Launch your new products on the market within a shoestring budget

new product launch
new product launch

These days, almost everyone dreams of launching their products the way Apple does. To begin with, product launches take extensive research and are also very expensive. The success of your new products on the market largely depends upon the launch process. This, in turn, is based on the marketing strategy which the company plans to implement. Here we can check some launch ideas which don’t need a lot of money. As we said, the process is a time consuming one, and hence it’s always better to start your planning as early as possible. During the initial days of your business, you might not get the media coverage from media giants. So, plan your new product launch intensively and carefully. A clear and proper marketing strategy will make the launch process a lot easier, as it is the core concept for all your marketing efforts. If you want to know more about creating a marketing strategy check here.

Set your objective – new product launch

Here you have to define the details of the desired outcome from the launch of the new product. If you don’t have the right marketing strategy in place, then this step of the process should be more stressful. For the successful setting of a goal, you should be clear about the market, your target audience and the problem your product addresses. So if you don’t have a proper marketing strategy, then go back and create one.

Focus on your target audience and determine how many people (including the influencers of your industry, target audience and future prospects) you are going to reach through your launch platforms. More than the calculations regarding the reach of the product, you have to figure out the number of sales on the launching day. During the launch, Apple sold 3,00,000 iPods and the numbers depend upon the credibility of the company.

Tell your story

Stories will always leave a better impression in the minds of people. Create a good story, which should emotionally and positively connect with your target audience and present it in a great way. To present your product story in a great way, you can collect and properly arrange all the pictures and videos of your product evolution. People are always curious about the stories and behind-the-scenes details of a show; so use it wisely. Big corporates like Apple include comparative studies of their products with competitors or other products that are targeting the same audience segment. There is no one-size-fits-all formula for preparing your first brand communication materials. Prepare your first brand communications focused on your target customers because each customer segment has different behaviour patterns.

new product launch
new product launch

Find out your key influencers

Influencer marketing is marketing method focused on the influential people in the particular industry. Find out influential people related to your industry and they can be connected through online platforms and offline methods. An influencer is someone who has a large number of followers that belong to your product’s target audience. Influencers can be bloggers related to your industry, admins of Facebook groups, admins of WhatsApp groups and leaders of profit and non-profit organizations.

Create a detailed list of the influencers of your product and get testimonials from them by offering free trials and free products before the launch. Organize and create your influencer marketing strategy carefully, as influencers are people who have worked hard for years to establish themselves. In most cases, they would need to be fully convinced to recommend your product to their followers.

Online Platforms

Nowadays you can engage and interact with your targeted customers on many online platforms like Facebook, Twitter, LinkedIn, Instagram and online forums. First of all, you have to find out where your target audience hangs out and then create content for them to consume and get inspired.

Create a blog and do guest posts

Start a blog about your products as it is one of the best ways to connect with your target audience and online influencers. Find out credible bloggers who write about your niche and reach out to them to get some free reviews for your products (remember, for free reviews you have to provide them free trials).

Do some guest posts on great news websites related to your industry about your products and its evolution process. These guest posts will help you enhance the online visibility of your brand.

new product on the market
new product on the market

Join online forums related to your niche

Find the right online forums where your target audience is present. As a startup, online forums are the best free platforms to get product feedback even before launch. While engaging in these forums, carefully study whether your product addresses the problems of your target audience or not. Join Facebook groups related to your niche and try to engage meaningfully with your target audience.

Online teaser campaigns

Days before your new product launch, you can organize countdown campaigns on social media platforms. And if you are planning any teaser campaigns then go for paid options to ensure the maximum reach to your customer base.

PR releases

PR releases are a great way to reach your targeted audience and increase the credibility of your brand. Large business houses with big budgets for their new product launch event will hire bigger PR agencies to get maximum coverage for their product. If you work smartly, you can also enjoy the same benefits such corporate enjoy. Months before the event find out the publishing houses and journalists, who write about your industry and reach out to them through your blogging platforms and emails. While sending out the emails, you can even give them leaked information about the product. Apple sometimes purposefully leaks the features of their upcoming products to get maximum coverage around the world as part of their PR campaign.

There are some online PR websites like 1888PressRelease.com, 24-7 PressRelease.com, Beta news, Business Wire, GGIdir.com, Click Press, Contactanycelebrity.com and Eboom WebSolutions etc.., where you can post your press releases without spending a penny. By posting news regarding your new products on these websites, you are increasing the chances of your news links getting noticed by the journalists related to your industry.

new product on the market
new product on the market

Finally, organize your event

New product launch events are crucial and stressful for business owners. The biggest challenge here is choosing the venue and theme. Select your venue by considering the size of the crowd and their social status. Ensure the comfort of your audience first and then they will take care of your business. Choose a theme which directly connects with your product or industry in general. For e.g., if your product is related to the information industry then develop a theme which details out the hurdles and futuristic opportunities in information technology.

Invite the entire crowd around your brand like influencers, prospects and future prospects. Provide privilege passes for your brand to influencers who can use it to bring friends or family members to the event. This might even help in increasing the number of initial bookings. To reach your desired first-day sales target, you can provide one-time offers for attendees who book the products at the event.

We hope this post will help startups and business owners who are launching new products on the market within a shoestring budget. If you have any additional ideas, please let us know in the comments below.

 

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