Having your business fail on you can be a pretty devastating event. It is precisely when you lose much that you stand to gain so much more. Join us as we discuss how to rebound from this.
Do a frank analysis of your failed brand
This is something you can do yourself or with soundboard team. If you want a truly impartial analysis, re-appraise any old reviews that you may have gotten from your customer base. Most people do not mince words on social media. If they find something wrong with your product or your service, you will hear about it.
Doing an analysis of your brand’s failings is a great way to spot any issues that need to be dealt with before you rebuild your business. Make a list of everything that contributed to your brand’s failure and keep that list with you. Remind yourself of the pitfalls you’ve fallen into so that you may never fall into them again.
Reevaluate your client base and target demographic
Other than your brand’s reputation, it is important to examine who your business is directed toward. A common mistake that most failed businesses share is insufficient research. The market is an ever evolving entity. It would be foolish to assume that what people wanted three years ago would still be the same today.
Clarify and identify what your ideal client is. What age group are they in? What are their buying practices? These are the questions you constantly need to ask yourself in order to maintain the relevance of your business.
Proper study of your market and your demographic is critical when you’re planning to rebrand. Doing so will provide you with a frank assessment of what trends permeate the market and how it has affected and will continue to affect your business.
Once you’ve decided on change, be consistent
It isn’t enough to change only select facets of your brand and business. Your business failed for a reason. It usually isn’t a single definitive cause. Normally, it is a cascade of decisions and errors that piled up. So when you change one thing, be consistent and find things to change about everything else.
You can try changing your business name or your logo. You can change the way you sell your product or service. You can even change the way you present your ads. You may even change how often you’re there. Whatever you decide to do: be consistent with the changes.
Dump your get-rich-quick schemes
In an ideal world, your business would have flourished and would have made you a lot of money by the 2nd year of launch. However, reality is not so kind. Most businesses are naïve to think they would start turning a profit by the second year after initial launching. However, if the third year of your business rolls around and you’re bleeding more money than making it, there is something truly wrong.
This mostly stems from the need for instant gratification. Lose this habit quick.