10 Rebranding Costs You May Not Have Considered
Rebrand Your Company To Tell Your Story The Right Way!
10 Things to Consider When Changing A Brand
An effective market research effort may uncover the need to reposition your organization or to rebrand it entirely. While a fresh face and a clean slate can seem like a great way to reset for growth, don’t underestimate the costs associated with such an initiative.
Here are ten things that could impact your rebranding budget and ultimately your bottom line:
1) Naming: There’s a lot that goes into an effective name and brand and the effort often requires a substantial investment. 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 and properly support the new brand objectives. Brand architecture – secondary and tertiary marks – will need to be evaluated and developed as well.
3) Additional 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.
4) Legal Assessment: Engage the professional services of a trademark attorney to vet the new name and identity. You’ll want to be sure it 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.
6) Launch Strategy: Any refresh will need a strategy to support its rollout. Don’t forget to account for this necessary step and the requisite hours to develop it.
7) Collateral Updates: Audit, prioritize and then update all collateral, advertising, and communications to reflect the new brand. Printing costs can be substantial, so don’t forget to factor them in as well.
8) Signage Updates: Updating exterior entrance and building signs, internal way-finding signs, office and room placards and maps can get costly very quickly, as well. Rembember to account for “moving signage,” like uniforms, promotional items, vehicle graphics, and the like, if they exist.
9) Digital Assets: URLs, social media profiles, hash tag identifiers, emails and related online addresses can require substantial time and effort to update.
10) Communications: Announcements, press releases, advertising and media will all need to be in place ahead of the launch. The strategy will dictate specific channels, but the development and placement work will use resources.
Need to rebrand your company? B63 Line can help you navigate the process of renaming and rebranding. Contact us to learn more.