What’s your business brand worth? It’s hard to put a dollar value on it. Yet you only have to see the crowds camping outside Apple stores to get their hands on the latest iPhone to understand the power of a great brand.
Even the greatest brands need to evolve. When Steve Jobs returned to Apple in 1997 he rebranded it from Apple Computer to Apple so customers would adopt new products such as the iPad and the iPhone. Today Apple tops the Forbes list of the world’s most valuable brands.

Your brand is much more than a logo. It includes everything that identifies your business, from the name on your door, your products, packaging and marketing materials to your customer service style.

Like Apple, if you’ve been in business for a while your brand might be looking a bit outdated. Or perhaps you’ve added new products or services, along with a website here and a brochure there, with no common identity.

Start by taking a fresh look at your business, your customers and your vision for the future.

Here are 5 key questions to ask yourself…

1. Who are you and what are your core values?

Your brand should reflect the personality and values of your business. Has this changed over the years? Be honest because your customers will soon know if what you deliver falls short of your promise. Carve out some time to workshop your brand with your staff. You could start by teasing out your business story. How did it start? What do you hope to achieve and who is your target market? Apple rebranded using the theme ‘Think Different’, which summed up the personality of the business under Steve Jobs, from the look of its new products and stores to its marketing strategy.

2. What’s your winning edge?

Find out what you are doing right and how you can do better by consulting the experts – your customers. How are customers experiencing your product or service? Does it satisfy their needs or do they try once and never return? Are they grumbling about you on social media or enthusiastically spreading the word about what makes you great in online reviews? You could also further your research by contacting your customers by phone, email or via social media to understand what makes them tick.

3. Is your branding consistent?

Using your core values, aim to develop consistent branding including names, logos, colour palette, imagery and messaging. This is how customers will recognise you in a crowded market, from your business premises to your staff uniforms, online presence and marketing material. There are some excellent branding resources online, such as this government guide.
4. How will you connect?

There are so many ways to promote a brand these days, from the sign on your window and traditional advertising to your website and Facebook. So how will you connect your brand with your target audience? You can find tips on advertising online and using social media on the government’s business portal here.

Whatever methods you decide are right for your business, you will need to concentrate on the most cost effective channels and be sure to have the resources to do it properly. More so, don’t forget to benchmark your results to make sure your efforts are translating into sales and customer loyalty.
5. How will you protect your IP?

When you are developing your brand, you want to make sure someone else hasn’t got there first. Infringing someone else’s intellectual property can lead to costly legal proceedings, so make sure to search existing trademarks, business names, company names and brands. You can find out how to do this for trademarks at IP Australia, which pulls together everything you need to know about creating and commercialising your brand. You can search business and company names at www.asic.gov.au.

Remember: the more distinctive your brand, the better.

Likewise, once you’ve developed your brand you will want to protect it from poachers. If you are ever forced to defend your brand rights in court, it pays to have intellectual property (IP) insurance to cover your legal costs if you need to sue or someone sues you. Policies differ from insurer to insurer so consider seeking the services of your Steadfast insurance broker.
You know how great your business is. As your business evolves and grows, rebranding is an effective way to ensure that new and existing customers also know who you are, what you stand for and what you have to offer.