Are you thinking of giving your brand a facelift? Maybe your business has changed direction, and you want to convey a different message now. Or maybe you’re just feeling like your branding looks a bit drab instead of totally fab!
Whatever your reasons for rebranding, you’re going to have a question or two about getting started. One of the key questions that is definitely going to come up is “how much is a rebrand going to cost me?”. Well, that depends. We know you probably came here for an exact figure; however, rebranding costs can vary quite significantly. Whilst we can’t give you a figure down to the pennies without knowing the full scope of your project, what we can do is talk you through the factors that influence a rebranding cost so you can make an informed choice.
Scope of the rebrand
Yep, we know we’re stating the obvious here, but the scope of your rebrand is probably the biggest factor affecting the cost. Are you just tweaking your logo, or are you revamping your brand strategy and entire visual and verbal identity? The latter includes everything from things like your value proposition and customer personas, tone of voice and brand personality to your logo, strapline or brand guidelines which cover colour palettes, typography and marketing collateral.
For example, a simple logo refresh might be fairly inexpensive, but a complete overhaul that includes everything from brand strategy to packaging to digital assets can easily run into a serious investment. Think about Pepsi’s major rebrand some years back — it wasn’t cheap, but it made a huge impact. Soz Coke, but it’s true!
Company size and reach
The size and reach of your company also play a role in how much your rebrand will cost. A local coffee shop’s rebrand will have very different costs compared to an international conglomerate; extreme ends of the spectrum there but you get our point!
Bigger companies have more touchpoints; think business cards, uniforms, vehicles, websites, social media, product packaging, and more. Each of these elements needs updating to reflect the new brand identity and create a cohesive company image that lets customers recognise a business immediately.
For example, BTs rebrand some years ago cost is rumoured to have cost around £5 million because of the amount of marketing touchpoints that needed to be rebranded, for example vans, packaging, website, and more.
Agency vs. In-house
Another obvious cost factor is whether you go for the DIY approach or hire an agency who specialise in rebranding. Of course, agencies are typically more expensive, however there is a good reason for this. Agencies bring expertise, industry knowledge, talent, and the latest and greatest in technology to help you bring your vision to life. They can even offer fresh ideas that you may not have thought about!
On the flip side, an in-house team might save you some cash but could lack the broader vision and specialised skills of an agency. For example, when Airbnb rebranded, they went with a London-based agency, and the result was a globally recognised brand overhaul… we’re guessing they’re pretty pleased they didn’t DIY it! In our experience, you really do need a specialist team (not to toot our own horn, but hi, that’s us!) who can bring heaps of industry knowledge and expertise.
Research costs
Kicking off a successful rebrand begins with some solid research. This means diving into market research, running focus groups, chatting with customers, and checking out the competition. Doing this homework helps you see how people currently view your brand and figure out where you can make things even better. While thorough research can add to the cost, it’s definitely worth it to get things right from the get-go. It’s also about putting a stake in the sand and moving into a space where there is less competition.
This is also another reason to get an agency in to help you, you may not know the best way to conduct market research or which information can help you. This could lead to you making some costly mistakes with your brand image, and no one wants that!
Design costs
Design covers everything from a new logo to fresh marketing materials, signage, uniforms, and other branded stuff. The cost can really vary depending on how complex things are and how many assets you need. A simple logo is unlikely to set you back too much, but if you’re going for a full set of marketing materials, it can get a bit more pricey.
Implementation costs
Once your new brand identity is ready, it’s time to roll it out to the masses. Implementation can be extensive, involving website redesigns, updating physical locations, changing product packaging, and more. These costs can add up quickly; just think about how much work goes into updating a website alone, it can be quite an undertaking.
Other implementation costs can include:
Internal training and engagement
Your employees are the champions of your new brand, so it’s important they get it and are excited about it. This could mean having training sessions, workshops, updating employee handbooks, and running internal communications campaigns. Depending on how big your organisation is, these efforts can add up, but they’re key for making the transition smooth and ensuring everyone is reading from the same (new!) page.
Launch campaign
Introducing your new brand to the world is a big deal and absolutely something you should be shouting about. A launch campaign can include ads, PR efforts, social media buzz, and events. Doing this right not only gets the word out but also builds excitement and buy-in from your audience. The costs for a launch can vary a lot, whether it’s a small push for a local business or a big rollout for a global brand, but it’s worth doing.
Miscellaneous costs
Rebranding can come with some extra costs that can add up. Legal fees for trademarking new logos or names, buying new domain names, and other unexpected expenses need to be considered. Whilst it’s not as exciting as strategy or picking brand colours and playing around with fonts, these costs help make sure your new brand is protected and set up right in the market, so it’s important that you budget for them.
You may also need to pay for focus groups to launch the idea to a group of your ideal customers. Again, a professional branding agency can help you out with everything you need to think about and ensure that nothing is missed off your check list when it comes to rebranding.
Contingency for mistakes
Even with the best planning, there’s always a chance that some parts of your rebrand might not hit the mark with your audience, needing a few tweaks or revisions. It’s smart to set aside a contingency budget for these situations, usually around 10-20% of your total rebranding budget.
Get in touch with our friendly team today if you’re ready to take your brand to the next level with a rebrand.