How to Market A Product on a Low Budget
Steps To Be Taken Before Creating a Product
- Determine your budget
This is a starting point of any project. Set up you budget to know exactly how much you can spend on your campaign.
- Identify your market niche
Probably, any person believes that everyone will love his or her product from the first sight. Unfortunately, this is not working that way. Only a part of your target auditory is will be interested in your product. The rest will just browse it through. So if you want to create a product that is useful for everyone, you will simply waste your money and time. Identify you specific market niche and go for it. Here are some tips on how to do that: 1. Ask yourself what unique features your product offers to your customers? 2. Find out how many similar products are there on the market and what makes them special? 3. Determine if your product is affordable for your target audience? How many potential customers are there in your market niche?
- Find a vendor
Find a reliable web development company and hire them to build a product for you. You can either contact your local company or explore the world’s top outsourcing destinations (for example, Ukraine).
- Set metrics and estimate conversion
Trying to measure everything can seem to be a way to quickly accomplish your business goals. However, this belief is a common mistake. Your metrics should be accurately measurable and specific enough to focus on the most important success indicators. Then, assign conversion rates and values (for e.g., the number of new visitors) to know if your project is growing.
- Create a list of keywords
After identifying the market niche, you can now start determining keywords for your project to make it easy for your audience to find it online. First of all, define briefly what it does and hence what would an individual type in search engine to find it. Try using Google’s Keyword and Uber Suggest to find the right keywords that already send traffic to your website (if you have one).
- Use social media platforms
Social networks are one of the most popular methods to reach your auditory and promote your business. They are invaluable to any project, be it an app or a small corporate website. Pick the appropriate social media channel (Facebook, Instagram, Twitter, etc.) and start telling people about your startup. In addition, it is important to know the optimal time for posting. Based on our experience, we recommend the following scheme: Facebook – 12 p.m. EST, Instagram – 4 p.m. EST, Twitter – 6 p.m. EST. Furthermore, it is now time to use those keywords you prepared at the previous step.
- Create a Blog
This is about publishing a high-quality content to the right audience. To build a simplest blog, we would recommend to use WordPress platform. It is absolutely free and allows building a blog within several clicks.
- Prepare content
After you have created a blog, you might start thinking of filling it with content. Whether you prefer hiring a copywriter or writing it yourself, here are some basic steps to consider: 1. Create a list of topics containing ideas and short descriptions 2. Try guest posting. It is a great method to create an online presence 3. Set up a newsletter on your website
- Use Analytics
It is impossible to measure success without the right analytics. Instruments like Google Analytics or KISSmetrics will be of use for you in this case.
- Generate new ideas
All successful projects are created upon creative ideas. And it is not just about optimizing and iterating your startup. It is more about living with your project. Here are some tips on this matter: 1. Tell all people you know about your project. And of course share this information via social networks. 2. Be a storyteller. Prepare a compelling story and tell it to everyone. This is the most powerful sales instrument. 3. Start selling your product. Pay your customers’ attention to what makes your product perfect for them and how it can solve their problems. To sum up, the process of product development and promotion is not as easy as it may seem from the first sight. You will encounter many pitfalls along the way. Many genius projects have failed due to a lack of media attention, client awareness and poor strategy. So use all your resources, be creative, and your business ship will set sail to success.