How To Launch A New Product On The Market?

Planning is useless if you don’t have clear goals. Consider who your customers are and how your product will affect them.

Do not know how to do it? Creating buyer personas can help you with the task. Research the habits, preferences, and interests of your audience. What are they looking for? Knowing this type of information will help you launch the new product, and will allow you to know exactly who you should target your product for.

Create a launch plan

This plan is essential to guide you in the correct promotion of your product. It must contain data such as the main characteristics of your product, the price, the target audience, where it will be sold, what type of advertising you will use for the disclosure, and the sales you estimate to make with it.

Define objectives and strategy

It is from the objectives that you can launch your strategy and define your positioning. Your goals determine how you will deliver value to consumers.

With a defined positioning, you will be ready to apply the strategy and practical aspects of the product. Here are questions such as how they will get to know your product, what your communication will be like, your promotion, etc.

Determine your budget

It is essential to understand what you can do according to the budget determined in your strategy for the impact of the product on the business. Always keep in mind how much you will have to spend in each process, how much you expect to sell, the payments of extra fees and employees, your possible profit margin, and if what you expect is scalable. If you can measure it, do it!

Think about the product sales cycle

With the product defined and your strategy and positioning determined, it is time to closely monitor evolution and development. Pay attention to every detail, so you don’t miss a thing. Check if you need to update or modify any process since if the market changes, you must be prepared to review the strategy.

Strategies For Digital Transformation In Msmes

An immediate response to overcome the challenges that the crisis generated by COVID-19 has presented to SMEs is digital transformation. Although it represents a challenge, it can help them survive if successful strategies are applied, so it is essential to bear in mind that –to start taking the step– quality connections, technological devices, digital solutions adapted to specific requirements, and tools are needed that enhance their business opportunities.

Now, different government entities offer options and aids so that the digital transformation in micro, small and medium-sized companies is optimal and without problems; for example, the Colombian chambers of commerce have carried out training on electronic commerce, teleworking, digital marketing and new technologies; Tools have been provided that promote virtual business and support to MSMEs to access virtual windows. All this, added with the efforts of each one of the organizations, can mark its strengthening for the future.

To survive in the current context of impacts caused by the COVID-19 pandemic, many companies have to resort to the intensive use of digital tools to implement teleworking, make purchases and sales online, as well as manage production processes remotely. But this constitutes a great challenge, especially for micro, small and medium-sized enterprises (MSMEs), the majority segment of the universe of existing firms, and which has had the hardest time getting on the digital wave.

What do SMEs need?

The key today is to continue generating income to stay in the market, and one way to do this is the digitization of processes. However, for many MSMEs, this may become impossible without adequate accompaniment and support to make the journey less painful.

What strategies can be implemented?

Governments can help a critical mass of companies equip themselves agilely and quickly with digital capabilities to continue operating continuously in the context of the restrictions of this pandemic and to maximize growth opportunities in the post-crisis. To massify and optimize their interventions and resources, governments must rely on digital tools that already exist. These types of programs have been strongly promoted in developed countries within the framework of comprehensive digital agendas, which is why their deployment has been faster than in LAC.