Business

Rebranding Your Startup: Know About The Costs Involved

techrado

Introduction

Rebranding costs should be seen as investments. And that is because, over the life of your business, it can actually bring exponential returns. But whenever any company is planning to rebrand its business, they often ask one question, “How much does rebranding cost?”

In order to get an idea about the costs of rebranding, one needs to get an idea about the individual costs of different rebranding levels. The cost also depends on the rebranding partner that you are choosing. 

How Much Does Rebranding Cost?

When it comes to small businesses, they can expect a cost of around $100,000 to $180,000 for rebranding. As per studies, average B2B businesses invest 5% of their total revenue on marketing. 

Keeping this in mind, and average rebranding will cost around 10% to 20% of your marketing budget. In case you want to know the exact pricing, you can have a discussion with a digital pr firm. The cost also depends on several factors like,

  • The time duration since you are operating this brand.
  • If you have any sub-brands, or how many.
  • The number of employees.
  • The number of customers.
  • Are you domestic or international?
  • The industry competitiveness.
  • Your top business goals.
  • When are you planning to achieve all these goals?
  • The problem you are trying to solve.
  • The timeline of implementation. 

When you are able to determine all the answers to these questions, you will be able to determine which rebranding approach you will need and how much it will cost. 

  • The Brand Refresh

The basic level of rebranding is brand refresh. This works the best for those businesses with simple needs. There are some components that are included by brand refresh, and they are as follows. 

  • Corporate Stationery.
  • Visual Identity.
  • Brand Discovery.
  • Website.
  • Photography.
  • Copywriting.

The elements such as stationery, visual identity, and discovery usually cost almost the same for every brand refresh. Most likely, the variable determines the cost of this type of rebranding. And for other elements, it depends on your priority and choices. 

  • The Brand Reboot

Brand reboot works best for those businesses, which are dealing with the systematic issues that are accompanying age and business growth. A company, which is in the market for several years and also never went through any updates will need strategic and profound changes. 

A brand reboot includes the following elements.

  • Marketing Collateral.
  • Photography.
  • Copywriting.
  • Website.
  • Corporate Stationery.
  • Brand Identity.
  • Naming and Tagline.
  • Brand Strategy.
  • Brand Audit.
  • Customer Research. 

The significant difference between brand reboot and brand refresh is that brand reboot requires comprehensive research and strategy. A brand reboot usually takes care of issues like misaligning of brands, failing to continue effective communication, and standing out from the crowd in the competitive marketplace. 

  • The Brand Overhaul

This is the final rebranding level. The companies that are facing complex and wide-ranging challenges will best be benefitted from the brand overhaul. Consider a company that is established and also has a global presence. By the size and also the complexity of the business model, rebranding is complicated. 

When it comes to brand overhaul, it includes the following things.

  • Customer Research.
  • Internal Brand Research.
  • Brand Strategy & Positioning.
  • Brand Audit.
  • Brand Architecture.
  • Brand identity.
  • Naming and Tagline.
  • Copywriting.
  • Website.
  • Corporate stationery.
  • Marketing Collateral.
  • Video and Photography.
  • Brand Rollout.
  • Brand guidelines.

This also demands a lot of research and comprehensive strategies. And after doing the research work and developing the most effective strategies, it is also important to activate them in a proper way. And all these things determine the cost that you are going to spend for rebranding your business. 

Conclusion

You always need to be clear about what you actually want. And this will include the audiences that you want to reach, the problems that you wish to solve, and obviously, the changes that you want to implement. There is another thing that you should keep in mind that every business needs a different rebranding process, so it is quite obvious that the cost will also differ. 

Follow Techrado for more!