We think you can, but plan carefully.
While some product launch consultancy experts maintain that large piles of cash are integral to a successful product launch, others claim that going about it on a budget is utterly achievable. If your money pool is looking a little worse for wear read on for some great tips on how to launch a product on a budget.
When budgets are low crowdfunding can be a fantastic way to generate capital and drive a product to consumer shelves. According to the latest statistics from The Crowdfunding Centre equity and rewards based projects boosted the UK economy by a huge £9m in 2014 Q1. This represents hourly cash injections of £1700. Tapping into this lucrative sector can be a godsend for cash strapped businesses.
Social media has completely transformed the face of contemporary advertising, with the Internet Advertising Bureau UK recently revealing that almost 80% of Brits make purchases based on a brand’s social media presence. As well as being 100% free, sites such as Facebook, Twitter, Pinterest, Instagram, YouTube and LinkedIn are incredibly powerful marketing tools that should play an integral role in any budget constricted product launch campaign.
First seen in Jay Conrad Levinson’s 1984 book ‘Guerrilla Advertising,’ guerrilla marketing is a low cost and unconventional form of advertising fuelled by high energy, passion and oceans of excitement. Think viral videos, catchy hashtags, sticker bombing campaigns, flyer posting drives and more. When executed correctly, guerrilla marketing can take a small budget and transform it into a galvanising product launch campaign. The Blair Witch Project is one of our favourite examples, produced by a quintet of University of Central Florida Film Program graduates with a seriously dismal budget. Thanks to a mysterious internet campaign spreading rumours about the fabled ‘Blair Witch’ the film went on to gross US$248,639,099 worldwide.
Get influential bloggers on board
Far too many marketers underestimate the power of securing exposure on the website’s of high profile bloggers. Writers are always on the search for intriguing content that will keep readers returning for more. If your product hits the mark you could use this concept to secure yourself some free and effective advertising.
Utilise free tools
With a little research you’ll soon find that the internet is brimming with a plethora of free or budget friendly tools that will help you create a winning product launch campaign. Survey Monkey is a fantastic place to gather market research, Google AdWords will help you find out exactly what your target audience is searching for, WordPress allows you to build your very own product specific website while freelancing sites such as Odesk, People per Hour and Elance are great places to hire expert help at a fraction of the cost.
Armed with these cash conscious tips you should be able to create an economical product launch campaign that puts even the biggest of budgets to shame.