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:

  • 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.

  • 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.

  • 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?

  • I’m talking to a marketing person. I expect $1000 cost but I don’t really know what to expect from that.

  • 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!

  • Tactic_bookkeeper@alien.topBEnglish
    1·
    1 year ago

    It’s great that you’re taking on the challenge of creating an MVP and diving into various aspects of your business. We are sailing the same boat as I also have a product (digital magazine) that I have just published and I am also following the following steps.

    1. Optimize Your Amazon Listing:

    • Ensure your product listing is optimized for Amazon’s search algorithm. Use relevant keywords in your product title, bullet points, and product description.

    • Invest in professional product photography. High-quality images can significantly improve your conversion rates.

    • Encourage customers to leave reviews through follow-up emails and excellent customer service.

    1. Social Media Presence:

    • Create social media profiles for your product and share engaging content. This could include behind-the-scenes looks, product tutorials, or customer testimonials.

    • Consider running targeted Facebook or Instagram ads. These platforms allow you to reach specific demographics, increasing the chances of reaching potential customers.

    1. Content Marketing:

    • Start a blog or create content related to your product. This could be how-to guides, industry news, or anything else that adds value to your potential customers.

    • Share this content on social media and use it to drive traffic to your Amazon listing.

    1. Influencer Marketing:

    • Identify influencers in your niche who might be interested in your product. You can send them free samples in exchange for a review or a mention on their social media channels.

    1. Networking:

    • Connect with others in your industry. Attend relevant events, join forums, and engage with online communities. Networking can lead to valuable partnerships and collaborations.

    1. Referral Program:

    • Implement a referral program to encourage your existing customers to refer their friends. Offer discounts or other incentives for successful referrals.

    1. Email Marketing:

    • Build an email list of potential customers. Offer a discount or other incentives in exchange for their email address.

    • Send out regular newsletters with updates, promotions, and valuable content.

    1. Monitor and Adjust:

    • Regularly track the performance of your marketing efforts. Use analytics tools to understand what’s working and what’s not.

    • Be ready to adjust your strategy based on the data you collect.

    Remember, the success of your MVP is not just about immediate sales but also about learning what works and what doesn’t. Be adaptable, and don’t be afraid to pivot your strategy based on the insights you gain from your initial efforts. Good luck with your MVP!