Effective marketing - without the HIGH costs!

Advocatus

Hi chaps

Two friends have approached me asking if I would like to invest in their business venture.

The idea sounds ok, they have thought of a fairly original (though perhaps a little specialised) product and seem to have a target market but I have concerns.

What's the point of having the best idea no-one has ever heard of?

The part where I have a lack of confidence is in how they are actually going to get word around. They don't have a big budget and can't afford tube ads, TV or radio. I doubt they could afford a proper newspaper either.

If I went on board, I would want to do so on the basis that they let me contribute to any success and let me have some small share of equity. I don't have their product background, so where I thought I could be useful would be in marketing.

I have a few ideas, but they're perhaps a bit ropey!

Could you guys suggest, good (preferably free or very cheap) ways to get the word out
(1) online and
(2) Physically
within London (that where their office is based) about a new business idea.

If it helps, they'll be selling products and it will be via their website only (given they have a low profit margin and don't want to go to shops to start as I understand it).

They're the creative types and don't really understand the importance of marketing, which I certainly do, even if I have no real experience of it.

Wutang_2

http://www.ukbusinessforums.co.uk/forums/showthread.php?t=32162

Advocatus

Wutang wrote: »

http://www.ukbusinessforums.co.uk/forums/showthread.php?t=32162

Thank you for that!

Hopefully, we'll get a few more suggestions as well!

paulwf

Hi advocatus,

Can we have some idea about what the product is and what the price point is please? I know some details have to be kept confidential but it should be possible to give most of the details - without that it is impossible to give good advice.

wizardfool

business balls website has loads of good free marketing advice

davr_2

Both methods of selling are entirely different and require experience.

If they believe they can put a website up and visitors will come, they are mistaken. That attitude was fine 12 years or so ago but in today, your competitors are online also and you need to stand out.

There are 3 of you? and 3 of you will want 'profit' from the business. The more people involved, the more money it has to make to support your.
Have they made a projection of sales or business plan?
Is the product viable to sell online?
How will Shipping and Despatch be handled?
How will Billing Be handled?
Will the website require a shopping cart?
Who will design, promote and host the website?

The website will require designing 'correctly' and even more importantly, will need optimising from an SEO point of view to get visitors. This is the most important area. Unless any of you have commercial experience in this area, it will cost you. With competition these days, operating a website requires a professional to do the work and not a 'buddy' doing it as a favour or on the cheap. Even then, you need to look for a reliable company which actually knows what it's doing.

In simple terms, if they can't afford a newspaper ad, then they can't afford a commercial website.

Advocatus

Thanks all, I don't think I am going to proceed with them after all.

goonerAFC

I will still give my input for others that may need the help. Social media! If you can get people talking about your product/brand on twitter 99.9% of your work is done!