10 Rebranding Costs You May Not Have Considered
Rebranding Refreshes Your Company’s Story, But Be Aware of Hidden Costs
Updated January 2020
Rebranding Checklist to Consider When Updated Your Brand
Market research, company growth, a recent acquisition, or the age of your brand may reveal the need for a brand refresh or rebranding your organization entirely. While a fresh look and a clean slate can seem like a great way to reset for growth, don’t underestimate the costs associated with a rebranding process. It’s always best to go into the rebranding process asking the question “what will need to be updated with the new rebranding.” As a placeholder, the rule of thumb is branding will cost between 10-20 percent of your total marketing budget. Surprising? Keep in mind, rebranding is more than a new logo, it touches every aspect of your business.
Here are eleven things to keep in mind when planning your rebranding process budget:
1) Naming: There’s a lot that goes into an effective name and brand, and the effort often requires a substantial investment of time and resources. Bringing in an outside agency or consultant offers an objective viewpoint, dig into competitors, and use a structured process to guide the effort. Be prepared to restart portions of this task along the process if legal assessments or trademark implications demand it.
2) Visual Design: Logo design should address audience desires, take advantage of unique selling points, history of the company, and properly support new brand objectives. Sometimes a refresh of the brand logo’s colors, font, and graphic styling and tagline can go a long way in marrying the value from the past with a new look for the future. Much like the naming process, logo design and refreshing require an investment in time. Most logo design processes involve multiple preliminary sketches, color treatments, and sample designs that must go through multiple reviews and approval processes.
3) Research: You like the new name, but does it speak to your target audience? If they don’t like it or the new logo, you’ll want to take a step back before you invest in the likes of collateral updates. Conducting research with current customers and clients helps to avoid the pitfalls other major brands have experienced with failed logos and brand updates. While these don’t need to be large samplings of customers, 1-2 focus groups can yield helpful information in refining your final logo or brand approach. Armed with research, you can also put your board and executives’ minds at ease.
4) Legal Assessment: Companies need to engage the professional services of a trademark attorney to vet the new name and identity. Taking all ideas and concepts for legal review early on in the process saves time and ensures your efforts are put to good use. The goal is making sure your logo or brand update doesn’t infringe on any other products or services and has a clear path to trademark protection.
5) Trademark Protection: New names and logos will need to be registered for trademark protection. This process will take several months and can get costly if a competitor challenges your filing. Again, an early legal review will help to surface potential trademark challenges that could stall your efforts.
6) Brand Standard Guide: Once a new logo or rebranding is finalized, a new brand standard guideline has to be developed. The brand standards guide covers how the logo should appear, the size it needs to be, color specifications, when to use the tagline, company fonts and more. Development of a new brand standards guide takes time and resources to create, include legal input and finalize in both print and digital formats for use by employees, partners, and external communications.
7) Launch Strategy: Any refresh will need a strategy to support its rollout. A communication plan needs to be developed and rolled out to present the new branding or logo and the reasons for the update. Internal communication also needs to be included to get employees on board with the rebranding. Giving employees insights on the process and the final rebranding helps them become advocates for the new look. Don’t forget to account for this necessary step and the hours needed to develop it.
8) Collateral Updates: Audit, prioritize and then update all collateral, advertising, and communications to reflect the new brand. Oftentimes, companies schedule a timed rollout of new collateral allowing old materials to be used up before printing or developing new versions with the rebranding. New logos and branding touch every aspect of your business from stationery, invoices, sales contracts, business cards, and sales and marketing materials will all need updating. Deciding what needs to be printed and what can be designed and distributed electronically can help control your costs.
9) Signage Updates: Updating exterior building signs, doorway graphics, internal way-finding signs, and office and room placards can get costly very quickly. Remember to account for “moving signage,” like uniforms, promotional items, tradeshow booth displays, and vehicle graphics.
10) Digital Assets: Websites, social media profile pages, email templates, presentation templates, email signature blocks, online collateral, and digital downloads, require substantial time and effort to update and distribute.
11)Communicating to the public: Press releases, client and customer announcements, advertising and media will all need to be developed and in place ahead of the launch. Depending on the size of your company and the industry you are in will dictate the size and scope of your communication plan. A B2B company’s approach will be much smaller in scope compared to a consumer packaged goods company that reaches both consumers and business customers.
Rebranding Offers Opportunities
A company rebranding or logo refresh offers the opportunity to look over all of your marketing, signage, stationery, sales collateral and online platforms to see what needs to be updated, created or eliminated. Looking at the overall cost of a rebranding effort, finding items to eliminate or convert to a digital asset cuts down on printing costs and storage.
Need to rebrand your company or just refresh your look? B63 Line can help you navigate the process of renaming, refreshing or rebranding. Contact us to learn more.