When launching a new product, a lot relies on its initial success – and a lot of that relies on how you promote and market the new product before, during and after the official launch. A solid marketing strategy is really important to set off on the right foot, and you may think this comes with a huge price tag. In fact, in this digital world it is pretty easy to take care of digital marketing yourself across free platforms. Read on for an insight into promoting a product launch without going over budget and spending your profits before you’ve earned them.
Tip number 1: Freebies
Even if you’re on a strict budget, you need to put aside a number of products which you can give away for free. This will help get the word out about the product – if people like it, they will tell their friends and family. You can also host giveaways on social media, urging people to enter a competition to be one of the very first people to have the new exciting product. You can also send review products to members of the press, bloggers and online influencers, which is a free way to market your products.
Tip number 2: Advertising and Promoting
Whether you’re hosting a launch event, launching the product at an exhibition or are just adding the new product to your existing product lines in a retail space, you need to attract the attention of buyers. Invest in an eye-catching display stand which explains why this product is better than the rest. Display stands and other marketing materials are available on a budget, so you’ll almost certainly see ROI.
Tip number 3: Fear of Missing Out
When something is brand new, you might have to test the first batch – see how the reaction is before agreeing to a large scale production. You can use this first product batch to entice buyers who have a fear of missing out. Promote the fact they could be the first to own this product as it won’t hit the shelves for another few months. This is a tactic which often works in crowdfunding campaigns, where the reward is a product from the first batch.
Tip number 4: Social Media Campaign
Well before the official product launch, you should start a teaser social media campaign to build the excitement surrounding the new product. Add as many relevant people you can and gain plenty of followers in time for the launch itself.
Do you have any other tips for businesses on a budget? Join the conversation on social media.