The pandemic is a challenging time to offer a new product in the market. But entrepreneurs don’t stop being entrepreneurs when they’re facing huge obstacles. They normally stay positive and find a solution to a problem to be solved. They also look ahead into the future and see what they can do to help their business. And lastly, they take risks.
So, if you want to launch a new product, you should have an entrepreneur’s mindset and move forward from there.
Find a Problem to Solve
Being positive in the middle of a pandemic is easier said than done. People are facing different issues and obstacles to overcome. In this situation, you may also want to look at these issues and obstacles. They may be your ticket to finding the next product you want to offer in the market.
So, the first step you need to do is to find a problem to solve. Your solution will be the product you’ll sell in the market. For instance, people will find themselves staying home during the pandemic. This means they have a lot of time in their hands, even if they’re working from home.
You can try to find a product that they can use during their free time. You can focus on different things, such as fitness, food, barbecue, and other activities that people may do at home. Once you find a suitable activity, find a product that best fits this activity. Don’t just find any ordinary product. You should find something that stands out and will likely attract the attention of consumers.
Another option is to offer products that people need. These days, it’s good to have sanitizers at home. Or you can opt to offer ultraviolet (UV) lights or lamps people can use to sanitize items before they enter their homes.
Whatever the product you’ll offer, it should solve a problem people are facing during the pandemic.
Since this pandemic has affected everyone, it’s always advisable to be sensitive to your market’s needs. For instance, luxuries will likely take the back seat when it comes to purchases people will make at this time. While there may be a few who can splurge on these items, you should consider your market before offering these products.
If the products you’re offering are necessities, you shouldn’t price them out of the reach of your market. For instance, the demand for sanitizers may be high, but you should sell it double the price you got it. You can consider the cost of the product, shipping, and profit when you set the price.
Even as it should be affordable for your target market, you shouldn’t also end up with nothing. After all, you’re launching a product to make money. Try to look for the middle ground where both sides win. You earn a profit while your customers can afford it.
Be Creative in Marketing
Even though you already have a product and are selling it at a reasonable price, it doesn’t mean you end up selling the product like hotcakes. You still have to market the product. But marketing these days isn’t like the way it used to be.
It would be unimaginable to set up a pop-up in a store drawing huge crowds that are curious about your product. This is something you shouldn’t do. The Centers for Disease Control and Prevention (CDC) set guidelines for businesses to follow to prevent the spread of the virus.
At this point, you may have to consider virtual marketing. You can set up a social media page and take advantage of the fact that more people are online these days. Instead of a physical launch party, you can do it virtually through videoconferencing software.
Digital marketing is another answer to this problem on how you can market your product. If you’re unsure of the latest digital marketing trends, you may want to connect with a digital marketing company, such as MJI Marketing. These companies typically update themselves on what’s new in their industry. By letting them take care of digital marketing, you can focus on the other aspects of the business.
Launch It Fast
The last but not the least thing you should do when launching a product during a pandemic is to be fast in launching it. If you saw the problem and provided a solution, it would be logical for someone else to provide a similar solution. So, you should make sure you’re one step ahead of any possible competitor. Launch the product once everything is ready. Don’t wait for someone else to launch it.
Launching a new product during a pandemic doesn’t have to be difficult. Just have the mindset of an entrepreneur and move forward with the solution you found for problems people face during the pandemic.