The global pandemic has led to many difficulties in all sectors around the globe. To curb the crisis and keep the business operations afloat, companies have diversified their inventory with the new range of products, mostly FMCG, hygiene & sanitary products, PPE kits, fitness equipment, etc. The pandemic has not only taught start-up companies about survival but also acknowledged them how to find new opportunities and step into different verticals. Launching a product amidst the global pandemic may cause certain difficulties like marketing strategies, sales leverage, etc. Strategic research and development have not only helped many companies in investment prospects but also gaining satisfactory results in shorter time duration.
Knowing the perfect timing (Demand for Product)
Amidst the pandemic, the demand for PPE & sanitizers has grown up exponentially and it became the most basic necessity in every household. The global sanitizer market size esteemed at USD 2.7 billion out of 2019 is going to develop at a CAGR of 22.6% from 2020 to 2027, as per Grand View Research. Moving consumer inclination towards sanitizing commonly used products and households is relied upon to drive the market. Furthermore, the ongoing COVID-19 pandemic toward the start of 2020 has prodded the market for different varieties of sanitizers. The interest for hand and household hygiene items has been surpassing the flexibly in both online just as physical deal channels overall attributable to the global episode of the pandemic in a brief timeframe. Other than this, the Indian government has additionally given creation licenses to a few refineries and new makers to deliver various types of sanitizers in mass to fulfill the need rising in the nation. Improving shopper expectations for everyday comforts alongside improving item accessibility over a few on the internet and online channels have likewise supported the market for PPE &sanitizers in India which was a favorable situation for many of us to launch a sub-brand. The prime focus was on quantity and quality both to suffice the growing need for PPE in the markets. Thus, supporting the Hon’ble Prime Minister’s agenda of self-reliant India.
Competitor Analysis (Market Share)
Performing a marketing SWOT analysis as part of competitive landscape analysis for clients, and every team should do intense research and compared strengths and weaknesses with their major competitors for various marketing channels. Before launching, one should keep in mind the ease, effectiveness, availability, pricing designs to make their Product range ergonomic, economical, and highly effective.
While formulating the idea of launching a sub-brand, one should study that the product categories across the market extensively for a close watch on leading competitors, and strategic analysis. Because multiple factors led marketers to study competitors, nowadays every company irrespective of the nature of the products had started launching a similar product range. So, in that case, it is crucial to know your product v/s competitors’ products and how it would stand out in the public’s eye.
Due to our market analysis on sanitizer categories, we were able to reach a conclusion launching a complete sanitizer category would prove to be far more beneficial and convenient for consumers.
What should be the Product (Brand Name & Product)
An effective brand name can empower a product to be genuinely publicised and recognised from contenders; found by purchasers; and given lawful assurance. For example, that we are Neuherbs, we chose to name our sanitizer range- Neusafe. Not only it sounded similar to our brand name, but it also meant the safety it would provide. Choosing ‘safe’ after the prefix ‘Neu’ was strategically planned after much discussion with the management and our respective teams.
Pricing & Packaging
Before one decides to set a price for his product range. The company should determine which segment of the market they are trying to capture and where they fit in. Sanitizers & PPE products which were ignored for quite a while before the coronavirus pandemic hit the country, became suddenly in demand, and in some cases, the prices were increased as well. Meanwhile, low-cost sanitizers also started popping up in the market. However, some of them did not even have the alcohol percentage mentioned and were obscenely priced.
Serving the satisfactory quality products at a reasonable price tag can easily cater to the eyes of the target audience towards the products. In a country like India, Customers always go for economical yet relevant deals. A good attractive packaging works as an impressive add on and leaves a remarkable picture of the products in the customer’s mind for a longer duration.
Quality Assurance
To make sure that each consumer what he claims, the products must be properly tested under Nationally recognized testing laboratories which provides the final quality assurance after stringent tests and measures. For PPE products, WHO has set up standard guidelines and quality checks.
Go to Market
Once the above factors were taken care of, a product is ready to launch in the market. We have been witnessing a great surge in D2C brands, E-commerce sales, etc. There is a good number of platforms available to sell your product. If the product has a USP and quality assured, it will be easily picked up the consumers. Also, catering After-sales feedback via social media channels or surveys help the brands to polish their initial faults in a product or packaging.
Thus, with a strategic approach and team support, MSMEs are figuring out the best way possible in fighting the fight against global recession and coming out even more diversified and stronger.
Disclaimer: The views expressed in the article above are those of the authors’ and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.
