How do you even begin to put a price tag on a rebrand?
You’re making changes to your brand. You have a new logo, some fantastic new design elements, maybe even a new name in mind, and now you have to sell the idea to your key stakeholders.
You’ve put together a strong visual proposal, but you know what the first question on everyone’s mind is: ‘how much is this going to cost, or save?’
It is one of the most common questions that we get asked in our line of work. Here are some of the factors that can drive the rebrand price tag up, or down.
Discover how much your rebrand could cost:
Determine the scope of the project
The extent of your rebrand will influence the price. Will it be a simple logo swap or a full overhaul of your visual identity? The bigger the change, the greater the cost.
Naturally, it’s more complicated than that, but it’s a good rule of thumb. Consider whether the new branding is an evolution of the existing brand or a radical departure from it? This determines how you launch and implement the brand.
If your brand is to evolve, it may suit the organisation to roll out the brand steadily over time, helping to reduce the cost by taking advantage of increased lead times and regular replacement cycles. However, a more revolutionary overhaul has a greater impact on employees and customers if revealed in a big launch, immersing all stakeholders in the new brand from day one. Of course, this may be the more expensive option, but finding the right balance of incremental spend versus impact is critical.
Factor in any legal processes
There may be legal factors to consider. These can come with a hefty price tag especially if your organisation sits within a highly regulated sector. For any organisation, a new logo or brand mark will need trademark protection, and any new fonts will require licensing. If the brand, company name or regulated labelling of products is changing, there may also be further costs when it comes to legal documentation.
If your brand is to evolve, it may suit the organisation to roll out the brand steadily over time, helping to reduce the cost by taking advantage of increased lead times and regular replacement cycles.
Do you have the right resource to manage the rebrand?
A rebrand can be a challenging project for any organisation. The best way to manage it is with a dedicated project team. Does your organisation have the necessary resources and skills, to carry the rebrand through to completion? The answer can have an enormous impact on the overall spend as you may need additional support. In our experience, we find that having a dedicated project team is invaluable to a smooth roll out. Companies should carefully consider using specialist support when setting up the project organisation.
What else is going on in the business?
When preparing for a roll out, consider any projects that may run concurrently to the rebrand. You may be able to use these as either a catalyst for the project or a way to drive change through part of the business. It can also be helpful to consider when you need to replace brand items such as signage or digital resources; if something is due to be modified in the very near future, consider whether it’s worth applying a temporary solution and using the regular replacement method later on for a thorough update.
Align ambition to budget
We often see a conflict between aspiration and budget. Which is being made to fit which? Sometimes the ambition far exceeds the constraints of the budget, and there is a need to set more realistic goals.
To define a suitable budget, consider the business case for the rebrand. Do you expect to have the support of the board and other key stakeholders, or do they need convincing? Do they see the financial benefits of building a stronger brand? Access appropriate data to demonstrate the value of the brand, this will help convince those who set and approve budgets that it is in the organisation’s best interest to invest in the rebrand.
While the above list is a starting point, pricing a rebrand is not a quick or easy task.
Over the years we have developed our ImpactValuator database using data collected from the rebrands we have conducted with our clients since 2002. It has become an invaluable tool that helps navigate the pricing minefield before you start.
What are the costs of a brand change?
Answer a few simple questions and one of our brand experts will contact you to explain our preliminary cost indication, based on best practices and benchmark data from relevant organisations.