How To Rebrand A Small Business – Rebranding costs must ultimately be seen as an investment – one that can generate exponential returns over the life of the company.
It means, “How much does the rebranding cost?” and “How long will it take?” This is a question every company interested in rebranding should be asking.
How To Rebrand A Small Business
Below we’ll break down the cost of rebranding, then go into detail about the costs and inclusions of the three different levels of rebranding, as well as some tips for choosing a branding agency for your rebranding project:
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Most SMEs can expect to invest $150,000 to $300,000 and six to eight months to change their brand.
Research shows that the average B2B business spends about 5 percent of its revenue on marketing. With that in mind, the average rebrand will cost between 10 and 20 percent of your marketing budget.
When we are approached by a company wanting to know the cost of a rebranding, we start by asking a few questions:
Answering these important questions will help determine what type of rebranding approach is best for your business.
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We recently rebranded a small business that was very profitable due to its uncomplicated business model and low overhead. Even though the company is small, their needs are not.
They have no idea how their customers perceive them. They don’t know how to stand out from the competition. Their branding is confusing and meaningless. Their visual identity is dated and dated.
The conclusion is that although there is often a correlation between the size of a company and the rebranding costs it faces, the size and nature of the challenges and opportunities is more important.
Small businesses can have complex needs and ambitious goals. Large companies may have relatively simple needs and more basic goals.
How Much Does It Cost To Rebrand Your Company?
Whether big or small, your brand exists at different touchpoints, each providing different opportunities to get your message across.
Crucial to rebranding costs is determining which touchpoint has the highest priority based on your brand’s unique needs and budget parameters.
Below, we’ll look at rebranding and timeline cost estimates at three different levels of increasing size and complexity.
Your business needs may be somewhere on the spectrum, but not necessarily the right one at one level or another.
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Remember that the right rebranding approach for your business doesn’t have to depend on annual revenue, but on the nature and complexity of your needs.
The levels below are meant to be a practical guide for estimating the scope of your rebranding, not a permanent plan.
The most basic level of branding, brand refresh, is best for businesses with relatively simple needs. Brand refresh usually includes the following:
Items like inventions, corporate identity and stationery cost about the same as any brand refresh. The variables that will most likely determine the cost and duration of this type of rebranding are the size and complexity of your website needs.
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Does your website need to be a sophisticated lead generation tool or will it be used primarily as an eye-catching online flyer?
Does your site require multiple layouts, including a blog, or can you use a simple one-page site?
Since a well-designed website is at the heart of any branding update, the answers to these questions will determine the time and budget you can expect to invest in the initiative as a whole.
We recommend real photos whenever possible, as they give your brand an authentic feel that you can’t get from stock photos.
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Of course, original photography comes at a price, and for some brands the need may be minimized or even eliminated, depending on the nature of the offer, number of employees, etc.
When it comes to photography, your brand’s unique needs will determine where your investment should be and where you can find places to save time and money.
The next stage of rebranding is a brand reboot. Brand relaunches are best for companies struggling with systemic issues that usually accompany growing and/or aging businesses.
Modern companies that are on the fast track to surpassing the original brand must think of fundamental changes in brand that will stand the test of time.
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Companies that have been around for decades but never renewed their brands also need deep strategic changes.
The key difference between brand refresh and brand relaunch is that the latter involves comprehensive research and brand strategy. This means that the costs of rebranding and the time needed to relaunch the brand are greater than needed for refreshing.
When it comes to research, brand relaunches usually involve a limited amount of internal research to understand how the brand is perceived by key internal stakeholders. This may include one-on-one interviews with several members of the executive team.
In addition to internal research, a brand relaunch should include in-depth customer research to gain a comprehensive understanding of current brand perceptions.
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The answers to the questions will help determine the rebranding costs and schedule associated with your brand reboot.
A brand audit includes an internal audit to assess your brand’s current strengths and weaknesses and a competition audit to understand the competitive landscape in which your brand operates.
If there are things that resonate with your current brand, it’s important to identify them so you can use them in your next chapter of branding.
If there are opportunities for competitive differentiation in the competitive landscape, it is critical to understand them in order to use them in your brand’s new positioning.
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The brand relaunch strategy and positioning page is where you define the strategic framework for your brand and position it for growth and success.
Basic messaging, brand personality, competitive advantage, brand promise – these and other fundamental elements are refined or redefined in the strategy and positioning stages.
Strategy and positioning are very important for companies with big goals, especially those related to increased growth or expansion into new markets. It is a roadmap to future success and a brand blueprint to get you there.
Another variable scope in brand relaunching is naming or renaming. A new name can address a number of challenges facing a growing company:
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A name change is a powerful initiative and is often unavoidable. But rebranding can cost thousands of dollars as it usually requires weeks of research, brainstorming, and validation.
For established companies with a global presence, rebranding is complicated by the size and complexity of the business model. Therefore, the rebranding costs associated with brand review are at the top of the price spectrum.
Rebranding initiatives in this area span the entire spectrum of inclusion. Let’s take a look at some of the most important:
Brand review requires extensive and in-depth research. This includes not only comprehensive customer research across various segments, but also thorough internal brand research, including both qualitative and quantitative initiatives.
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Qualitative internal research includes initiatives such as interviewing internal stakeholders to better understand what they think of your brand.
Participants in internal interviews usually cover specific segments of the workforce such as sales, marketing, customer service, management, etc. This interview provides important insight into how your brand is perceived by its key ambassadors.
Quantitative internal research includes things such as online surveys that are designed to collect data from a wide range of participants that will confirm or disprove certain hypotheses developed during the qualitative research phase.
In addition to brand research, the scope of a brand overhaul and the associated rebranding costs depend heavily on your brand architecture.
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Brand architecture is an integrated visual system of names, symbols, colors and vocabulary that maps out your brand and what it has to offer. It often includes multiple sub-brands in an organized hierarchy.
How many brands does your company cover? Is it a monolithic architecture with a single parent brand and sub-brands under it? Or maybe we create a separate brand that lives its own life?
The nature and scope of your brand architecture will, in turn, influence the scope of your visual identity.
Your visual identity is more than a logo. This is a visual representation of the positioning work done in the strategy phase.
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Are you a life sciences company that gets most of your prospects through trade shows? If so, you need to think about trade show booths, catalogs and brochures.
Are you a consulting firm that sells almost entirely online? In addition to a good website, you’ll need an arsenal of automated marketing content, including guides, white papers, case studies, and the like.
Or are you a restaurant or retailer operating off-site? In this case, in addition to flyers and menus, you will need signage and directions.
Lastly, the extensive human capital involved in brand review also requires significant investment in brand activation once a new brand is ready to be launched into the world.
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Careful branding guidelines must be in place if your team is to pursue the brand in a coherent and consistent manner.
Both new and existing employees need to be trained on the implications of positioning your brand. Please take a look at them