If you are a marketer or product manager you probably mostly focus on what’s new, with product launches central to your role. But are you missing out on what you already have and how you can repackage, relaunch, and re-inspire your internal sales team and customers?
One common assumption among marketers is that the things they’ve done before have been seen by everyone. However, this isn’t always the case. Many campaigns only reach a small portion of their intended audience, and there’s often a vast untapped market that could benefit from your existing products and solutions.
The average market penetration for a typical consumer brand is around 2-5%. For B2B you might feel you have a closer relationship with your current customers however have you checked? And how much of your potential market have you not reached yet.
It’s unlikely that even if you’ve reached a sizable portion of your target audience that there are still many potential customers who may not be aware of your product or solution. And don’t be fooled by your open rate on your emails. It doesn’t mean someone actually read your email… sorry…
You need to make sure your current customers truly understand the benefits of your products and solutions – even if they have been around for a while. You also need to look for new and innovative ways to reach new audiences. This is where relaunching, repackaging, and re-inspiring come into play.
One way to repackage and relaunch existing products is to focus on a different benefit or feature. For instance, if you’re selling connectivity, and previously talked about speed, you could focus on reliability, additional services, and something that’s important to everyone right now – the cost benefits. When did you last give an offer, this doesn’t always have to be the cost of the product, it could be a value add or free add-on trial for another product you want to push.
Another option is to focus on different channels or platforms. If you’ve primarily been advertising on social media, consider branching out to influencer marketing or email campaigns. If you’ve mainly focused on digital advertising, consider exploring print media or outdoor advertising. If you have a potential multi-million-pound deal with a company, have you thought about advertising on their route into the office? Less costly… can you reach them via other channels than you’ve not targeted before but more direct and personal?
From the consumer world, a great example of a successful relaunch is Old Spice’s “The Man Your Man Could Smell Like” campaign. The company had been around for over 70 years and was struggling to reach a younger audience. They relaunched with a humorous, viral marketing campaign that featured the iconic “Old Spice Guy.” The campaign not only revived the brand but also increased sales by 107%.
There is nothing to say that an old established B2B brand could not do the same thing. I’m not suggesting that you dress up your CEO as the Old Spice Man, but it does show to be successful in doing this you have to rethink how you look at and feel about your brand/product.
Often the only thing holding back the possibilities is your and others is your organisation’s fixed thoughts. Imagine the board room when they first say the new Old Spice Man for the first time.
Opportunities to make more of what you already have may be screaming out at you. But if you aren’t listing, distracted by the bright new thing – you could be missing out on huge opportunities. Look at what you already have, how you can repurpose, reignite, reach new audiences, highlight different benefits, and understand if your current customer base is truly aware – and if they are and are not interested, WHY.
When looking for new or more business it isn’t always the new thing that you need. You might already have it.