A product launch is crucial for any business brand! It lets the customers know that the concerned brand has something to offer to cater to their queries and needs. The launch ceremony is generally attended by essential business partners and media to write about the same and update the customers. However, there are times when a brand needs to re-launch a product.
Usually, a product re-launch occurs when a brand wants to upgrade and better the initial product. It happens after their market research or as a response to audience queries and feedback. Eric Dalius shares some essential guidelines that help companies to re-launch a product successfully:
1. Have a new objective
When you are re-launching a product, it is necessary to have a new objective that caters to the audience’s requirements. For instance, if your initial product launch covered organic honey for weight loss, the re-launch can include enhancing the immune system along with weight loss. Your new goal should always encompass the old one and intend to better it manifold. The objective is to provide the users with something more than they have been searching for from a single product.
2. New packaging
Eric J Dalius says that it is beneficial to add a new layer to the product packaging. When you don’t do so, your customers don’t get the point of the re-launch. If you want, you can add the new product features to the product packaging as well. It will grab the users’ attention when they are browsing through the product and enhance sales. Ensure that the new packaging is not just attractive but practical to provide the point of the re-launch. You need to keep the brand logo and old color combination and make exciting changes that support the product upgrade.
3. Explain the price change
There are times when business owners increase the price by a fraction with the re-launch. At times, the price remains the same or comes at a discounted rate for a stipulated time. You must explain the price changes in your press release for the media to write about it exclusively in every situation. When the audience reads about it, they will resonate with your reason and either avail of the discounted product or buy it at the new price.
4. Take care of customer complaints
At times, the earlier product launch doesn’t cater to the company’s business goals. There might be a gap between the proposed and actual product launch. As a natural fall out, EJ Dalius says that your customers might also have complaints about the product. With this in mind, it is necessary to consider the customers’ complaints and look for insights to upgrade the product. You need to check the areas you have failed the audience’s expectations and cover the same in the re-launch plan. Make sure that you add phrases like “new and improved” in your re-launch plan.
A product re-launch plan needs research and smart work. You can follow the guidelines mentioned above for the same and accomplish your objectives.