Relaunch Product vs Relaunch Brand

21/08/2020 1 By indiafreenotes

The product life cycle is associated with changes in the marketing situation, thus impacting the marketing strategy and the marketing mix.

In today’s competitive market, it’s like a war to make good space on the retailer’s shelf. All this indicates that product visibility should be improved; its look should be innovative, premium and eye-catching. So the consumer attracts towards it and raises his hand to pick it up.

By keeping in mind that the brand value correlates with the consumer perception of that particular brand. As Tom Peter said “Perception is reality”.

Brand can be successfully revamped by adapting current styles, while celebrating its history. Correct positioning and appropriate application of marketing mix will enhance the brand value.

Investing capital, time and human resource on relaunching and rebranding exercise, if done thoroughly, is never fruitless; actually it’s a big bang for your marketing strategy and for the business.

7 Advantages of Product relaunch & rebranding

1) Consumer Awareness: By relaunching a product in the market, consumer will be curious and excited to know that what is NEW. It will create awareness and consumer will be informed about the characteristics of the products and the marketing campaign through different mode of channels will be a reason to highlight it.

2) 2nd chance to make a good impression: After completing the product life cycle or a 1st product launch failed, the consumer Product Company is more focused to improve the product quality, design and formulation to compete in the market and to create good brand image and give an impression of a premium product.

3) Acquire more market share: Product is coming with new features and relaunch campaign will give awareness to the consumer. All this effort will help to acquire more market share with the improved product, and will be a boost for revenue generation.

4) Clear the confusion of brand image: A clear product positioning can solve the problem of brand image. Brand identity is very important factor to be unique in the market and to target the audience. Brand image can be develop through specific and targeted marketing campaign by holding an authentic product theme.

5) Mid to Premium Market: One of the interesting stages is transition from one market to another market segment, already having a certain middle level customer, plus now with the premium look and improved formulation, product is shifting to premium market to gain more revenue.

6) Brand Extension: Products relaunch and rebranding usually extend the life cycle of the brand itself. It’s an old brand name with new features, it helps to improve the brand image and consumer acceptance, and extend the brand life.

7) Consumer benefit: To compete in to the market, the companies improve their products by visibility and by characteristics. So ultimately consumer will get the premium product. As consumer not only pays for the product, they value the overall experience of the product.