Launching your products without using your entire budget
One of the biggest expenses you will take on is a new product launch. You want to try and acquire publicity for your new product in order to inform your customers and peak their interest in your company. If you don't have the money to spend on a product launch, it can be hard to get the publicity you need to get your target audience to start buying your products.
Part of launching your product comes down to your ability to create something that is going to attract attention from your customers and get them interested in becoming a loyal customer. An easy way to attract attention is by adding color to your products or to the packaging. Something as simple as a touch of yellow or green to the package will start instant attention from the customer and it's a great way to get them initially interested in your company. Don't forget color with the marketing message as well. Without color, it will be harder for your customers to see the ad, which could cause you to lose money.
Know your Target Audience
When you are launching a product, you need to know the audience you are dealing with. Why do these customers have an interest in the product? What need is it going to fulfill for them? Before you even start designing a marketing campaign you need to sit down and research your target audience so you can figure out how to create products and a campaign that appeals to them. Online social media sites are great sources of information for anyone that is seeking to learn more about their target audience. This is a wonderful way to save money as traditional market research studies cost thousands of dollars. Another way to learn more about your target audience is by asking your customers for feedback. When they contact you or when you are interacting with them in your store, you need to ask them a few questions. Some customers will even fill out surveys if you can provide them with some type of value for their time.
A great way to launch your product without using all of your marketing dollars is to use online marketing. Online marketing like social media networking, email, blogging, and advertising on your website are free. They are a great way to make an announcement to your loyal customers as many of them will probably follow your company on social media sites. Look into other forms of online marketing you can use that will help to launch your new product without breaking the bank.
Do a Test
To find out how your new product is received by your customers, do a small test of your product. Send out some free samples to loyal customers that generate a large amount of revenue for your company. They are a great asset to your company as they can help you identify what customers are looking for and what information you are seeking out that is interesting to them. Observe your customers that you have sent the product to and see what their reactions are to the product. What did they like? What attracted them? As you learn about them, you will find new ways to market to the rest of your customers to launch your new product.
Finally, make sure you can afford to do some print marketing. This type of marketing can get expensive but it will help you as you attend conferences and other events and you need a little postcard or brochure to hand out to tell people about your new product.