We are frequently asked what the cost of rebranding an existing business should be.
In fact we’re often asked this question before we even get the opportunity to sit down with the business stakeholders and learn more about their business objectives.
It’s understandable that for many businesses, a rebrand will be a daunting prospect and unless they have done it before how do you place a value of the service.
As a business owner, would you like a one price fits all scenario. For example, if all the business owner wants is a new logo, what should that cost. However rebranding is more than a new logo and if that is the only expectation from both sides, it really isn’t a rebranding project in the first place.
It’s not possible to offer a one-stop fits all price for rebranding project. Every business is different, their challenges are not identical and the business opportunities vary greatly.
If you are rebranding because there is an opportunity to be first to market with a new product or service that has a massive potential upside, you would want to spend a great deal more time (and hence money) on the making sure you get it right.
A very rough guideline for B2B companies is first of all determine what their annual spend is for marketing.
As a general rule, a company generating $1,000,000 might set aside 7% for marketing expenses. ($70,000 for the maths challenged among us).
Marketing expenses might be made up of
- general marketing collateral,
- social media and content,
- staff wages & training and
- market research.
So, if we expect to spend $70k every year on marketing, what might we be expected to spend to create or re-define a brand (recognising that both exercises differ from one another.)
I rough guide would be double your typical annual marketing spent, but let’s round it down in this instance to 10% of annual revenue.
Which would give us an extremely rough guide of $100k
What would the $100k spend be made up of?
- Market & Competitor research
- Brand Audit & Strategy
- Logos, names & taglines
- Brand Identity
- Corporate and/or product stationary
- Keywords & Content
- Website & Social Media
- Photography & Video
- Marketing Collateral
- Style Guide