Are you looking for ways to revive your failed product? If yes, check out this blog today!
The fear of failure is an extremely strong emotion. In business especially, it is inevitable to face failure. It is important to see how to come out of that failure. Top companies like SpaceX, Google, Ford, and thousands have failed only to succeed later. The reasons could be many bad product-market fit, losses in sales, competitor pricing, brand value, or lack of customer service success.
To manage a brand is tough, but to revive a failed brand is even tougher. There is neck-to-neck competition, and it needs more than just luck or hard work. To revive a failed product, you need a wholesome, holistic strategy. It is possible to re-launch the business with a plan in place. You need to do a brand check and evaluate how the brand performed earlier to improve. You need to engage in the right manner to analyze why the product or brand is not working.
Here are 15 ways to revive a failed product. You can employ the following strategies to re-launch a failed product.
Did you know the initial name of Google was Backrub? The name of a product is a huge part of its brand value. A new name can also mean starting things on a fresh note.
Packaging is basically the story of the brand. Your packaging needs to show everything about the brand- the reason for its existence, principles, policies, etc. An interesting packing can go a long way in building brand recall value.
Gone are the days when promotion was limited to newspapers or TV. A major part of promotion channels are Facebook, Instagram, Twitter, and other social media. After knowing the ideal customer profile, you need to know and chalk out all the ways to reach them. Omni-channel marketing or using multiple ways to reach customers will be helpful. Some of the top ways to reach customers include blogs, magazines, radio, local events, social media, television, trade shows, and business parties.
The customer needs to know what the product is trying to solve. In some cases, the product description and messaging are so unclear that customers have no idea of the product. If any customer was happy with the previous product, talk to them. Understand their messaging notion and how they would like to be communicated with.
Be creative and ensure the brand design is different. You need to do this carefully and thoughtfully. Keep in mind how people are connected to the old brand and redesign the process. Have a clear story to tell and execute.
Put the customer at the center. The customers are the lifeline of the company. Customers are the company’s pulse and help take the brand to the next level. A competing brand may be winning because of a great customer success strategy. You need to direct all efforts towards the customer to know what they want. This can happen if you have a good customer success strategy and focus on customer insights. The customer is truly the king, and hence you need to structure the brand in a customer-centric manner.
Product sales strategy is a great skill one must involve with the product. You must look at revamping the sales strategy. Revitalize the messaging and see if the prospects are still facing the pain points. You must also get back and return customer calls frequently. If the sales professional is in connection with one person only, you need to look at other people in the process.
Involving influencers who promote your product can help with sales. You need to get the top brass in your industry to advocate the product. They can vouch for the product and its performance. They can open up new markets for the opportunity and reduce sluggish sales.
Choose a new product distribution channel- indirect and direct. You need to consider selling directly if you only picked indirect channels in the past. You can look at social media, online sales, videos, webinars, calls, television, and more. Picking new channels of connecting with customers is important.
Be a part of local events, business networking groups, coaching centers, and industrial shows. This will build credibility and trust with the brad. You can even host an event to solve a problem using your product. A great way to do it is by creating a group of interested persons from the last time and explaining how the product will help them in their goals.
Was your product too costly the first time? If the product is super complex, break it into simple pieces. You need to revamp the pricing strategy and ensure better success. Product pricing is an important component of product success. The product must not be priced to exceed the average of competitors. A high price point will ensure that customers are not happy in the long run.
Product market research is responsible for product success. You need to understand the product better, the problems better, and the customers better. Good market research will help you position the product in a great way. You need to simplify the way you look at market research. Market insights will help you chalk out the right strategy for the product launch.
In some cases, the brand might have failed in the past due to not understanding the customer profile. To make your business successful in its second inning, you need to build a list of ideal customer profiles. This will help you target customers in the right manner. A customer profile is a note of everything that makes the customer the right fit for the product.
Your business needs to stand out from the competition to make a mark. The market is flooded with competitors looking for a piece of the pie in the share. Brands need to cultivate a competitive edge and stay ahead of the competition to get success. You need to offer uniqueness in value, innovation, product packaging, and creativity. This will help you cultivate a positive stance against others. A brand needs to innovate and improve its weaknesses to ace the challenge.
Connect with the community and customers to revamp sales and image. You can build a brand image with the community in mind. To capture the customers’ attention, you need to build a rapport with them. All brands with a strong community sense perform well since the people element is involved.18
Do not give up if you are looking to revamp and revitalize your business. Keep these pointers in mind for a good result. You must also proactively work to enhance customer success and product performance.
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