Surely during your work you have come across the fact that launching a new product on sale, you spent a huge amount of money and effort that did not turn into success. The problem is not always with the product itself. Sometimes it happens that an ineffective marketing campaign was selected that led to a failure. Even the biggest players in the market sometimes face failures.
Some of the most famous flop items include:
- Pepsi AM with lower caffeine content;
- Heinz ketchup of bright purple color;
- Colgate, which decided to make food products;
- Google Glass;
- Crystal Pepsi.
There are many stories of failed products, but in these cases, a completely new concept was the factor of failure. The product is not always of disgusting quality, perhaps you should just reconsider the presentation of your product.
In this article, we’ll share tips on how to revive an old product in a new way to increase sales.
Top Effective Strategies
1. Mistakes analysis
First of all, it is worth analyzing what played a role in the failure of sales. Negative lessons should be used in order not to repeat them in the future. Analyze every aspect of your marketing campaign: product descriptions, commercials, photographs, customer reviews, and so on. Collect data wherever possible and compare it with each other.
If, after conducting the analysis, you realize that the product is not so bad and viable, then it’s time to work on relaunching the product.
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2. New name for the product
The first thing to fix is to rename the product. Perhaps the point is that the name of your product does not in any way distinguish it from other relevant products and yours is simply lost among others.
Feel free to come up with an extended name using your brand. Try to capture the distinctive features of the product in the name. It should be catchy and fresh, easy to pronounce, and may also use linguistic tricks.
3. Change the packaging design and photo for the product card
The way the product looks is one of the important aspects. Its appearance and packaging must match the quality. Take a look at your product from the client’s perspective. Do you like its looks and packaging?
There is a website on the Internet where you can get opinions from designers. Then they can offer their design options, and after that from the many presented versions, you can choose the one you like.
After redesigning the packaging and product, it is important to have a new product photoshoot for the product card. Remember to focus on the product, not the background. You can visit the website to remove the background for a better product look.
4. New product description
Any product that is put up for sale must offer a solution to some problem. In the description, it is important to record its functionality and methods of application. If the client cannot understand why he needs this product, then sales will correspondingly fall.
Look at old reviews for your product and find positive ones among them. Thanks to this, you will be able to understand what needs it satisfies.
5. Change the item for a different segment
Perhaps the first time you launch a product, you misidentified your target audience, which is why the launch was a failure. You don’t have to sell all products for one segment. Each product can meet the needs of different customers. Think about what age category, geographic location, and customer purchasing capacity your product is suitable for.
6. Implement a new pricing strategy
To relaunch a product, you need to analyze similar products in the market to determine a pricing strategy. Market research will help you understand how many potential customers will be willing to buy a given product for the price you set. You will also be able to understand how profitable this product is for you and whether it will be able to recoup the money spent on it in the future.
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7. Get involved in product promotion on social media
If you haven’t tried promoting your product on social platforms before, or have only used a few distribution channels, then expand your options. Do some research on your target audience and find out what social media they use the most. You need to identify several areas that will bear fruit. If you are scattered across all promotion channels, this can lead to monetary losses.
In addition to standard social platforms, try running ads on TikTok, Pinterest, and Twitter.
8. Promote your product with the help of indirect competitors
An excellent solution would be to promote the product with the help of indirect competitors. You have the same sales market, but you offer different products. You can provide mutual assistance by offering to advertise your competitor’s product. By doing so, you will attract the attention of another audience, which will increase the number of potential customers.
Conclusion on Product relaunch
Failure to sell a new product is not always about the poor quality of the product. Sometimes it happens that online retailers run ineffective advertising campaigns that do not attract potential and loyal customers. You shouldn’t bury your product right away. Using our advice, you can give new life to your dying product.
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