How to launch a product economically?

Products can succeed with shoestring marketing budgets, with sharp positioning and sharp product target markets. The main point is to overcome the attraction to go for mass markets when marketing budgets are low. By developing narrow spectrum markets, one creates a nucleus of loyal customers who can be managed well. Scaling up of operations can be done any time depending on the marketing monies available.

Target markets are geographic segments, or demographic segments, or lifestyle segments. Correct segment identification is the key to value for money product launches.

I think this is important as the application of the product will decide the demography that the product will be utilised in to the maximum. The demographic study will give us an idea of the spending habits and the purchase power including the where whittals.

Such an indepth when strengthened with some good dip sticks will open the ideas for the strategy and consol;idate the positioning. That in itself will reveal whether the product needs an online visibility or offline visibility. According to me, most products which have a direct consumer appeal should go for a ground activity fortified by online media for sustainence of the product in the market. Ground activiation is relatively cheap and has the thrill of direct interaction with consumers and laced with exciting gifts and offers you have a PRODUCT LAUNCH that is relatively cheaper!

Thanks for the referral Himanshu. :))

Thats one way to do marketing economically, Becuase you just need please to talk about you product.

Advertisement play a very vital role in launching a product into the market. A famous quote " Half of my advertising cost is wasting but i don't know which half" Use the cheapest mode of communications like printed calenders, wall paintings etc.. By doing this we can lower the cost of advertising and the intensity of the ad is high.

The cost effective way for inducing people to talk about your product, let them follow you product on twitter, and have a community on famous social networking sites and let your employees discuss your product at this platform in a controlled way.....

In order to launch a product economically off course there are certain factors which are to be taken into consideration.

1.Select the segment for which your product is suitable and target the marketing mix according to it.Position the product into the target segment.

2.Now you have to decide that which media of communication is most visible in the chosen target mass. T.V, radio are all costly means and if the product is for those where these forms are less reachable and are affected by noise then you have to go for newspaper advetorials but then you have to be conscious about the literacy levels and the medium of language..like hindi locals, marathi locals or the ads given will be effectively followed.

3.You can place banners, kiosks, hoardings and other outer forms of advertisements or arrange a road show to demonstrate your product.

4.You have to place your product in the retailer's shelf because often the retailers determine to reach the product to the consumers and you have to go for mystery shopping to see what is the consumer's reaction to your product.

5.For pricing you can go for skim/ penetration strategy .Penetration strategy is the best one because you can gain up if you see the demand is increasing with the product life cycle.

6.Once the word of mouth publicity id generated then it will act as the cheapest form of advertisement.

But in the initial stages you have to go for the television ads since most of the consumers go for t.v and also the frequency and reach is greater in case of T.V.To do it economically you can place it in the local channels like strip ads.Once the brand is visible to the viewers or once they are aware of your brand then you can change the ad strategy to posters/glow signs...

With the developing product life cycle the expenditure on ad also decreases.....

Which media vehicle would you recommend ? And how to go about it?