Just like how every now and then we are inspired to reinvent ourselves, business do the same thing -It's called Rebranding. On average companies rebrand every 7 to 10 years. The rebranding process typically involves redesigning their logo and color palettes, updating their mission and vision statement, and some cases a name change is necessary.
Here's a few reasons Businesses consider rebranding:
When tapping into a different Audience:
(Example: Nielsen)
Extinguishing the flames from being under fire for undercounting TV viewing during the pandemic and having lost the industry’s seal of approval for its national ratings product, Nielsen is rebranding itself as a company as it revamps the way it measures audiences. The Logo on the right is their new design.
When going after a new market, your current brand identity might not attract the new demographic you are now after. It takes time to tap into the buying pattern of a new target audience. In that time, research and understanding all of the dynamics that shape the buying behavior of your new customer is necessary. In some cases, businesses are also trying to maintain the relationship with their existing clients while going after a new territory. That's why its important to keep the Brand Integrity intact throughout the process of rebranding. Once information is analyzed your Brand can then develop strategies that align the opportunities to your core values -Authentically. Remember, to keep your brand integrity during your rebrand, it'll take time to evolve. Resist the urge to rush into a rebrand for the wrong reasons. You'll run the risk of ruining the relationships with your current customer base while not even being certain that you'll successfully reach the new audience you're after. This is a perfect Segway into the next reason.
Adapting to the Market as it evolves:
(Example: Kodak)
In 2016 Kodak rebranded for the first time which included updating their logo back to their original Reto-Style design. "We wanted to let the logo be new again," said Work-Order co-founder Keira Alexandra. "We were extremely careful to be respectful to the legacy of the brand, honoring the science and creative vision of Kodak."
As society evolves and technology continues to advance, in order for businesses to survive they need to adapt. Since advances in society is a gradual process business can gradually rebrand iteratively.
Take for example the aforementioned brand Kodak. As we shifted to digital cameras, Kodak found themselves in a bind. In October 2021 Kodak announced the revolutionary Kodak Ascend digital press for digital service providers wanting to succeed in the growing of their Retail/ POP and Packaging Markets. Before this, their main target was B2C since the rise in digital cameras and knowing that they could no longer complete for the consumers they once had, Kodak pivoted to cater to the needs of the B2B space. This resulted in having to rebrand so that their solutions could better mesh with this blooming market.
Mergers and Acquisitions:
Change in business ownership is a common reason to rebrand. The original brand identity may no longer align with new stakeholder's values or the new strategic goals for the company. This is common when large corporations acquire mom and pop brands.
Take for example when Disney/ Pixar merged with Marvel in 2009. The Marvel brand which dominated the comic book sector now expanded it's reach through other vehicles such as producing animated Marvel TV series available on Disney's platform. Disney, once known as the "Mouse House" where a kid can be a kid, had to change their identity since Marvel's content is not G-rated.
How Much Does it Cost to Rebrand?
The cost of rebranding is directly determined by these elements, your budget, and how they relate to the needs of your brand.
Low End: Refreshing Your Brand
Cost: $6,800 - $10,000
Corporate Design Refresh only covers the basics. A Brand Image Refresh primarily focuses on the following components:
Brand Identity
Marketing Materials
Company Website ** This is likely to be the highest cost of your brand refresh
Copywriting
Photography/ Videography
Mid Range: Brand Update
Cost: $6,800 -$34,000 USD
This type of rebranding is for businesses who feel they have lost touch with their target audience.
Aspects for this rebrand include:
Refresh Visual content
Perform Brand Audits
Conduct Consumer Surveys and Market Research
Brand Identity Development
Domain Name Change
New compelling Content
Photography/ Videography
New Marketing Strategies
Top Tier: Brand Review
Cost: $68,000 - $271,000 USD
This level of rebranding is considered when companies are faced complex challenges and need to re-conceptualize their business goals.
This complete rebrand includes things like:
Internal Research on company culture
Extensive Consumer Research
Brand Audits
Brand Guideline revamps
Marketing Collateral
Website Development
Photography/ Videography
Months of collecting Quantitative and Qualitative data in sales, marketing, customer service, and online surveys.
The average rebranding costs about 10%–20% of the marketing budget. For example, if your annual revenues are $15M and your marketing budget is $750K, you can expect your rebranding costs in the range of $75,000 to $150,000 to overhaul your company's brand. – Hive Mind Inc.
In Conclusion, Brands are critical to a company's long-term legacy. Correctly positioning and developing your brand offers a means to generate sustained growth. If there is anything you wish to add, feel free to leave a comment below in the comment section.
If it is time for you to rebrand, head on over to my Services page, select the Brand Strategy selection and schedule a Scoping Call and lets get started!
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