The answer, your product stinks! Why, it has to work in the times that were in(period). So you need to reevaluate and maybe repackage or even re-purpose it. Here’s a great little test to see how viable your product, actually is…
Is your product under advertised?
Can there be a broader target market?
Do you have certain disadvantages that you could turn into advantages?
Do you have any unused byproducts?
Could you be selling your product in a more compelling way?
Is there a social trend to exploit?
Can you explain your distribution channels?
Can you build volume and profit by cutting the price?
Does the product have new or extended uses?
Have you completed a win/loss sales analysis of the product?
How old is your last referral for the product?
How are your salespeople compensated for selling the product?
These are just a few of the questions that we go through when were getting ready to do a product relaunch. What is so important in a relaunch is that you do have a community built around the product. I am not talking about someone that believes in the cause like a nonprofit, but actually I am talking about a customer that would advocate the product for you. Relaunches in today’s marketplace, must have the ability to garner direct customer support.
Take a product that is not doing so well right now and see if you would be in that marketplace today, if you are just starting out. If you would not, can you stop? Can you sell it to someone else? I’m amazed at how many resources are lost in products that have absolutely no return on investment. So if you really are thinking about leaning your marketing, I would look at how I would relaunch every product category that I have. Then ask why am I not doing it that way and the investment to do it. And if I cannot afford to do it, can I afford to stay in that product category?Sometimes, the best re-launch is no re-launch at all!
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