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How much does it cost to redesign your company branding?
When it comes down to marketing initiatives, companies young and old often invest substantial portions of their budget into branding. Brand identity is a vital part of any growing company, and quality branding works to increase visibility which will aid in the development and expansion of your business.
Some businesses may be unhappy with their current branding, and thus, are looking for a way to reengage with the public. Of course, there is always the question of cost when it comes to dealing with your business.
Of course, not every company has an unlimited budget, and often the cost to rebrand can be a huge expense. Most businesses wonder, how much will this project cost? Well luckily, we’re going to break down the answers for these questions, as best as we can, so read on for more information!
How much does changing company branding cost?
What to consider before rebranding your company
Diving into changing your company branding could feel exhilarating, but there are several practical aspects to consider before going all in. It is important to ask yourself a few questions regarding your business. Firstly, how long has your company been around? How large is your company? How competitive is your industry? What are your top business goals?
What would a successful outcome look like? And finally, what is your budget? These questions are vital because a small business with 5 employees which has been around for only a year will have a much different branding experience than a large company with longevity. Although there is no direct correlation between the size of a business and how much time or energy it should invest into branding, answering them can help you determine which branding approach is best.
Other questions to consider relate directly to your business rebrand and why you're choosing to do so. Is it because your current branding is stale or outdated? Is it because you want to take things a step further to stand out from the rest of your industry? Is your company name confusing or misleading? Regardless of company size, your brand must be thought of in relation to a variety of external and internal elements that affect its' development.
The cost of rebranding is directly determined by these elements and how they relate to the needs of your brand as well as your budget. These elements include brand identity, website, copywriting, strategy, brand photography and video, external and internal research, audits and so on. We’ll break down the different scales of branding alongside their cost.
How much should you expect to pay for your company branding?
Low range: brand refresh
Cost: $5,000- $45,000
Branding your company on the cheap is a possibility. But, it is important to bear in mind that this will include refreshing the branding alone. As we mentioned, the biggest factor to affect the price of your company branding will come down to the scope of work in relation to the size of your company. A brand identity refresh will cover only the basics, and would be best left for a business whose needs are simple.
A brand refresh will focus on components such as: brand identity, corporate stationary, business website, copywriting, photography and potentially videography. Your company website is what will likely be the biggest cost for a brand refresh, and the time it takes will depend on the complexity of this part of the project.
A well-designed site is the focal point of a brand refresh, so consider all aspects including: functionality, document management, hosting, layout, blogs etc. Of course, the unique needs of your brand will determine where you allocate parts of your budget. Some companies may have in-house content creation teams, who can take care of business photographs and videos, whereas others might eliminate these factors all together. Stay true to what you’re looking for, especially if you don’t want to go over-budget.
Mid-range: brand reboot
A brand reboot is the mid-level branding option, and again, the price will likely be determined by the scope of work involved. This type of branding is best for a business that feels out of touch with their target audience, a typical feat for a company growing and aging. If you are a newer business in this position, and are considering a brand reboot, it is recommended that you consider ways to help your brand stand the test of time.
A brand reboot will consist of a lot more research and marketing initiatives than a brand refresh. Some aspects might include: brand audit, consumer research, brand identity development, re-naming, website, content creation, photography, videography and marketing strategies.
As mentioned, the main difference between low and mid range brand identity development is research and strategic planning. Rebooting your brand will directly address critical challenges your current brand may be facing, like how effectively you’re communicating the benefits of your company to your audience. This also includes understanding things from an internal perspective, and gaining feedback from employees, investors and customers alike.
Another important aspect is the brand audit. A brand audit will help you to better understand your brand and business needs in relation to your competitors, as well as the strengths and weaknesses of both yourself and the competition. The other side of the brand reboot is understanding how to better position your brand for growth and success. The foundational elements of your brand will be further developed, including the complexities of renaming and coming up with a new brand vision.
High-range: brand overhaul
This level of branding should be left for companies with complex challenges or those that are in serious need of refocusing and reconceptualising their business goals. If you run a global company or an established enterprise, it is important to remember that rebranding will be complicated by size. A brand overhaul will include things like internal brand research, customer research, brand audit, brand guidelines, brand rollout, website revamp, photography, videography, marketing collateral and so on.
It will also involve extensive research, including customer research as well as months of quantitative and qualitative data that will look at sales, marketing, customer support as well as online surveys collected from a wide scope of people and places. Alongside this research, there will need to be a reworking of brand architecture, and this will consist in mapping out your brand identity and all its elements including naming, symbols, colours, logo, visual vocabulary and so on.
Of course, there is human capital to consider when thinking about a brand overhaul. It is a huge investment to hire an extensive team of people to redevelop your brand. Brand guidelines should be created for a team of people to be able to meticulously coordinate and create your new branding.
Further, new and existing employees may need to be trained on brand positioning, as well as the vision and mission of your business. Of course, these intricacies will be business-dependent, and the investments of time and money will be determined as the branding process develops. Bear in mind that changing your company branding is always possible, no matter the size or scale. This is an excellent investment to change the face of a growing or established business.
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