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Crowdfunding As a Marketing Toll

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Crowdfunding As a Marketing Toll Master’s Degree in Innovation and Marketing Final Thesis Crowdfunding as a marketing toll Supervisor Francesca Checchinato Graduand Mattia Bartoli 867875 Academic Year 2019 / 2020 1 INDEX INTRODUCTION ........................................................................................................................................... 4 CHAPTER 1: CROWDFUNDING ................................................................................................................ 6 1.1 THE BACKGROUND AT THE BASE OF THE PHENOMENON ...................................................... 6 1.2 CROWDFUNDING .............................................................................................................................. 11 1.3 CULTURAL BACKGROUND BEHIND CROWDFUNDING ........................................................... 13 1.3.1 STRONG AND WEAK TIES ................................................................................................................. 13 1.3.2 THE LONG TAIL .............................................................................................................................. 15 1.3 HISTORY AND EVOLUTION OF CRODWFUNDING .................................................................... 18 1.4 DIFFERENT CROWDFUNDING MODELS ...................................................................................... 22 1.5.1 DONATION-BASED CROWDFUNDING ............................................................................................... 23 1.5.2 REWARD-BASED CROWDFUNDING .................................................................................................. 24 1.5.3 LENDING-BASED CROWDFUNDING .................................................................................................. 25 1.5.4 EQUITY-BASED CROWDFUNDING .................................................................................................... 26 1.5.5 OTHER FORMS ................................................................................................................................. 27 1.6 CROWDFUNDING PLATFORMS ...................................................................................................... 29 1.6.1 DIY: DO IT YOURSELF .................................................................................................................... 30 CHAPTER 2: HOW A CROWDFUNDING CAMPAIGN WORKS ....................................................... 32 2.1 STEP IN CREATING A CAMPAIGN ................................................................................................. 32 2.2 HOW A CROWDFUNDING PLATFORM WORKS .......................................................................... 40 2.2 THE MOTIVATIONS OF THE INVESTOR ....................................................................................... 44 2.2.1 SEEK REWARDS (MATERIAL RETURN) ........................................................................................... 47 2.2.2 PRE-SALES (MATERIAL RETURN) ................................................................................................... 47 2.2.3 ACCESS TO INVESTMENT OPPORTUNITIES (ECONOMIC RETURN) .................................................. 48 2.2.4 SUPPORT CREATORS AND CAUSES (SOCIAL RETURN).................................................................... 49 2.2.5 ENGAGE AND CONTRIBUTE TO A TRUSTING AND CREATIVE COMMUNITY (SOCIAL RETURN) ...... 50 2.2.6 COMMUNITY BENEFITS (MATERIAL RETURN) ............................................................................... 51 2.2.7 INTEREST, CURIOSITY AND EXCITEMENT (SOCIAL CAUSES) ......................................................... 52 2.5 CROWDFUNDING PROBLEMS ........................................................................................................ 53 CHAPTER 3: CROWDFUNDING AS A MARKETING TOOL .............................................................. 55 3.1 FOUR PS APPLIED TO CROWDFUNDING ..................................................................................... 55 3.1.1 PROSUMERS .................................................................................................................................... 56 3.1.2 FOUR PS .......................................................................................................................................... 58 3.2 WEB 2.0, SOCIAL AND CROWDFUNDING .................................................................................... 62 3.2.1 WEB 2.0 IN CROWDFUNDING PROCESSES ....................................................................................... 62 3.2.2 SOCIAL NETWORK .......................................................................................................................... 63 2 3.2.3 CROWDFUNDING AND SOCIAL MEDIA ............................................................................................ 67 3.3 THE MOTIVATIONS OF THE PROPONENT ................................................................................... 71 3.3.1 AN OVERVIEW OF THE MOTIVATIONS ............................................................................................ 71 3.3.2 TEST MARKETABILITY .................................................................................................................... 77 3.3.3 ESTABLISH RELATIONSHIPS ............................................................................................................ 79 3.3.4 RECEIVE VALIDATION .................................................................................................................... 80 3.3.5 PRICE DISCRIMINATION ................................................................................................................... 81 3.3.6 REPLICATE SUCCESSFUL EXPERIENCE OF OTHERS ........................................................................ 82 3.3.7 RETAIN OWNERSHIP AND COPYRIGHT ............................................................................................ 83 3.3.8 ABATEMENT OF GEOGRAPHICAL DISTANCES .................................................................................. 83 3.3.9 EXPAND WORK AWARENESS .......................................................................................................... 84 3.3.10 FORM CONNECTIONS .................................................................................................................... 85 3.3.11 LEARN SKILLS ............................................................................................................................... 86 3.3.12 ACQUIRING NEW CUSTOMER ........................................................................................................ 86 CHAPTER 4: CASE STUDIES .................................................................................................................... 88 4.1 THE REASONS BEHIND THIS CHAPTER ....................................................................................... 88 4.2 VITESY ................................................................................................................................................. 90 4.3 COVO DI NORD-EST .......................................................................................................................... 94 4.4 EATTIAMO .......................................................................................................................................... 97 4.5 CONCLUSION ................................................................................................................................... 101 CONCLUSION ............................................................................................................................................ 104 INTERVIEWS TRANSCRIPTION ........................................................................................................... 108 VITESY ..................................................................................................................................................... 108 COVO DI NORD-EST .............................................................................................................................. 114 EATTIAMO .............................................................................................................................................. 120 BIBLIOGRAPHY AND WEB REFERENCES ........................................................................................ 125 3 INTRODUCTION The purpose of this thesis is to analyze a complex phenomenon like crowdfunding. Given its particular structure, crowdfunding has proved to be a valid tool for fundraising, both for start-ups and for SMEs, even reaching larger and more complex companies. This thesis aims to bring under the focus a particular nuance of this microfinance practice: marketing. In the following pages we will examine the phenomenon of crowdfunding up to understand how this can become a valid marketing tool. We are talking about a particular form of marketing, as we will see, which combines fundraising with the possibility of testing and making known a product and a business, and other aspects that will be subsequently exposed. The reasons behind this choice are twofold: on the one hand there is an in-depth study of a relatively recent and very engaging topic, on the other the study of an unconventional marketing tool, which allows to find out how can attract the attention of consumers (and not only) in an innovative way. The goal is therefore to find out if and how crowdfunding can be exploited as a marketing tool. With this in mind, the first chapter includes
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