How to Market a Product for Under $500

Know your target audience. The big guys have tons of money to spend on advertising, so they can run television ads during prime-time shows. You won't have that luxury, but you will have something more valuable: knowledge of your customer base. If you are trying to reach mothers of young children with your product, then you need to know what they read, where they hang out and what kind of radio station they listen to. Maybe the best way to reach this group is to sponsor a local sports team or fundraiser. Conversely, if you are selling a new video game for teenage boys, you will put together a much different marketing package. So consider your audience when you are making marketing choices; doing so will pay big rewards in the long run. Don't randomly buy advertising; instead, choose specific outlets that will both reach your target customer and save you money.

Use technology. Email is virtually free, and you should be using it to your advantage. Don't, however, make the mistake of becoming a spammer and sending out constant emails to potential customers. Instead, use email to communicate with your customers, update them on new products and specials, and even entertain them with an informative and interesting newsletter for your business. Unlike outdated mailings, emails are free to send and have a great return on the investment of your time. Another benefit of email communication is that it is very easy for each recipient to forward it to a friend or relative; you could easily double your audience with just a few clicks from customers. Have a company website that will be the front lobby of your business. Make sure you spend the time (and even money) to have an attractive, easy-to-use and interesting website, and the payoff will be huge. Be sure to get your web address out to as many people as possible, and put it on every piece of correspondence you use, every email signature and your business cards. People do follow up with a visit to a website that has sparked their interest; make sure yours will turn their curiosity into a sale.

Network, network, network. In business, it can truly be who you know that matters. If you are just getting your feet wet in the small-business world, you had better be networking to get the word out about your product. Even in this fast paced, technological world, word of mouth is the best advertising. You never know which person will be the one who will open the door for your new business and change your future, so tell everyone. If you are excited about your product, it will be infectious, and you will generate your own buzz--that's a win-win situation.

Use free press whenever you can. Get to know the reporters at your local newspaper, television station and radio interview programs. Send out specialized press releases that will entice them to see you as their next "expert" interview subject. Just be sure to word your releases in a way that does not make them sound like advertisements. Instead, use them to position yourself as the go-to person in the community in your specific interest area.