling original products through limited-issue first editions, allowing entrepreneurs to validate market-fit and gather valuable customer insights before fully committing to manufacturing. CrowdMall is often referred to as "Indiegogo for idea validation" or "Etsy for entrepreneurs."
Indiegogo is a global crowdfunding platform that allows individuals and startups to raise funds for their projects and ideas. It supports a wide range of campaigns, including product development, creative projects, and social causes. Indiegogo offers flexible funding options, allowing creators to keep the funds raised even if their campaign doesn't reach its goal.
CrowdMall focuses on pre-selling limited edition products as a means of idea validation and market-fit testing. Approved creators can sell a limited number of their product concepts on pre-order, helping them gather data and marketing insights on customers and product market-fit.
Indiegogo supports various campaign types, including product development, film and video, music, art, design, technology, and social causes. The platform allows for both fixed and flexible funding options, depending on the creator's preferences and needs.
Campaign approval process
To launch a campaign on CrowdMall, creators must first apply for approval. This ensures that the platform remains exclusive to early adopters and innovators, maintaining its focus on pre-selling unique, original products. The approval process also helps maintain a high standard of quality and innovation on the platform.
Indiegogo has a more lenient campaign approval process, allowing a wider variety of projects and ideas. This can be both a benefit and a drawback, as it may result in increased competition and noise on the platform, making it more challenging for individual campaigns to stand out.
CrowdMall's business model revolves around pre-selling limited edition products. This approach allows creators to validate their ideas and market-fit without committing to full-scale production. CrowdMall campaigns do not have specific funding goals.
Indiegogo offers two funding models: fixed and flexible funding. Fixed funding campaigns require the creator to set a specific funding goal and deadline, and if the goal is not met, all contributions are returned to the backers. Flexible funding campaigns allow creators to keep all funds raised, regardless of whether the funding goal is met.
Fees and payment processing
CrowdMall charges a platform fee, which is a percentage of sales during the campaign, much like any online retailer. This fee covers the costs of maintaining the platform and providing support to creators. Additionally, payment processing fees are applied to each transaction.
Indiegogo also charges a platform fee based on a percentage of the funds raised, as well as payment processing fees. In the case of fixed funding campaigns, fees are only applied if the campaign reaches its funding goal.
Marketing and promotion
CrowdMall provides creators with tools and resources to help them effectively market their campaigns. The platform's focus on early adopters and innovators makes it an ideal space for niche products and ideas, allowing creators to connect with a highly engaged audience that values innovation and exclusivity.
Indiegogo offers various marketing tools and resources for creators, including customizable campaign pages, social media sharing options, and promotional tools like referral contests. The platform also features a newsletter and blog that highlight successful campaigns and provide tips for creators. However, due to the wider range of projects and ideas on the platform, standing out among the competition can be more challenging.
Community and support
The CrowdMall community is comprised of early adopters, innovators, and creators who share a passion for new and unique products. The platform provides a supportive environment for creators to connect with like-minded individuals and receive feedback on their ideas. Additionally, CrowdMall offers support through its experienced founding team, who have backgrounds in e-commerce, product development, and digital marketplaces.
Indiegogo has a diverse global community of backers and creators, which can be both an advantage and a challenge. The platform provides a forum for creators to connect with backers and receive feedback on their campaigns. However, the sheer variety of projects on the platform may make it more difficult for niche products to find a dedicated audience. Indiegogo also offers customer support and resources to help creators succeed with their campaigns.
Success stories and examples
CrowdMall has been instrumental in the launch of numerous innovative products, such as a sustainable fashion line that uses eco-friendly materials and production processes. By pre-selling a limited edition of their products on CrowdMall, the creators were able to test the market and gather valuable customer feedback before scaling up production.
Indiegogo has a long list of successful campaigns, including the Flow Hive, a revolutionary beehive design that raised over $12 million, and the Bluesmart smart suitcase, which raised over $2 million. These campaigns demonstrate the potential for success on the platform, especially for innovative products that resonate with a wide audience.
CrowdMall and Indiegogo both offer unique opportunities for entrepreneurs and innovators to bring their products to market.
While CrowdMall focuses on pre-selling limited edition products for idea validation and market-fit testing, Indiegogo supports a wide range of campaigns and funding options. Choosing the right platform for your project will depend on your goals, target audience, and the level of support you require.
By understanding the key differences between CrowdMall and Indiegogo, you can make an informed decision on which platform is best suited for your needs and maximize your chances of success in launching your next innovative product.