Lots of people, including seasoned entrepreneurs, are convinced that the pandemic is the worst time to start a new business or launch a new product. Needless to say, COVID-19 has imposed tons of restrictions on businesses and ordinary people and thus undermined the global economy, along with most entrepreneurs’ ability to look on the bright side. But there are companies in the vanguard of change that employ new methods and strategies to successfully cope with the consequences of the pandemic. According to Olga Rusnak, the marketing manager of the Coupler.io data integration software, notes that it’s critical to be able to develop a great flexibility and adequately respond to all changes in the business environment to stay financially afloat. And nowhere is this piece of advice more relevant than in times of upheaval.

So, is launching a new product a worthwhile undertaking in times of pandemic? Is there any point in taking a risk and gambling with your savings? Let’s take a look at the major steps you may take to make your new product a success under pandemic conditions.

Reorient Your Business

The market is anything but stable during the pandemic. Businesses search for new ways to increase sales, while customers remain reluctant to part with their hard-earned dollars. Still, what may seem as a huge problem may actually open up new avenues for your entrepreneurial ventures.

Whether you’re a beginner entrepreneur or an experienced business owner, you should adapt your business to the new reality and your customers’ needs. There is a high probability that your previous expectations and calculations won’t ring true anymore. That way, it would be a wise idea to put out feelers and explore alternative channels. Thus, if your primary focus used to be custom suit manufacturers, you may consider sewing face masks in bulk or start producing medical clothing.

Research Your Market

To identify the most profitable niche and reorient your business accordingly, you should thoroughly research the market and analyze customer sentiment. Should you be hesitant as to which niche or channel to pick, set your sights on those that are most trusted by users or have a higher level of control over an audience you can target. We highly recommend that you prioritize digitally advanced markets, as well as the markets that haven’t been overburdened with tough pandemic restrictions. 

Check the situation per market and come up with the most effective and efficient marketing strategy to satisfy this particular market’s demands. A successful pre-launch marketing campaign can go a long way toward helping you spark your potential customers’ interest in a new product. If you are planning to publish a new app, consider creating a mockup to give your users a feel for your future product. You might want to postpone the final launch until you are sure that your product can go full speed in your market.

• One of the inspiring examples of how a company can remain successful and continue expanding its product line during tough times is Coupler.io web version. Just a year ago, a team of enthusiasts released their Coupler.io product that boasted only several useful features and was freeware. Over the last year, the product in question has grown threefold in terms of the number of Google (News - Alert) Sheets integrations, introduced paid plans, and now is continuing its quest towards growing their business opportunities.

Keep an Eye on your KPIs

The primary goal of every business that intends to introduce a new product or service to the audience is to ascertain that it provides value and is actually needed. In pre-pandemic times, revenue lines and stable growth used to be the top priorities and benchmarks against which their KPIs were measured. But nowadays, most entrepreneurs may need to shift their focus from top targets to customer retention and satisfaction. You need to make sure that once your new product hits the market, your loyal customers will be the first to pay their attention to it and, hopefully, purchase it. Thus, when tracking KPIs in the post-pandemic landscape, try and focus on tracking such traditional KPIs as your returning customers, revenue by product, click through rate, and your website traffic.  

Strengthen Your Brand Online

To make a splash with a new product, make use of the available channels and resources that allow quickly marketing your new venture without going broke. As usual, you want to tap into the power of social media. Use good old Facebook (News - Alert) and Instagram to engage with your current and prospective customers and present your product to them. Press releases, ads, and business blogs can also go a long way in boosting your brand’s popularity and lead to increased interest in your new product.

There are companies that have managed to re-format not only the way they used to operate businesses but also their entire entrepreneurial vision in a time of pandemic. Tough times shouldn’t prevent you from expanding your business horizons and product line. Hopefully, today’s article will help you employ the right tools and discover new ideas that will go a long way in improving your odds of business success.