10 Steps to Rebrand your Business (for less than $70 Million dollars)

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 Dept Store
Olde School

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.)

New school

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:

  1. Be ready for change
  2. Determine your mission
  3. Talk to people
  4. Measure your total market
  5. Research the competition and seek allies
  6. Rethink your customer base
  7. Improve your product availability
  8. Determine suitable solutions
  9. Create an action plan
  10. 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.

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