I posted in r/entrepreneur but didn’t get any notice. Hoping someone here can give me some advice.
So I’ve to created an MVP product in my industry as a learning experience - a trial in everything I know nothing about. Marketing, ads, sales, etc.
I know my industry very well but I’ve not had to wear many hats, so to speak. I’d love to get some advice m
What should I be doing to get this product noticed?
A few considerations:
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My industry is low margin so I don’t want to throw a ton of money at it as it will likely be slow return. I’m thinking maybe $2000 and seeing what that returns. I chose this sum as its a trial project and learning experience. However, I can increase if value is shown.
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My industry is dominated by amazon so listing the product there is enough for this trial (and my focus for kickstarting this project). Potential for other lower return areas in the future but would take some man hours to get going.
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The product is on its own; just like a fresh company would be doing. It’s the first product to hit the shelves.
Where am I now?
- The product is created, shipped, and ready to list.
- Profit is low at around $3.20/unit
- Category sales are low. I’ll be happy with 50-100 units a month, though research shows could be up to 250 units by similar competitors.
So what do I do now?
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I’m talking to a marketing person. I expect $1000 cost but I don’t really know what to expect from that.
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I’m researching ads. Using industry rates, I hear $300 a month (separate budget to 2k mentioned above) is good for new product and to increase once key words are determined. I expect 3 months then adjust budget according to results.
What else can I do? I have about $1000 budget room left for this learning experience.
I’m keen to get insights 🙏 Thanks!
Without much context into what the product is, I’ll speak generally. If it’s a consumer product then I think it would be a good idea to get your product in front of as many people as possible starting with those around you - family and friends. Are they target users of your product? Social media is also big. Create a tik tok account, instagram account, facebook, etc. post youtube videos explaining how to use the product and recycle them to all other socials. if it’s more of a utility (i.e. soap, dishwasher pods), then selling through amazon might be the best bet. good luck!
Thanks! Yes it’s a consumer product. A low cost stress/anxiety relief toy. Target audience would be the adults using fidget spinners, infinity cube, colouring book, that sort of thing. Like ‘an activity a day keeps the anxiety away’, if that makes sense. It’s a little weird but I’ve done some consumer testing and seems to get a lot of appeal.
Is the socials stuff something I’d expect from the marketing person or that I would do myself/hire out elsewhere?