Fanvestory: Nothing beats observing people
This time we have only one local team in the batch – an Estonian startup disrupting music industry, having a female CEO and a popular singer as a co-founder. Meet Fanvestory and read some customer research tips and tricks from their CEO Birgit.
Be it music industry, marketing or startups – it’s not enough with having the greatest idea to make your business or sales work, you have to get to know people. Best way to do it is – observe.
I love to work in open environments, for example my favourite cafe NOP, because I hear what people talk, what music they listen to, how they react and interact. Sometimes I take public transport on purpose, and even though I usually listen to music on earphones, I simply look at people – their faces, where are they looking, did they notice the advertisement in the bus stop, would it make sense buying that spot.
In my previous work I have done on site observations in many ways, for example, for one client I had to stand in supermarket nearby a food stand and check how people are reacting in that section. Nowadays social media have made it so much easier, as you can do a lot of background check online. For me – Google in combination with Instagram and Facebook makes the most sense. If you do B2B, then LinkedIn. You can find out so much – what people like, what are they sharing, how are they posing in the pictures, how their social media interactions reveal their personality. A small reminder – if you check stuff on social media, better log out of your personal accounts and do it in incognito window, otherwise you might start getting weird adds from Google. I once did marketing research for military and started seeing commercials about a product targeted to men with urinating problems.
Last but not least, if you do online sales, always connect results to analytic tools. That will save so much time and help yourself or your marketing staff make better decisions. But still – get out there, get reality check and observe!
Fanvestory is a platform that offers intellectual property financing by taking crowdfunding to a higher level. Intellectual property such as songs start to make money a year the launch, but in order to make that piece of music successful you need to make investments for it. So we provide the artists to have the cash-up front according to the real lifetime value of the song. Plus, we help them to promote the new song by creating deeper connection with their fans. For the fans we offer a chance to earn money together with the artists, not only support their favourite artist like in traditional crowdfunding sites.
Fanvestory product is launched and the first listed song by famous Estonian singer Tanel Padar was sold out in less than an hour. Team: Birgit Karus, Uku Suviste, Juko-Mart Kolar, Kristjan Ulst, and Artur Salus.