Some products may never make it onto the market. However crowdfunding has changed that in some ways in the last few years. Because crowdfunding can bring in specific fan audiences that bring large amounts of support. Aiding products with high startup costs. It can bring revenue before product development begins. As well proving that there is a market for the product, which in turn can bring in even larger investors. These are not guaranteed venues however and there also many failures always associated with crowdfunding. But there has been proven success when executed right.
Changes can happen and unexpected turns of events do occur, during product development. This includes overruns in terms of costs and delays in procuring certain materials, are just some examples. If you are the creator and are crowdfunding it is very important to relay all of this to your backers. However as a first step, before starting with the campaign. It is important to do the very best in terms of analysing the entire project and outlining any risks. You want to create the very best success for your product and avoid becoming a failure with your name tarnished forever.
How you can use crowdfunding to assist with your product development:
1. Measure your market and get sense of the demand. Find out more about the readiness of the product.
2. Community could get involved in the design and development process. As well further promotion which also helps.
3. Collect valuable feedback from the community. Both positive and negative. Which in turn will help you further refine and improve your product.