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Budgeting for your rebrand is a fundamental part of the process for any business. However, it’s not unlike the question of, “How much does a car cost?”
“Well, do you want a VW or a BMW?” Both are great cars — undeniably — and you can’t go wrong with either one. What you get with each one of them, however, is vastly different. There may be elements you don’t need, and some that are incontrovertible. A brand redesign or refresh isn’t so much different. Take a look at some individual items to see where your needs (and resources) may fall.
Know Your Resources
Looking at the capabilities of your team is an important step. Who will be handling implementation, execution, and consistency? On the other hand, a larger marketing team could easily help handle parts of the process. Utilize them along with your agency in a joined partnership.
Upfront Costs
Upfront costs may be few in number, but definitely relevant to consider given some tasks: Trademark search and filing (for new names, if applicable), photography and video costs, or potential new hires may show up in the bucket of expenses.
Hard Costs
Any project will ultimately have associated hard costs. That is, costs that you’ll incur no matter what agency does your work: printing business cards, signage, marketing materials, website hosting and security certificates, marketing email service providers, and any ancillary tools your teams may use would be part of your hard costs. Add these to your budget. Media buys also need to be factored in. While a branding agency can create an ad template, the cost to create the advertisements won’t cover the cost to place them. So, while many B2B companies spend 8-10% of revenues on marketing and B2C companies as high as 16% — according to a 2019 cmosurvey.org report — expect your rebrand will be in the arena of 15-20% of your marketing budget. That means, on average, a small $2.5 million annual revenue-producing company could spend roughly $70-80,000 on a full rebrand. Remember, this new portion of your annual marketing budget needs to be allocated at the front of your annual planning, and potentially may need to be approved by a board of directors or others. But don’t fret, sometimes the cost can be less.
Ongoing Needs
Once a brand is created, it needs to be implemented and led. Ever-changing online web graphics, sales, or seasonal campaigns demand excellence and consistency with your new voice and tone, and brand standards. Product launches, acquisitions, press releases, and social media also need to be carefully managed and delivered through this new brand lens. Finding the right agency will help assuage concerns about these deliverables as your business continues to grow.
Keep Reading: Rolling Out a New Brand
