How Much Does a Rebranding Project Cost?
As an established creative agency, we get the question all the time… what's the cost of rebranding?
Rebranding is a financial investment. Period. And good investments are aimed to create value and return. Forward-thinking organizations don’t take risks for no reason, so responsible leaders must use a calculated approach. Understanding the value created by a rebrand and deciding how much return you expect to see will start to paint the picture for how much effort and investment will be required.
First, we must understand what a brand is. Some business leaders view their brand as a non-essential luxury, unnecessary to running a healthy organization. What these leaders don’t understand is just how valuable a strong brand can be. A good brand strategy encompasses and communicates every benefit your organization offers, and connects every customer or employee interaction to a singular and unified purpose. Especially within the business-to-business (B2B) space, a truth-driven and consistently positive customer experience sets the stage for long-term relationships.
More than just a logo, a strong brand strategy sets your organization apart and creates and maintains a sustainable competitive advantage.
So how much should it cost to rebrand? Ask instead: how much can I gain from rebranding? A strong brand, over time and through consistent execution, attracts more customers at a lower acquisition cost. It fosters loyalty in employees and customers alike; employees become happier and more engaged, and customers will go out of their way to choose you over competitors. Tactical marketing efforts will drive sales, but a long-term brand will drive sustainable value inside and out.
Next, we compare what we're trying to accomplish versus what can be done. A proper rebranding project begins with a deep understanding of the 'why.' Has competition started to encroach on market share? Have you heard negative feedback about your brand? Do you feel that your identity is outdated or not relevant, but you don't know how to fix it? After pinpointing the trouble areas and opportunities for transformation and growth, we can create a rebranding strategy to break those efforts down to bite-sized initiatives.
It's important to remember that since a brand is the core of an organization, it will inherently impact everything – your website, sales materials, presentations, signage, packaging, and even operations – to create consistency throughout the brand experience. Not only will your rebranding effort be an investment to reestablish your brand and visual identity, but it also needs to be applied to everything that represents your organization. The list is long for some, but it's an essential part of executing a successful brand strategy. With the right creative agency and team of partners, you can accomplish this effort in an efficient and process-driven manner. From research to strategy, development, and rollout, the rebranding process is exciting and drives fruitful conversations that create a deeper understanding and appreciation of your organization and the customers and employees it serves.
A rebranding project, if done correctly, can be the most important and longest-lasting investment your organization can make. Rather than an expense, it should be viewed as an investment that will create a return. At Quill Creative Studio, we use creative problem solving to create and strengthen brands.
If you believe that your organization is ready to rebrand and realize its full potential, contact Quill Creative and continue the conversation with a brand strategist.