Here’s one from a long time ago. I was just perusing my VERY old website (MichaelMusgrove.com) on the Wayback Machine and was looking at what I was writing about 12 or so years ago. I’m not sure I even had my MBA then. Not surprisingly, it’s about branding, rebranding, and marketing. I wrote about it because I thought it would be evergreen, meaning it would have a long shelf life.
See what you think:
Rebranding is a tough job because you must change perceptions, not just throw out a new logo and put on a new coat of paint. Because of the uncertainty, inability to plan, analysis paralysis, or whatever the reasons I have all heard, business people just stay on their stagnant or waywardly veering course.
Belk stores just changed its logo, to the tune of $70MM. That’s a lot of bags, signage, and paper. (Only a few keystrokes on the computer, however.)
Personally, I think they’re paying too much for too little. I have been through several “rebrandings” while working at 3 different companies, so I know these things get out of control. I have also helped clients rebrand entire communities, so I know how it’s done and what it should cost. I also remember to relandscape the ENTIRE town I consulted for, which would have cost $70MM, in an estimate a colleague of mine provided from San Luis Potosi, Mexico. The point is: You can get a lot for $70MM, even these days when Billions are discussed like folding pocket money. Anyway, with no more delay, here are 10 steps as outlined by Inc. magazine (A great periodical) to rebrand/reposition your business:
- Be ready for change
- Determine your mission
- Talk to people
- Measure your total market
- Research the competition and seek allies
- Rethink your customer base
- Improve your product availability
- Determine suitable solutions
- Create an action plan
- Communicate clearly and effectively
These, of course, are all correct, but the devil is ALWAYS in the details. I know how to most effectively do all of these thanks to years of trial and error, observations, study, and an MBA for good measure, and although I would never recommend rebranding yourself these days without help (like from me) I would look closely at the NPV of your rebranding investment.