How to create a successful product with a limited marketing budget
When you start a business you need to prepare yourself facing ups and downs situations. Being a business owner, you will sacrifice both money and time. In addition, a strong team is required to run your business. In the first time, if you develop a tech product, you may help a developer team which consist of product manager, technical lead, and some developers. Hiring freelancers will be beneficial to make your progress work faster. Or partnering with a software development house will be very helpful especially in launching your MVP. Those will be a little cosy.
Advantages of hiring a freelancer
Hiring a freelancer to do the job will be cheaper than transferring the project to most companies (except for offshore).
- Speed and flexibility
A freelancer is not tied to a Mon-Fri, nine to five schedule. They can work more (or less) than eight hours a day. The freelancer has more freedom than the office worker — they can choose their own project and work on it as quickly as they want.
Freelancing is a business. To draw the attention of customers, a freelancer will have to constantly educate themself and do everything possible to stand out from the competition. Therefore, most freelancers are constantly evolving and so, improving projects they’re working on.
Advantages of partnering with the company
- Reliability and support
Many companies have IT consulting, and some even provide a warranty on the code, thus confirming its quality. In addition, the development company manages the project so that the client has less to worry about. The client gets more out of it, and so the bill will be larger.
Development companies try to maintain constant communication with the customer. The client has a guarantee that the developer will not disappear in the middle of the project.
- Transparent pricing
Companies provide the total price for their services with a step-by-step plan of action, including the hours allotted for each stage of development. The client knows what their funds are to be spent on and what features they will receive.
But how about you want to develop a tech product with only a minimum budget, is it possible? Yes, it can. Here are some tips on how to create a successful product with a limited budget.
Tap into your local entrepreneurial ecosystem and network
When you have many connections, you get a lot of chances to share and promote your products. It is not only about selling your product but also about branding. Getting into the local community can help you to find a partner or business insight. A business owner once can be a speaker in an event which means it is a golden opportunity to promote your business.
Pay attention to social media
Who doesn’t have a social media account? Today, social media becomes a primary source of getting information. Building your brand awareness in social media is something that you can’t miss. As soon as you define your target audience, create your company’s social media account. If your target audience is Business to Business model, then a Linkedin is better for you. Try to follow people who are founders and cofounders and make an interaction. Don’t forget to share an article that relates to your business. Sometimes, you need to write soft news like trending news on social media.
Build a mailing list
Creating a list of email subscribers will help you use email marketing to attract high-quality leads. The easiest way to build your mailing list is to include calls to action in your material that encourages readers to subscribe. You may also sell “carrot content” — that is free content that you give away in return for signing up, like an ebook or white paper.
Create a content
Your content also forms a large part of the SEO and draws future users to your website. The content you produce should be industry-specific and give your audience value by answering their questions and solving their problems. Content can be:
- Blog posts
- Case studies
- White papers
- Viral images/videos
In sum, developing business and new product with no marketing budget has never been a better time. In the age of search-available social networks and internet content, there’s less need to rely on costly advertising to broaden the reach of your product.