5 Steps to Rebranding Your Business

by Mark Smither
September 4, 2014

Let’s face it. Rebranding is time consuming and extremely expensive, with no guarantee of success.

So, why would you put yourself through the pain?

Because sometimes the decision not to rebrand can cost significantly more—in lost potential earnings, lost market share and lost opportunities. This is especially true in the ag industry, where we see a lot of mergers and acquisitions, evolving markets and commoditized products.

To help companies make the right decision, we have identified the five most important steps to follow when reinventing a brand.

Step 1: Know what makes you different.

The first step to rebranding your business is to understand what makes you you. How is your product or service completely different from your competition? Why do customers buy from you instead of someone else?

Step 2: Ask the right questions.

Your brand is what other people think or feel about your company. To understand how customers truly perceive your company, you will need to conduct a fair amount of research. The more you know, the easier it will be to move forward with a rebranding effort.

Step 3: Make a decision.

Rebranding your company requires decisiveness from C-level personnel. Too often, these efforts lose momentum when personal biases and inter-office conflicts exist within an organization

Step 4: Commit the resources.

If you want people to notice your new brand, you will need to commit the time, money and energy to do it right. What many companies fail to understand is that design costs associated with a typical rebranding effort are far less expensive than the actual implementation costs.

Step 5: Measure the right things.

It will be difficult to justify the expenditure of a rebranding effort if it isn’t tied to a verifiable metric of some sort. Decide what and how you are going to measure before you begin the process

It’s still worth it.

In the end, you rebrand because it increases the overall value of your company, energizes your internal culture and lays the groundwork for future success.

So, if the question is, “Why do it?”

The answer is, “Because it’s worth it.”

Read the full paper.