Determine first why the business is in decline or why products or services have been abandoned. This could be due to resource constraints, poor management or because the company and its products / services are of limited value to the customer.
The next step is to examine whether the world you operate in will support a revitalisation strategy. Are there any changing fashions that could re-launch a specific element of the business?
Also consider what the product or company name means to customers and whether this is positive or negative. Is it time for a change? There may be an opportunity to reinvent the business and change focus.
Traditional customers may have gone, but is there a potential segment to be reached such as an opportunity in an area where competitors are weak? How else can the business offer better value for customers? Sometimes, you may need to move towards a different customer group and ‘fire’ existing customers. Getting your team together and developing a ‘SWOT filter’ is a good place to start.
See also:
Q74 How can we use a SWOT filter?
Q77 How do we fire customers?
Q82 How do we survey existing clients?
Q83 How do we survey lapsed clients?
Q84 How do we survey potential clients?
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