Every retailer knows that marketing a new product or service is not easy. Other than the fear of failure, there’s the question of how much it will cost to generate enough buzz for a product launch to be successful.
According to Statista, the third top marketing challenge for marketing professionals worldwide is securing enough budget for marketing activities. And it’s little wonder why. An article by Fundera has revealed that 82% of businesses fail because of cash flow problems.
With limited funds, many businesses put their marketing activities on hold in a bid to save costs. But that could be a big mistake. The key is to market right and market smart.
Here are five creative and inexpensive ways to market your products.
#1 Get listed on top product curation websites
If your products are unique and exclusive, getting them featured on top product curation websites are a sure-fire way to drive significant interest and sales. Sites like Uncrate and Product Hunt boast a massive and loyal following and community of subscribers who love discovering new products.
What’s more, those who frequent these sites don’t just like looking at cool stuff; they like to buy them too. And with only highly novel items and selective products making the cut, there’s a high chance that whatever you’re selling might just end up in the news.
While getting featured on these top product curation websites isn’t easy, the rewards are more than worth it to try. One way to get noticed is to contact the website owners to tell them about your products and why you think they should be featured. Better yet, send over a sample so they can experience first-hand how unique and cool your products are.
#2 Drive interest with teasers and countdowns
Another great way to get people excited about your new products is to stir their curiosity. Offer sneak peeks, exclusive previews or even behind-the-scenes updates to build up hype before your product launch. Closer to date, create a series of countdown posts to generate buzz and remind your audience of the launch date. It just might go viral!
A great example of a teaser campaign is Birchbox’s launch of its latest beauty box, which features an image of a girl looking intrigued and a reminder to save the date.
#3 Start a blog
If you don’t already have a blog, now would be a good time to start. Blogging is a great way to promote your store and products. Besides providing your audience with product details and unique selling propositions (USPs), you can also publish useful updates, photos and milestones. Painting a picture of a lifestyle built around your products makes your audience more likely to purchase.
Updating your blog regularly also establishes you as an expert in your field, so people are more likely to trust your brand and products. Not forgetting the search engine traffic you can get from people who are searching for keywords related to your products.
Don’t forget to share your blog posts with your mailing list and social media followers. Who knows, your blog just might be picked up by the media or high-profile bloggers.
#4 Promote giveaways through micro-influencers
Giveaways are an easy and affordable way to market your products. Not only do your potential customers get to enjoy free samples, their posts and reviews will also help to convince others to make a purchase.
Partnering micro-influencers also drives higher engagement rates and conversions for a fraction of the cost as compared to top influencers. According to the 2018 Global Micro-Influencer Study by SocialPubli, micro-influencers have seven times the engagement rate on Instagram versus those with larger audience base.
More importantly, 82% of consumers are ‘highly likely’ to follow a recommendation made by a micro-influencer. That means, if you work with the right influencers, you can look forward to increased exposure, traffic and sales.
#5 Milk the media
When it comes to promoting your products, nothing works better than publicity. Getting featured by the media means free marketing and a potential spike in your brand awareness and sales.
While getting free publicity might be easier said than done, it’s not impossible. The most common way of getting your products featured is through a press release. Better yet, reach out to top publications in your industry and offer them an exclusive scoop. Remember, your materials should be comprehensive and professional looking. Journalists prefer to pick up stories that are easy to prepare.
You can also invite the press for a behind-the-scenes look or send them a video on what makes your products special and why. The idea is to present a unique and fresh angle; so do some research on what was covered before in your space.
Alternatively, get in touch with top blogs that are targeted at your niche. Many of these blogs have a page for you to submit product tips like this one from Mashable. If they like what they read, you’re in.
Promoting your products on a limited budget can be a challenge but it’s completely possible. All it takes is a little hard work, creativity and the willingness to think out of the box. Try it out today with Shoptiq's 14-day free trial!