If you want to make this process smoother for you, you've come to the right place. In this article, you'll find:
Product relaunching is the practice of changing a product or the way it is sold, so that it is available as a new, more attractive item on the market.
And this may be more necessary than you think: according to a Harvard Business Review study , 75% of products launched fail in their first year on the market.
What is a brand relaunch?
Rebranding is the process of changing an yemen email list organization's corporate image. Also known as rebranding , it can include a new logo, slogan , vision , mission, values, name, target audience or market.
7 strategies to relaunch a product
Looking for strategies to relaunch a product? We’ve got you covered.
1. Define the objectives of your relaunch
The first step in relaunching a product is to define the objectives of bringing it to market again. Here are some examples to inspire you:
change the perception that consumers have of the brand/product/service;
cultivate a community around the brand/product/service;
adopt a new marketing mix strategy ;
expand your operations to a new customer segment.
You may be interested in reading: Market Development: Is It Time to Expand?
2. Identify which aspects will change
The second step in a product relaunch is to identify which aspects will change, such as:
visual identity (logo, typography, color palette);
Keep in mind that your product relaunch plan may include more than one of these elements.
To evaluate the strengths and weaknesses of new opportunities, we recommend reading: How to do a SWOT analysis and plan successful strategies for your business.
3. Conduct market research
Once you know what will change and why, you should conduct a market study to analyze the feasibility of this project.
With the right questions, you can gain valuable insights that will benefit your new approach, such as consumer preferences and needs , as well as critical factors like price sensitivity and brand tone of voice.
This research can be quantitative (focusing on numbers and statistics) or qualitative (focusing on the motivations behind purchasing decisions).
Read also: Do your qualitative market research in 7 steps .
4. Create and implement a marketing plan
The fourth step in a product relaunch is to develop and implement a marketing plan . This document should respect the general characteristics of your target audience and, whenever possible, personalize messages for segments of your audience. This is the key to effective product promotion.
Want more strategies for relaunching a product? Read: 10 tips for promoting a new or existing product online .
5. Stimulates emotional connection with the product
The fifth step of a product relaunch is to stimulate an emotional connection.
This is a very valuable practical tip, since customers with an emotional relationship with a brand have a lifetime value ( LTV ) 306% higher and recommend it to their acquaintances 7 times more , according to a recent study .
Here are some examples of strategies to relaunch a product by cultivating positive feelings:
6. Design a risk management plan
The sixth step of a product relaunch is to weigh the risks of relaunching the product against the potential rewards. A few questions can guide you through this stage:
It never hurts to be prepared. Read: Crisis management: what to do before, during and after?
7. Listen to consumers
The final step of a product relaunch is to gather customer feedback to identify recurring complaints and praise. With this information in hand, you can invest in continuous process improvement and become even more successful.
Read: 3 good practices for collecting customer feedback .
Relaunching a product: Polaroid example
Founded in 1937, Polaroid is an American photography company. Famous for its instant cameras , the company lost market share due to the digital transformation and ended up stopping production altogether in 2008 .
In 2009, Polaroid went the product relaunch route and revived the OneStep , one of its classic cameras, as part of a limited edition kit .
To complement the strategy and show the market that it was not stuck in time, Polaroid also introduced a series of retro-inspired cameras fit for the digital age.
