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.