How To Do A Product Relaunch Like A Pro

Product Relaunch Information VARelaunching is an incredible opportunity to motivate a bored workforce, raise the profile of your organization and infuse new vitality into a product. Staffing and organizational issues can be determined during the process, which are just added bonuses. The main impetus behind a relaunch is the need to improve the marketing position of your item, either by turnover or product development.

What is a Product Relaunch?

The reasons behind rebranding as well as relaunching an organization, item or administration are varied and should be undertaken with the purpose of attracting attention. Brands are continually advancing to ensure they stay ahead of changes needed to compete in the market place. It’s the level of progress required that is the basic issue. A brand review and statistical surveying will help evaluate the rate of progress needed for different products.

The reasons for rebranding, relaunching and revitalizing a brand are as follows:

1. Relevance

Brands need to stay significant to their business objectives, to stay aware of the times and keep pace with changing client needs (e.g. administration, availability, comfort, choice, evolving patterns, innovation). A brand that has become out­dated according to its customers is in peril of stagnating, if it has not already fallen into decline with a loss of market share.

2. Competition

In a quick moving environment with strong competitors, rebranding may be necessary to change the image of the business. Bear in mind the end goal is to attract a potential customer to purchase your product. Rebranding can be used as a method of blocking or outsmarting competition or a method for addressing price competitiveness.

3. Innovation

The continuing development of technology and the resulting rate of progress is frequently exponential. When a product is related to technology e.g. web, programming, equipment and where the item is continually improving, then a rebrand can address these rapid changes. Rebranding or revitalisation, advertise the organization’s’ advancement and guarantees the product’s “change hungry” clients continue returning to see “what’s new”.

Different Aspects of Product Relaunch:

  • New name for brand
  • New brand logo
  • New online structure
  • New Packaging
  • New product displays
  • New exterior and interior design
  • New advertising

What’s Involved in Relaunch Process?

At the point you are considering a rebrand you should include:

  1. Relaunch plans, a brand review, exploration, and suggestions.
  2. Application plan for all touch points.
  3. Relaunch execution, dispatch, and rollout.
  4. Outside communication of a rebrand to all significant stakeholders, clients, media and shareholders.
  5. Measure of effect and business return.

Reasons Not to Relaunch

1. A young brand

In the event that a brand has been available for a brief time e.g. only three years (remembering time may be measured differently considering your business sector/industry) then it is most likely too soon to rebrand. It requires time to construct a brand and advance it into something valid and significant to its intended market. Rebranding to increase sales in a young brand may be better approached using a different marketing strategy, unless the current brand arrangement is extremely defective.

2. Change for the sake of change

It’s not a smart plan to rebrand because “you feel like it” or someone thinks it’s a good way to further their career. In the event that there is no convincing business reason e.g. new development, cultural considerations, new practices, society and the various reasons stated above, then a prospective customer will be left feeling unsatisfied. On top of that you’ve squandered a considerable amount of cash!