During the 2020 global pandemic, Craft Spirit Distilleries have scored surprise wins by pivoting to produce hand sanitizer. Listen to James Henderson describe a business idea that capitalizes on this fact.
- The value of the product goes beyond its functionality; for two equal quality products, the one that makes consumers feel better about themselves will win
- The snob effect is a documented phenomenon wherein a higher price point can actually increase the demand for a product or service.
- During a tumultuous time people who want to be perceived as doing okay may be a market for your products
- Some Craft Distillers are making bank by producing hand sanitizer instead of spirits
- Networking to develop one business can lead to other opportunities
- Build a list of distillers who are currently making hand sanitizer.
- Contact your list and see who would list a product online and allocate stock to you.
- Act as an affiliate and drop ship the product.
- Hire a designer on Fiverr to create branded mockups for post-pandemic sanitizer packaging and marketing so you can help distilleries make this work.
- Market through the existing channels of the distilleries, through bars and restaurants.
- You might donate a portion of your proceeds to support a relevant cause.
What is Run With It - Business Ideas from Successful Entrepreneurs?
Successful CEOs have plenty of new business ideas. Aspiring entrepreneurs are in need of them. Run With It bridges this gap, bringing you business ideas and action steps from established entrepreneurs. Follow through and you can earn a free mentoring session with our guest, and potentially, a new business partnership.