How to Create a Product Launch Marketing Budget
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Making sure that your marketing budget is properly targeted is critical to your bottom line. Additionally, pairing your product launch with other updates is a wonderful way to draw more attention to your company in general. Your product launch budgets can be more efficient by getting specific about how your new offering will increase the value of your company to your clients.
Define Your Next New Product
Your new product may have sprung up from requests from clients, or it may have sprung, fully formed, from your own head. Before you can start to define a marketing strategy, make sure that you've actually got a working definition of
- exactly what your new product or service is
- why it was created
- how it will help your existing clients
- new markets you may be able to help
If your new product is a great add-on for an existing client base, your marketing budget may be able to stay pretty lean. If your new product greatly enhances your current product line or services, you may want to ramp up a huge marketing campaign to promote both existing products and your newest offerings to a brand new market. Having a comprehensive definition of the new product will make it easier to create a logical launch budget.
Gather Data From Clients
Now is also the time to check in with existing clients. How many of your clients are doing everything they can to avoid your emails because they're tired of being buried? If your current marketing campaign is snowing people under with flyers, emails or social media messages, it may be time to take a breather so your new launch is framed by a bit of electronic silence.
Schedule Out Your New Product Launch
Study up on how other online business leaders distribute information. The product launch formula book by Jeff Walker provides great ideas on how to generate a standout introduction to what you are offering.
Plan out your launch to generate curiosity. While making sure that your new offering is a "google-able" term, put in the work to boost your search ranking so you get to the first page, if not the first query. While getting your name and your new product out there, make sure you also share your expertise.
Decide How You Will Share the Information
In addition to an email marketing message for existing clients, consider generating events that show your skills and expertise, such as
- blog posts
- personal appearances
Once you expend the dollars to create the videos and put in the resources to generate blog posts, look for businesses you can partner with. Your email campaign will obviously not be as costly as a hosted in-person event or an educational webinar. You can use your social media channels to share information about your new product for very little cash. Your created videos and blog posts can also be offered to a larger pool of shoppers by agreeing to serve as a guest on another business' website.
Putting money into your marketing budget for just one product or service may not feel very efficient. Can you pair your new product launch with another big change in your business? Create a new logo and share the story. Create new business cards and stationery so you have a great reason to send out hand-written notes with a discount offer or a coupon to share with a friend.
In the end, a happy client is one of the best marketing tools that you can use. Keeping them happy will keep them reliable. Keep offers for discounts and breaks flowing. For example, you may be able to offer
- free gift wrapping
- free shipping to a friend
- a discounted birthday wish list
Your newest product launch is a great time to rebuild connections between your business and previous clients. Many people are having personal budget challenges right now. If you can offer your client base a new product line that will expand their personal stock of your products for a better price, you can maintain that relationship until their financial situation improves. Your new product launch can strengthen your ties with your community.