The biggest mistake entrepreneurs make is that they spend too much money and even their savings in order to successfully launch their product.
The fact is that sometimes launching a new product needs to be done on a shoestring budget.
Trying to create your product and launch it without sinking your savings can seem like an impossible task, but don’t worry, it isn’t.
Now to actually get started, here are some ways 123Financials – An Accountants in east London sharing that you can use to launch your product without sinking your savings,
1. Drip feed your content
You don’t need a polished and perfect product in order to launch.
Essentially, you can launch your product with a small amount of content and create as you go.
This allows you to adapt and change the product, that means you won’t waste your time and money on a product that might not sell or that needs significant changes.
Don’t make the mistake of thinking that you need a fancy product. You don’t.
Remember that the simple is not the same as sloppy.
Also before launching your product, figure out the answers for several questions like,
- What is the demand for the product in the current market?
- Is there a competitor?
- Will someone pay for it right now?
2. Do stuff for people, for free
It might seem like a pain to be doing things for free, but this can add incredible value to your product in the long run.
Want to build a community? So, approach businesses that have already established their community and ask how you can help them.
This might be through offering the product that makes them look great, but also exposes you (and what you have to offer) to their big audience.
This is one of the great ways to build relationships. If you’ve got no budget, you need relationships.
3. Market research
If you have not done your market research before now, you need to spend enough on market research.
The result of this research can help streamline the channels you would use to promote your product, rather than just using different ones that would cost you a lot and would not bring maximum result.
4. Get free traffic through the social media
You probably knew social media had to be on this list, right?
I am going to assume that you have already been using social media in order to build a targeted audience online.
If you have regularly been sharing the information with your followers and social media friends, and your product helps them solve their common problem. Then, it will act as an acceptable proof of concept.
Here are some ways to entice your social media followers to click through to your site and buy your new product!
- Build excitement around your launch by changing the social media cover photos to ‘coming soon’ pictures.
- Hint at to your product in the weeks coming up to the launch. Also, create a sense of mystery so your followers cannot wait to see what you are launching!
- Create the short video you can share on YouTube and your other social media properties as part of the launch.
- Partner up with some other complementary businesses in your niche to promote or advertise each other’s products.
- Hold a giveaway in order to generate a buzz around your product.
5. Make use of employees & contacts
Your employees are ambassadors of the company and as well the product, so they can help promote it on personal platforms, mouth to mouth, and so on.As a business owner, launching your product is also a personal task, you would need to publicize it personally to people within your contacts and also ask people that can to help publicize it.
Mouth to mouth advertising is slow but also has an effect on the overall publicity and product lead generation.
6. Keep a note on pricing
If you’re on a shoestring budget and do not want to sink your savings, you need to ensure your pricing allows you to be self-sustaining from the day one, or at the very least, not losing you tons of money on each new user.
That is a delicate balance between low pricing to entice new users and pricing high enough to be sustainable, even profitable.
Look to the market, competitor pricing, and talk to your customers. It’ll take some trial and error, so don’t be afraid to experiment.
Final thought
By keeping in mind points mentioned above, you can launch a new product in about a month, and hopefully make your first sale.
But the best part is, even if it doesn’t work, you’ve learned a priceless lesson and risked little or no money.
Don’t spend a single red cent that isn’t absolutely required when launching a new product! See if your idea works first, and then spend AFTER you’ve made your first sale!
