When an entrepreneur flops on his/her product, we are always quick to lift their spirits with Samuel Beckett’s famous quote “Ever tried, ever failed. No matter. Try again. Fail again. Fail better. ” But do little to help them pick up again.
When you fail on a project and try again, it’s never promised you’ll get it right for the second time. Sometimes it takes refocusing, repurposing, rebranding and trying again for the tenth time to have it work perfectly.
In this article, we’ll highlight five effective strategies to help brands revive a failed product. They include:
This is not a 100 per cent guarantee that rebranding will work out for you but sometimes a product fails as a result of poor messaging, poor brand representation or even a bad reputation that led to the failure.
Rebranding gives it a facelift to rebuild itself again out of the previous mess. Or sometimes the previous messaging didn’t just capture the needs of the consumers fully.
Change your messaging
Your product could be solving a real customer pain point but your messaging doesn’t convey it clearly to the customers.
Changing your messaging at times helps you identify the real issues that you might have ignored while starting out.
Do a product launch
Ever wondered why companies fancy product launches?
Product launches are coordinated efforts to bring a new solution to the market. The main goal of the launches is to build excitement for and awareness of your product to the rest of the market and once customers connect to the solution you are offering, you’re likely to take shape.
Sometimes go the extra mile to offer a beta test first time customers or additional pre-order packages to generate more sales for your products.
Find a new distribution channel
You are aware your first shot at it failed and you don’t want to blow the second shot away. Analyze your distribution channels and find a suitable one for your products. Research the most effective channels and how they relate to your products and pick the one you find relatable.
For instance, if you were previously selling your product using a single distribution channel, you might as well add another distribution channel for a much more effective workflow.
Use influencers to promote products
In the past few years, we have seen an influx of product marketers also known as influencers. Most of them have huge audiences on social media that you can use to convert into customers through paid gigs.
The advantage of using influencers is their influence on huge crowds of people across multiple niches. Social media influencers have the ability to reach out to a big audience on their platform.
Something special about social media influencers is that their fanbase is very loyal and their trust in the influencers is high. much higher than direct advertisements. According to a survey by Nielsen as reported by The Bigwave UK blog, 92 per cent of customers trust an influencer more than an advertisement or traditional celebrity endorsement.