Are there any prerequisites for launching a product with a lot of booms? A lot of money and a big team during the launch will not give a kick-start to your start-up, it’s an illusion. You might have witnessed that sometimes celebrities/politicians accompany the writers on launch day and are unable to sell more than thousand copies. But at the same time, many young writers use inexpensive ways of marketing and advertise their piece of work and at times win awards. The the creative methods of popularizing along with the quality of the product makes it successful.
Here we have listed down few inexpensive ways to launch a product or service.
Social Media
Giving Value for Free
Giveaways
Using Crowd Funding
Promotion through Influencers
Viral Marketing
Video Marketing
Cost-effective Ways To Launch A Product
Social Media
Social Media platforms like Facebook, Instagram, LinkedIn has evolved over the years. There is no limit of success because the target audience of a businesses is already there. Even some of the platforms like Instagram, Facebook has allowed businesses to sell their products directly to the audience by using some features. For E.g. you can use the shoppable post feature of Instagram to tag your product links which will help the user to buy products directly from your online store.
While Social Media platforms play a major role in grabbing customers, blogs articles are the ‘unsung heroes’ for success. Write in detail about your firm and products, become a guest writer in popular blogs, collaborate, get featured in top-notch online publications, attend trade shows and seminars, make videos, use different channels, basically, connect with bloggers to get you featured on different blogs.
Giving value for free
It might seem like a pain to do things for free, but this can add incredible value to your product in the long run. the publicity and critics you get is invaluable.
When people pay for something, it gives those people a sense of accomplishment, pride, and ownership, meaning they’ll value the goods or services more and complain less.
Want to build a community? So, approach businesses who have an established community and ask how can you help them. This can be by offering something valuable which exposes you and what you have to offer to their big audience. This is a great way to build relationships. If you’ve got no budget, you need relationships.
Why should you do something for free? With the help of this strategy, you can gather email address and other data about the user. Later, this data can be used for marketing or building your brand.
Online Giveaways
Giveaways can be an easy marketing strategy to promote your product launch, and in a relatively short amount of time. Everyone loves gifts; giveaways tend to generate quite a large amount of responses. While giveaways have their drawback of attracting people with little interest in the company, the strategy itself is one with immense potential.
For example, you can create your sweepstakes with clear objectives and requirements, where you choose a winner randomly without any fee.
Using Crowdfunding
Crowdfunding is an innovative way to provide a modest amount of funding to young entrepreneurs and technology professionals needing an early stage or seed capital for start-up companies. Which may spur entrepreneurship and ultimately assist in boosting the growth of the real economy.
A company raising funds through online crowdfunding platforms or websites and offers equity or debt interests in its business to investors who make small contributions, through a crowdfunding platform or social media. Usually, funding is sought online based on future projections rather than a viable business model in operation which increases the risk of failures and therefore a loss to the investors.
You can use a social media platform like Facebook for your crowdfunding campaign. But you can’t raise funding using your existing network. You have to build a community of people who can raise fund and also interested in new ideas. You can create a Facebook Page for your crowdfunding campaign, it will help you to reach more and more new people.
Some of the other Crowdfunding platforms you can look at are:
- Milaap
- Crowdera
- BitGiving
- Catapooolt
Promotion through Influencers
If you are a new brand and launching product for the first time then you might not have reach to a large audience. Influencers have a big audience, fans and followers who trust them. This is like a trust-based campaign. You need to build and maintain relationships with influencers offering them special discounts, holiday trips, cash prizes etc. The best thing about it is, influencers can give quick reviews to products as they get an immediate response on any endorsement and recommendations from their audience.
Viral Marketing
Anything that spreads like a virus, person to person easily is called Viral Marketing. This is used in social media where sharing is possible on social media.
In many cases, a user uploads content that receives a huge response and shares and it goes viral within a short period. This can be planned to run a successful viral marketing campaign.
Making videos on trending topics or on an unrelated niche, waiting for the right time to post and drive some traffic through paid ads. are few ways you can make the maximum impact for the campaign. But make sure that the content won’t backfire at you, in viral marketing, users are the pilots and they have the power to do anything with that content.
Also read: How to make your Video go Viral
Video Marketing
Nowadays people prefer video content more than text content. Video marketing simply means that you are branding your product through videos. You don’t need a high budget for making videos. Start from your mobile camera and try to make interactive videos that can explain about your product appropriately. You can also make “How-To” videos of your products and upload them on YouTube so that you will be able to generate a lot of traffic to your product.
YouTube is the second largest search engine after Google and the best thing is it’s is free for everyone. You can take advantage of this new era and keep updating yourself and the way you operate a business with time.
Conclusion
All these ways of launching a product will save your money but make sure you are ready to invest your time. These are few tips from a never-ending list.
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