What Rebranding or Relaunching stands for?
Rebranding or Relaunching is the process of giving a new look and changing the corporate image of the particular product or the brand. It is the process of revival of the particular product/brand. In order to attract more customers and make market aware of it. The market strategy involves assigning new name, symbol, or change in tagline for an already established product/brand.
Basically, rebranding or relaunching follows the concept of creating different identity for the product, from its competitive market. Relaunching is good for the business, but sometimes it might be risky also. Therefore, relaunching of the product should only be done when the life cycle of the product is finished and is going through the decline phase. If the product or brand is not willing to earn profit for the company then its revival or relaunching can do wonders. But, it doesn’t give any surety of success as well.
Why Rebranding or Relaunching your Product or Brand?
If you find your brand or product market declining. Due to this, looking for its revival in the form of relaunching, then don’t feel alone. You are not the sole who is going for relaunching. Because the famous brands from Apple to Harley-Davidson has undergone through it. Apart from that, the famous Indian brand Titan has also been through the relaunching in order to represent itself in a new form.
Relaunching is required to maintain the pace into the market. As the market has been evolving rapidly, it requires changes to present the product in a unique way and to attract more customers as well. The rebranding has to be targeted and represented with the properly defined aim. Therefore, it requires a proper and crisp market research before going for relaunching. As well as, the concept should be unique and much more customer engaging. However, not all brands or products require extensive changes. So, adopt the changes in a properly defined manner in order to achieve the required regeneration for the growth and profit earning.
Important Points to make Relaunching a Success
1. Define the Goals of the Relaunching
The most important thing to realize is the goal, i.e. understanding why you are considering it. Repositioning the existing product in a different manner with a unique concept in the hearts and mind of the customer. As well as, set the goals how the adaptation can be monitored and measured. Along with that, define the market segment and target the specified market in a proper manner.
2. Set the way to Relaunch the Branch
Relaunching of a brand or product can be done in many ways. It is totally up to the respective company, at how much extent they are willing to make the changes in the relaunching. Relaunching may include change in packaging, change in distribution plan, change in sales strategy, and various other purposes can be served specifically. However, some relaunching may involve elements of all these activities.
3. Prepared to Manage Risks
While going with multiple changes during the relaunch may also be risky as well. So, always prepare to face the risks or any failure in the business may arises at anytime during the whole procedure. It is important to accept the risk associated with the relaunching of product after having so much of market research as well. While relaunching you can even learn the launching process and this will help in avoiding the risks.
4. Listen to Customers
Relaunching of product or brands means the customer is aware of the product and knows what is good and bad in the product. So, before going for relaunch, the market research requires to analyze the customers review. The customer feedback is very important and crucial to understand the needs. And it is a great help to relaunch the product by improving all those flaws.
Conclusion
As the consumer market is rapidly growing and evolving, therefore, the need of relaunching arises. Due to the availability of great number of products and competition the relaunching of product or brands become very important after a period of time. Therefore, a proper research and customer needs are required to be considered. Such that, the new product gets wide acceptance and earn a great profit for the company.