A lot of people may not realize this, but many SMBs were forced to close shop almost permanently when government orders for managing COVID-19 began. Orders like social distancing and sheltering in place caught most companies off guard. Not everyone had processes and systems in place to work off site. Within the first few months, we all quickly understood how hard it would be to reach customers.
It’s safe to say that local companies were really struggling to remain in business. It’s this need to suddenly transform and overhaul operations that’s making the deficit potentially business ending. On the other hand, some companies have really stepped up and shown the world what it means to adapt in the face of adversity. Very rarely will you hear an organization opt to eat up loss after loss for the sake of the customer. If anything, this pandemic seems to have brought out the best in people all over the world. What we’re seeing is innovation and different ways to adapt while giving back to the society.
Some of the methods used by businesses to stay afloat include either introducing new products and services or reworking already existing systems to suit the current situation. Veloxy’s done all the grunt work to see what works and what doesn’t when rolling out new products and pricing. Here’s 4 easy steps to launch out better and stronger than NASA.
1. Pick the Right Moment for the Product Launch
Whenever you launch a new product, one of the most essential considerations should be when the best time is to enter the market. Due to the current situation, most companies need to launch ASAP. This is in the interest of both the organization as well as the community at large.
One excellent example of rolling out at the right time is Salesforce’s platform – Podium Starter. This is a completely free platform that allows businesses to manage order and payments. Not only is it non-profit, but the platform has made a huge impact by actually allowing SMB’s to keep their doors open even through the crisis. At a time when many businesses are struggling to stay afloat, products and digital capabilities like this are helping ventures come out of the other side even stronger.
2. Build Flexible Systems that Smooth Pivoting
Veloxy’s been using Salesforce for quite a long time now and over the years, its proven essential to operations. In the beginning, we only used it to track opportunities, leads and closed deals. Today, it’s used to manage a lot more system than just tracking. We’re talking consolidation of customer payments, billing capabilities as well as contractual information.
So when COVID-19 started hitting SMBs all across the country, physical stores had to overhaul the way they connect with their customers. But one trend remains clear across thousands of small and medium businesses alike. That having systems and processes standardized will set you up to execute and effectively roll out new products and services.
3. Minimize Sales Friction After Product Launch
Once you’ve got your new product ready to launch, you need to gets as many customers on board as possible. With the current health situation, business leaders have to make things easier for the customers. This calls for a very different approach from your typical sales process. Here’s something new to try. As opposed to working through sales reps, let businesses sign up directly via website.
Through a series of automated steps within, businesses can complete a self-serve process and immediately start reaching put to their customers. This way, high traffic and demand periods do not cause any backups or delays. Instead, teams are free to spend more time supporting customers. Another way to guarantee less sales friction is by use of a simplified digital quoting experience. Add in standardized discounting and reps no longer have to wait for approval. With a simpler product catalog, customers can find the right product faster and deals could be closed in mere minutes.
Lessons to Live By
Over the past few months, we’ve learned a lot dealing with the pandemic and trying to improve our own business. When market conditions shift, we’ve learned to move faster and meet customers’ needs with new products, new prices, and solid customer service. Here are a few tips and lessons to live by when launching new products.
i. It’s All About the Data – The sooner you can figure out what your data architecture looks like, the less work you’ll have to do down the road. Clear data drives automation.
ii. Walk in the Shoes of the End User – Whenever you implement a new system, it’s crucial to consider the perspective and needs of the end user. It has to be accessible since they’ll be suing it every day.
iii. Identify and Automate Repeatable Processes
Launching products quickly never scales unless you have process automation. One of the most common moves here is to have reusable flows that let you move fast while capturing tons of data.
Product Launch: Final Word
That wraps up our segment on how to properly launch new products and pricing. Maybe one thing we may have skimmed over is just how important it is to understand you customer’s needs. At this time, the answer is pretty universal; customers need real solutions and an empathetic ear on the other end of the line. Next, you’ll need top of the line CRM and assistant plugins such as Veloxy.
Veloxy Mobile and Veloxy Engage are among the top when it comes to keeping a finger on your customer’s pulse. These tools give your team secure access to intel and data anytime, anywhere, and on any device. These will help companies make the most out of Salesforce by keeping track of customer activities, needs, behavior patterns, expectations and forecasts that will help improve the overall experience of your services. With Veloxy, users get insights that will not only allow you to analyze customer data for higher standards, but also craft more personalize marketing strategies for launching new products and prices.