Whether or not your first launch was successful, a relaunch can be highly beneficial somewhere down the road. However, it requires investing time, money, and effort into a whole new launch. At the same time, you’re not sure if a relaunch will be as effective as you want it to be, which makes it somewhat of a gamble.
So how do you know if it’s the right time for a relaunch and ensure that you’re making the right call? Keep a lookout for the following signs:
1. Your online presence is outdated
The Internet is continually changing, and if your online platforms don’t keep up, you can lose your audiences to businesses that do.
It’s not just the appearance of your website or social media graphics that can look outdated. It can also be your content and online persona. If you need help curating a more modern online presence, seek guidance from an experienced web development agency.
2. Business is slow
Many reasons can cause slow business. Perhaps your products or services need some tweaking, or your marketing strategies are not as effective as before. Whatever the case, a relaunch can be just what you need to pick up sales again.
However, it’s best to rule out all possible reasons for low sales first before resorting to a relaunch. Keep in mind that relaunching your business is an opportunity to introduce your brand (but for the second time around), and making a good impression requires a significant amount of preparation and investment.
3. There are new opportunities for your business
Have you acquired a new merger for your business? Did you invest in new technology to improve your products? Is there a new branch of your business that you want to introduce to your audiences? If there are new opportunities for your business, a relaunch can help bring attention to them, as well as reach more people whom you couldn’t tap into before.
4. The first launch was weak
You’ve launched your business, you’ve made some sales, but you’re still not reaching your goals. Now that you have the experience, new ideas, and perhaps a different direction, a relaunch can correct what’s lacking in your business or the mistakes you’ve made with the first launch.
5. Your competitors are overtaking you
Are you lagging behind your competitors? Are they coming up with innovations that blow yours out of the water? If so, it might be time to go back to the drawing board, come up with new strategies, and then relaunch your business with a fresh face.
6. Business is stagnant
When a business becomes stagnant, it’s a warning sign that things are about to go downhill soon. Don’t wait for that to happen. Come up with fresh ideas, better marketing strategies, and then relaunch your brand with renewed vigor. Even if you’re making a profit, don’t let stagnation go on for too long without doing something about it.
7. Your reputation needs some work
Fixing a brand’s bad reputation is one of the most challenging obstacles that companies can face. While you must prevent your business from gaining a bad reputation in the first place, there is no guarantee that others won’t attack your brand and break down the reputation you’ve worked so hard to establish.
Reputation attacks can be unfair, especially if there is little to no fault from your end. Rather than dwell on the unfairness of the situation, work on repairing the damage and perhaps relaunching your brand later on. While this doesn’t let you restart with a clean slate, a relaunch can help you rebuild the reputation that you’ve lost.
8. You want to redo your entire brand
Perhaps you have new ideas that are better than your previous ones. If so, it can be more beneficial (and cost-effective) to do a complete relaunch than to incorporate those ideas one at a time. Moreover, a one-time relaunch can be less confusing for your existing customers since they will see the changes all at once.
The world is continually changing, customers are always looking for something new, and competitors are coming up with new ideas themselves. If you find your business out of touch, or just want to reinvent your brand, a relaunch can be a good investment
However, relaunching your business is not something you can do on a whim. Ensure that you’ve done the research, evaluated the variables, and perfected your relaunch plan before introducing your business to the world for the second time around.