What Is the Best Way to Relaunch a Business?

By Brad Sugars

entrepreneur daily

Opinions expressed by Entrepreneur contributors are their own.

I recently had a number of setbacks early in the year which slowed things down dramatically. Now that things are getting back on track again, I need to figure out how to get back into the race. Any general suggestions on marketing, gaining new customers and so on?

Good to hear things are getting back on track for you. The first thing you really need to do is go back to your existing customers and customer base (including leads and prospects databases) and reintroduce yourself and the business to them. That is your “low hanging fruit” -- and it’s always easier and less expensive to re-convert existing or old customers than to go out and find new ones.

Depending on the business and how you left it, would a name change be in the works? Re-positioning your products or services under a new moniker could help drive the message that you are re-launching, and might also help attract a new customer base. It really just depends on your business, your reputation as an owner and the reputation of the company in your market or industry.

If you are a business-to-business company, a re-launch campaign could be as simple as some personal phone calls and a well-targeted email (or conventional mail) campaign and phone follow-up. If you’re a retailer -- location is important -- and if you’re looking to offer different products or services, new signage and positioning would need to come before an updated “grand opening” campaign. But if you left customers in good standing, a grand “re-opening” under your old business badge would also be a good tactic.

The bottom line is that business relationships are simply another form of personal relationships, and rekindling “old flames” can be as simple as going back to those people and “reaching out” to them. Some will respond, some won’t. But if you had a decent business before your setbacks, you should be able to regenerate positive cashflow and repeat business before you spend any additional resources on buying new customers.

Hope this helps. Good luck on your comeback!

Brad Sugars is the founder and chairman of ActionCOACH. As an entrepreneur, author and business coach, he has owned and operated more than two dozen companies including his main company, ActionCOACH, which has more than 1,000 offices in 34 countries.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Related Topics

Living

The CEO of Catholic Prayer and Meditation App Hallow Says Founders Need to Be Part of Something Bigger Than Themselves

On this episode of "The CEO Series," learn about the soulful journey of Hallow's CEO and founder Alex Jones.

Devices

Get a 15-inch MacBook Pro for Less Than $375

Save on this refurbished MacBook Pro for a limited time.

Business Ideas

55 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Business Solutions

Get More Done with ChatGPT for Just $20

This ChatGPT course can help you streamline your business.

Business News

United Airlines Says It Lost $2 Billion in 3 Years Since Waiving Change Fees for Flights

The company announced that over 10 million customers have taken advantage of the new policy since 2020.