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Launching a product without a substantial budget can indeed be a daunting experience, but this alone should not be a factor in stopping you from putting your product out in the world! Fortunately, advances in digital technologies provides plenty of opportunities to market a product with low to no budget, and when done right, can be incredibly effective (and there are a whole host of success stories out there to act as motivation!). Keep reading below to find some cost-effective techniques with a proven track record. For more information check out our podcast here.
Do what works best for small businesses
Finding the niche for your product is key, and while all businesses brainstorm their respective target audiences ahead of the launch, small businesses have the unique opportunity to directly engage with their audiences and form meaningful connections. Don’t shy away from picking up the phone and speaking with your (prospective) customers, this will help you gain a deeper understanding on the consumer’s perspective and will provide some helpful feedback that can help your business grow. Large-scale businesses usually do not have the time or resources to build connections with all their customers, so you already have the competitive advantage here!
The power of social media
Social media presence for any brand is of the utmost importance this goes without saying, but it applies even more so if you are struggling with a low/no budget! The first step to an effective launch strategy is to create your social media channels far in advance, without being too quick to rule out any platform as the demographics for social media platforms are constantly changing (did you know: one in three Brits are now on TikTok, and 44% are not Gen Z!). Each channel should be leveraged from the get-go, consistently building hype for the product, while creating a waiting list for customers who are keen to purchase. The important bit here is to keep your followers engaged with regular and exciting content right up until the launch, consider using polls on Instagram, fun and engaging short videos/reels, and going live will all help to build a sense of anticipation. This strategy will feed into the pre-hype for the launch, for which content should be planned and scheduled in advance using platforms such as Hubspot. This is also an added opportunity to have direct conversations on platforms such as Twitter, Quora and Reddit with people who have similar interests (seeking out customer feedback as we mentioned previously!). Social media platforms also come with the opportunity to promote through influencers, where many micro influencers will be happy to review the product free of cost so even if you don’t have cash to spare, product seeding to the right people can be enormously helpful.
Maximise your shop window – developing a website and blog
Building a website does not have to be a tedious and costly affair, especially when just starting out. There are multiple platforms available that can help you create a website on your own! Shopify is a popular example that will not only guide you through building a website from scratch but also provide a chance to monitor the traffic and behaviors. This information is key to growing sustainably. Websites with effective call-to-action buttons are one of the primary methods of lead generation, to whom newsletters and blogs can then be shared. Slowly and gradually, additional plug-ins can be introduced into the website for further optimisation. On a low budget, having a blog and an effective email marketing plan will be your best friends in terms of developing your search engine position and priming customers for committing to a sale.
There are a multitude of was to launch a product on a low budget but do be prepared to invest a lot of your time and commit to your marketing activity. Doing this will certainly yield results! Don’t shy away from getting creative and making the most out of the free tools available, as most of it is test and trial anyway. Additionally, there are numerous resources available to help you navigate until you are a pro. For more information check out our podcast here.