Six budget product launch tips that really work
Launching a new, revolutionary product into today’s demanding marketplace can either be a fiasco, an incredible journey, or both.
With proper planning and patience, it can be a fun, exciting, and rewarding endeavor for you. To successfully launch a new product, business owners must create a marketing strategy, perform market research to identify the target audience, and determine how your new product will reach them.
Provincial data showed that New Zealand has more than 560,000 enterprises registered, which showed an increase of 0.5 percent from 2020.
As encouraging as these stats are, it is easier for companies to launch new products. But, while companies have the budget to spend millions on marketing campaigns, launching products on a budget can be challenging.
Keep in mind that around 60% of new product launch ideas never even see the light of day. What’s more, of the 40% that do, only 60% generate enough profits to be viable.
Six budget product launch tips that really work
That might be worrying, but that doesn’t mean you should avoid putting out a new product in the market.
We’re here with a few product launch tips that’ll help you make an impact while keeping a check on your wallet.
Organize a Pre-product launch giveaway
One of the easiest ways to create a buzz is via contests and pre-product launch giveaways. For example, you can book space in a shopping mall, put up a stall and start distributing merchandise or savories to make the event memorable.
Since New Zealanders have a sweet tooth, why not take advantage of it by giving out promotional sweets, chocolates, and mints?
To start, try searching for the term promotional lollies NZ on Google to see more ways of making your audience more receptive to your marketing schemes.
This move will present you with an opportunity to connect with potential customers and be more memorable for them when choosing products from a shelf.
Ask influences to post product reviews
Before consumers decide to purchase your new product, most of them will look for proof of value and does what it says.
Since there are limits to what you can do with a typical marketing technique, ask yourself, what do consumers do when buying a new product? The answer is simple; they take to the internet and read what other individuals say before making the final decision.
According to research, around 90% of customers look at online reviews before purchasing a product. On the other hand, approximately 59% of these consumers make buying decisions based on suggestions from trustworthy resources.
Consider partnering with a couple of influencers from your target niche and asking them to post product reviews on their social media pages. Try working with those who have a broad reach in your target niche.
Why? Product reviews posted by influencers will help win customers’ attention, create anticipation and start conversations.
Leverage crowdfunding platforms
Despite being on a tight budget, you did develop a new product, which will result in you looking to cut costs at the launch ceremony.
To ensure your product launch goes as smoothly as possible, take advantage of numerous crowdfunding platforms available online.
Why? Crowdfunding allows you to create and connect to a network of individuals who have or might have invested in product development.
They can act as effective brand advocates and help you promote your product launch to followers, friends, and family members without you even asking for it.
Utilize social media countdowns and teasers
Social media platforms are relatively inexpensive and effective when you’re trying to promote a new product launch. But you need to use it properly to get the results you desire.
How? Start by giving your followers behind-the-scene updates about the new product, exclusive previews, and sneak peeks of the product being manufactured.
Furthermore, remain as cryptic as possible with images (teasers) related to the new product, asking your consumers what they mean.
Furthermore, when the launch is only a few days away, update cover photos and profile pictures with numbers counting down the product launch day to create excitement and hype around your product launch event.
Invite influencers to your product launch
If you’re looking to partner up with influencers, you should organize an event specifically for them a couple of days before the actual product launch event.
This will allow them to share videos and photos of the event with their followers, boosting your launch marketing efforts. In addition, when influencers share their experience, they will intrigue their followers who will want to try out your product. It’s a win-win.
Take the example of Target, which partnered up with influencers to promote their launch event. Target introduced the new Victoria Beckham clothing line.
The content generated from influencers saw thousands of comments and more than half a million likes. Due to this, the entire clothing line was sold out within hours.
Allow consumers to place pre-orders
Another inexpensive and excellent way to create buzz for your new product launch is by allowing consumers to place pre-orders for the new product.
When you provide the option to make a pre-order, you’ll be making an early sale without making consumers wait. This also helps give discounts to attract buyers and encourage customer retention who will look for more deals and discounts from you in the future.
You don’t need a launch event as big as Samsung, Apple, or Tesla to be successful, and being a copycat will never be a sound strategy, no matter how tempting it is.
The fact of the matter is that you need to plan your launch according to the audience you’re catering to. One of the best and most effective ways is to think from their perspective.
The content you use, the platforms you choose, and the timing must be spot on to see lucrative results.