Refreshing Your Brand
Knowing the type of rebranding strategy to implement for your company is key because without this, you might not be able to go in the right direction. If your business is more towards a small refresh, then this particular strategy should be perfect. Under this strategy, businesses can enhance their identity, website design/layout, photography/employee/miscellaneous, brand discovery and so on. This would cost you somewhere in the range of $35K to $65K and in most cases, the rebranding could be finished within a quarter (if not more). Most companies that work on their website to drive customers might end up spending a bit more than this average.
Reboot
This is the second type of rebranding strategy which is a step above the normal refresh. Business organizations that have been around for decades and companies that are facing more of systemic issues than any other problem should go for a reboot. This issue would be with respect to either the age of the business or growth rate. Under this rebranding strategy, companies should undergo brand audit, identity, customer research, brand tagline, brand name, website, marketing, stationery and so on.
A comprehensive research is what eats up a lot of cash under this strategy. Reboot might cost you between $70K and $90K in general and you might need roughly around half a year to successfully complete the reboot. By implementing a reboot, the company could identify their strengths, weaknesses, where the future is heading, customer perceptions about the brand, strengths and weaknesses of the competitors, employees, brand makeup, and more.
Overhaul
Brand overhaul is a complete rebranding strategy and this is best suited for companies that are facing a lot of challenges and need a shuffle entirely. If the business has an international presence with varying business models across different geographic locations, rebranding is going to be tough and expensive. All the rebranding techniques have to be implemented – some of which include customer research, internal research, audit, architecture, website, employee morale, brand name, tagline, business strategy, brand guides, marketing strategies and so on. Spending money to undergo each and every single one of the above is going to be time consuming. Roughly, companies need to allot a budget in the range of $120K to $250K. As we discussed earlier, this is roughly around 10-25% for a company that has allocated $1M for marketing.
Verdict
Rebranding might be complex, costly and time consuming, but if you are focused on developing your brand and making your company the market leader, you can achieve success by following a proper rebranding strategy. There are several reputed rebranding agencies which can be chosen to implement your desired rebranding strategy. As far as rebranding goes, no single strategy is applicable for two different companies. Every company has its own set of challenges, so a unique and customized rebranding should be followed. Never go for a short cut because this would have an adverse impact on your business in the long run.
