For Dummies: Relaunching Products
Posted by Kushan | Posted in | Posted on 10:37 AM
Epic failure is what I (& erstwhile Microsoft Fans, laymen, techies and critics alike) cried out when they started using Windows Vista(Microsoft did admit this later). The same could(and has) happen(ed) to any other product. The market doesn’t greet every product with the same response.
According to a popular taxonomy, three of the most common buyer’s responses can be stated as
Hot -> Apple Ipad, Windows
Lukewarm -> Amazon Kindle, WorldSpace Satellite Radio
Cold -> Microsoft Zune, Ford Edsel
Hot -> Apple Ipad, Windows
Lukewarm -> Amazon Kindle, WorldSpace Satellite Radio
Cold -> Microsoft Zune, Ford Edsel
Business History has even witnessed examples of products being voluntarily retired to give way to their new and improved counterparts. For eg. Amazon Kindle 2.
Philosophers have often advised us to treat every problem as an opportunity. So here lies an opportunity for you? Hypothetically, if you are given a failed product how do you go about re-launching it?
Let’s start by listing the basic reasons for product failure:
Exorbitant price
User-unfriendliness
Unattractive packaging
Poor Marketing
Inability to change popular perception
Exorbitant price
User-unfriendliness
Unattractive packaging
Poor Marketing
Inability to change popular perception
There are many more of these, but these many would suffice for the time being.
The next step involves correcting all these aforementioned pitfalls. Merely this won’t be sufficient; you also need to change popular perception towards it. This can be achieved by including promotional offers to woo customers. Now come the important parts – market research, identifying target audience, market segmentation and brand positioning.
Financial Analysis is also imperative in a Rebranding Campaign since it includes listing the probable sources of revenue versus the cost incurred. This is followed by the Break Even Analysis wherein the Break Even Point is usually specified in terms of time period or sales volume. I have had to cut this one short to include only the gist of rebranding. A detailed explanation may be found on these links :
Comments (0)
Post a Comment