Five Product Launch Tips - How to Launch a Product with a Small Budget
Good things come in small packages – this is a very true statement. When it comes to launching a new product or service the general opinion is that bigger is always better, which often isn’t always the case. You can easily create a product launch on a very limited budget and see strong profits above what you would expect for the amount spent. At Your Favourite Story, we’ve worked with our clients to launch products for over 11 years. Our clients all have very different budgets and goals. Here are a few tips we’ve learnt when working on smaller budget product launches to ensure big return on investment.
1. Use PPC on your social campaigns and product strategy
You can spend very little and get a lot of engagement – Facebook is a great option for low cost ads. You can really stretch your small budget much further using PPC campaigns and the social media engagement tools provided to you through Facebook, Instagram, and Twitter. One reason most people shy away from PPC is because it can be a bit intimidating, especially for the first time user (or people with gambling habits). It can be really exciting to see the views and engagement build as you spend more and more. Setting a top line budget for PPC and spreading your spending across your campaign will ensure you build excitement and find a few more customers in the process.
2. Targeted audience content
Content creation is a great and cheap way you can boost your campaigns, this is where you can get really creative. One thing to remember is the importance of targeting audiences and creating content according to their interests. Many applications use this technique to stay relevant, keep their users engaged, and give extra value to their product.
3. Keep visuals in mind
Video content has blown up over social media, it can be very inexpensive to create digestible video content to share and promote your product or service. This doesn’t require a Hollywood director and a bunch of A list celebrities (it wouldn’t hurt either) but you can create a high quality product without having to blow your budget. For our Cow on the Roof project we used our internal team paired with professionals to deliver a great viral video, learn more here.
4. Social media influencers
It’s all about who you know!
This is the time to unleash the Influencers! These social media gurus use their connections to really get the word out. Once you’ve determined who your audience is one important thing to do is see where they get information and what they watch online. No, don’t call the Kardashians and spend a bunch – use your audience – who knows you may have an influencer who is a fan of your products already. Get people talking – offering a giveaway or exclusive access can inspire others to get the word out and start taking first steps.
5. Analytics Marketing Techniques
Don’t forget to measure what you’ve done, get all the data you can in real-time and measure the effectiveness of your campaign as it progresses. If one channel is working better than another, move more of your campaign budget into this channel. If something isn’t working, the numbers will tell you and you can react quickly to keep your campaign on track. This could involve reviewing the placement or your ad, how it’s shown – such as time of day – or changing the creative within your ad.
However, as there are a lot of elements to juggle at a critical time, don’t get distracted. Always keep both the short and long-term goals of your product launch top of mind and review progress with your targets.
We love a good launch so if you need help devising product launch plans, setting campaign success targets or measuring and reporting campaign effectiveness, give us a call for free advice.