A Guide to Relaunching Your Business After a Slump
In the lifetime of a business, many will see pitfalls which threaten to squash morale and dreams of becoming a success. Yet, while some businesses shut down after such a slump, others persevere to become bigger and better than they were before. Your business may have suffered from a scandal or a detrimental dip in sales, but that doesn’t mean it is irreparable. It won’t be an easy ride, and you will have to put in more work than you ever have before, but it will be worth it when you see your business thriving in the years to come. To give yourself a head start, there are some foolproof tips you must follow if you want to come back with a bang.
Accept your business needs to change
There is a reason that your business flopped the first time around. Although it may be difficult to admit that your business needs a fresh face and a change from the inside out, it is necessary for you to start looking to the future. Sometimes, a business needs to welcome change to save it from getting swallowed up by the industry, and to compete with the ever-evolving markets.
Assess your finances
Your recent slump will likely have resulted in a crash in profits, which means that as much as you want to rebuild, you might have to consider applying for alternative funding before you do so. A business relaunch can cost you a lot without any reassurance of success, so if you have people relying on you for pay, or a family at home, then you should weigh up the risks before you commit to such a decision. Luckily, there are ways you can make savings in your business which will mean you have a monetary resource to dip into should you need to. Not only this, but you can think small and local when it comes to enlisting the help of people to help with your new marketing strategy. It means you could end up paying less money for an equally as effective up and coming campaign.
Bring in new partners
It could be that you lost partners during your dip, but that doesn’t mean you can’t regain their support. Having a reliable group of partners will also help you if you are struggling for funding, so you need to find a way of restoring their faith in your business. In some cases, your old partners will keep their cards close to their chest and decline from participating any further. If this is the case, then you must remember that hope is not lost. In fact, you can go about looking for new partners and reinvent your strategy for when you do. Research who you can pitch to and keep your confidence levels up. It will help you stay positive about this endeavor and will also instill such confidence in your potential partners.
Don’t be afraid to ask for help
During tough times, it is easy to fall into the trap of wanting to pull through it yourself. Not only can this take a toll on your mental health but is entirely unsustainable in the long run. Where you thought you were taking on the load to protect your employees, you could be landing your business in more trouble. It is wise for you to accept that sometimes you need help, and you can go about finding the right resources to boost your business once you do this.
Repair your reputation
The reason for your business struggling could be down to a variety of reasons; from a product that some customers aren’t happy with, to an ethical disaster that left your name in tatters. Most likely, it will have been that your marketing wasn’t up to scratch, and a few bad reviews caught the attention of your target audience. As many people know, one bad review can spread like wildfire. In any case, your reputation will need repairing so that you can work on creating a successful campaign. There are a number of ways you can do this, but it can be a struggle without the help of a trusted online reputation repair service. A company such as this will remove any bad content, focus on finding a new line you can follow and will provide you with the much-needed help you need to start afresh.
Rebuild your brand
With your new clean slate, you can put your energy into rebuilding your brand. It could be that you want to stick with your original ideas, but go for a new marketing route, or it could be that you want a total reinvention of your brand. The latter option is usually the one who sees more success, as the consumer market is always looking for exciting new products and services to get on board with. It will also help you sever any ties to problems with your previous brand identity, which will show customers that you are committed to the change you are pursuing. Rebuilding your brand can begin with designing a new logo, having a change in company name, or offering a new ethos for customers to connect with. What should stay from your old brand is the product or service you are selling. If this was where the problem lay last time, find a way of improving any faults so that people won’t switch off when they see it.
Publish fresh content
Having regular, polished content is key to keeping customers engaged. If your old content didn’t employ techniques to connect with your audience, then you need to remove it and start again with flawless writing. If you are relaunching soon, then you need to keep publishing content to drive up anticipation and draw in potential new customers. In the event where you are strapped for time, it’s a good idea to invest your money in a select group of freelancers who specialize in creating high-quality content. It will provide you with a bank of posts which you can publish as and when you need, and will also ensure you have trusted writers you can go to if you need a high volume of work in a short space of time.
Create a killer campaign
Content is only one component of invigorating your rebuilt brand, and while it is integral to success, the rest of your campaign must be eye-catching and memorable. Where traditional campaigns will have focused on email marketing, in the modern world, marketing has started to find a new home in social media. That isn’t to say you shouldn’t still use email marketing; it is merely to say that you should explore new options alongside this. Tackling how to use Facebook Ads among other social media tools will ensure you gain a higher reach that can touch people from all corners of the world.
Make sure you know your audience inside and out, that you use punchy headlines and bright colors to capture the attention of your target audience, and that you give yourself a human presence online. Once you have rolled out your campaign, you can track how well it is doing compared to your previous ones by using platforms like Google Analytics, which will help solve any issues early in the process.
Learn from past mistakes
Once you have the ball rolling, it is easy to fall back into the same patterns you did before. Although these may come naturally to you, you need to remind yourself of why you have to relaunch your business as you are doing now. Part of creating a successful business is learning from your past mistakes, and this also means that you can’t spend time worrying about whether it might go wrong again. It’s a good idea to find a strategy that will help you look at your mistakes, and see that trying out something new is a step forward. Seeing such mistakes as progress is a great step to growing your confidence in the business you have now, and will enable you to work through any issues that may arise with ease.
Find an ethical standpoint
A large part of marketing is creating a product that will speak to customers and will enable them to feel as if they need it. However, more and more, businesses are finding that these products are more attractive to audiences when they have an emotional and ethical appeal behind it. For example, if a drinks brand were to promise that their packaging was all recycled and was helping the planet, then a potential consumer would be more likely to invest than if the packaging was going to contribute to landfill disposals.
If your company has struggled with ethical issues in the past, relaunching yourself could show your commitment to righting those wrongs. Not only could you see your business take on a great image, but it will also help increase your sales. Ultimately, this transparency will also help you avoid the same ethical questions being asked again in the future.
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