Often in marketing, there comes a phase in the life of a brand when it needs to be re-worked and re-launched. This happens for brands that might not be doing well or the ones that want to take their business to another level.
Brands can go through different phases and often may need to be restructured, repositioned, or rejuvenated to improve their sales or discover new markets.
There are several ways a business can go about re-launching its brand. Before diving into the methodologies of launching a new brand, it is important to have a good understanding of the objectives for the re-launch.
- Is the objective to rejuvenate the brand from a dated image?
- Is the objective to re-launch a brand that has failed due to a lacklustre marketing strategy?
- Is the objective to re-launch the brand and reposition it for entering new markets?
The first method, repositioning, is to reshuffle the existent elements at the core of your business. While nothing is changed about the product, the pricing or the distribution, the communication and the entire repositioning exercise changes the perceived value of the brand.
Most of the changed aspects would be connected to communication and marketing. This approach is ideal when consumers have accepted the product, found it accessible and available but do not want to use it because they feel it does not align with their needs, lifestyle or values.
Another method to re-launch the brand is to change the channel and distribution strategy. Everything might be working out fine but the distribution channel could have been erroneously identified at the start. This results in poor sales and ineffective advertising.
This can be linked to the sales effort, sales organization or structure. In these cases the product might fulfil the needs of the potential customers, product awareness is high but the product itself is unavailable. In this case, revamping the distribution structure becomes necessary.
Revamping the Whole Marketing Strategy
The third method is the most incisive one, where a brand revamps its marketing completely. Every aspect from brand name, product features, pricing and distribution strategy is changed to re-launch the brand.
Re-launching a brand isn’t an unusual thing, but should be dealt with cautiously. If any of the current’s brand elements are successful, it’s recommended to adjust solely those strategies that are ineffective.
Ultimately, the re-launch of a brand should aim to bring it to a better level in terms of sales, market share and profit than what its current position reflects.