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3 Cost-Effective Tips for Marketing Your Product-Based Business

With many companies plowing as much as 10% of their annual revenues into promotional activities, there’s a lot of money on the line whenever a new product is being introduced or a long-standing offering is being relaunched.

Rather than going all-out and disregarding the price of your marketing efforts, it’s savvier to be frugal wherever possible. If you’re not sure how to achieve this, stick around and we’ll bring you up to speed on a few tried and tested strats.

Using Micro-Influencers to Boost Product Visibility

Want to get your product noticed without breaking the bank? Look no further than micro-influencers. Despite smaller follower counts than big-hitters, they can have up to 60% higher levels of engagement because their audiences see them as relatable peers rather than celebrities.

Here’s how you can use them effectively:

  • Identify the Right Influencers: Find influencers whose followers align with your target audience. Use platforms like Instagram or TikTok to discover these niche creators.
  • Build Genuine Relationships: Reach out with a personalized message. Offer something of value, whether it’s free products or exclusive discounts. You could even use personalized packaging to send out your products to them, and there are all sorts of options in this niche. From reusable bottles to joint tubes, showcasing your wares while appealing to the individual influencers you want to partner with will work well from a relationship-building perspective.
  • Create Authentic Content: Encourage influencers to share real experiences with your product rather than scripted ads. Authenticity resonates better with audiences and builds trust.
  • Track Engagement Metrics: Monitor likes, comments, shares, and overall engagement from influencer posts to measure success. Tools like Hootsuite can help streamline this process.

Harnessing User-Generated Content for Authentic Promotion

User-generated content (UGC) can bring immense authenticity to marketing efforts, and doesn’t have to cost a lot either. But why focus on UGC? Well, it’s real people showcasing real experiences with your products. Think of it as modern-day word-of-mouth – when potential customers see others enjoying what you offer, they’re more likely to trust you too. In fact, 96% of people give greater credence to recommendations from real people rather than raw marketing hype.

Here’s how you can harness it:

  • Encourage Reviews and Testimonials: Ask satisfied customers to leave reviews or share their stories using your product on social media.
  • Create a Branded Hashtag: Develop a unique hashtag for users to tag their photos and posts. This helps aggregate content and builds community around your brand.
  • Run Contests or Challenges: Incentivize UGC by hosting photo contests or challenges that encourage users to showcase creative uses of your product.
  • Feature UGC in Marketing Materials: Share customer photos, videos, and testimonials on your website, social channels, and email newsletters. This adds authenticity to your marketing mix.

Crafting Engaging Video Content on a Budget

Think video marketing is too pricey? Think again. You can create captivating videos without emptying your wallet. But why invest in video content at all? Put simply, videos engage viewers more effectively than text or images, driving higher retention rates and boosting conversion rates, with short form content being cited as the most engaging by 66% of people.

Here’s how you can leverage it inexpensively:

  • Use Smartphone Cameras: Modern smartphones have high-quality cameras that can produce professional-looking videos. No need for expensive equipment.
  • Leverage Free Editing Software: Tools like iMovie or DaVinci Resolve offer powerful editing capabilities at no cost, allowing you to polish your content easily. Also consider tools like CapCut to add a dash of AI magic to the editing process without paying through the nose for the privilege.
  • Focus on Storytelling: Instead of fancy effects, focus on compelling narratives. A good story resonates more with viewers than high production value alone.
  • Utilize Natural Lighting: Shoot videos during the day using natural light to enhance quality and save money on lighting equipment.
  • Create Tutorials or How-Tos: These types of videos are highly engaging and valuable to your audience, providing them practical insights while subtly promoting your product.

Final Thoughts

Micro-influencer partnerships, UGC schemes and video content are the three pillars of cost-effective product marketing today. So even if your budget seems restrictive, it could actually be the thing that frees you to think innovatively rather than expensively.

Originally Appeared Here

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Early Bird