If your business isn’t working as effectively as it once was, a business relaunch might be for you. Relaunching a business is a proactive decision taken to ensure that your business stays relevant and engaging in this new fast-paced, dog eat dog world. If a business is relaunched successfully, it can shed its old, ineffective face – and usher in it’s new, more successful era. Here are our tips for business relaunch, to make sure you nail it.
Our Tips for a Successful Business Relaunch
Do Your Homework
The first step of any major change is to work out what isn’t working. Analyse your business, and work out what was effective, and what wasn’t. Recruit someone to give you a hand with this; preferably someone unbiased who won’t sugar coat the truth. From here, go deeper and work out why your business wasn’t working; have your customers changed? Has your market changed? Is your product still what it once was? This is the defining moment of a relaunch decision – carry it out accordingly! Having extensive knowledge of both your own business and the wider market is key to a successful relaunch.
Learn from your Mistakes
Now that you know what wasn’t working and why, it is time to make some changes. In front of you there are two ‘piles’: the good things and the bad. Keep the good things – be it your software, product, or even your business cards, and take the lessons from the bad things. These lessons are the most important part of a relaunch – learn from, and don’t forget them. Make positive decisions based on what you learned – this is where your business has its grand rebirth – it is a landmark moment. You have an effective business again – go you.
Spread the Good Word
Now you effectively have a new business – but no one knows about it. This is your time to share your business with the world (again). If you can signal the relaunch of your business with an event, and promote it in such way as to get people talking about it, you’ll put yourself in a strong position to start well. Your main aim here is not only to promote your business, but also to differentiate it and shed the image of the old one. If you can express the fact that your business is leaner, meaner, (maybe cleaner and greener), and here to stay – then you might be onto a winner.
Want to read more?
This article focuses on business relaunch options, and introduces the concept of pivoting your business
While slightly older, this article shares some fantastic war stories of businesses that have relaunched.
Look here for a quick relaunching guide from Marketing Donut.
