What we will cover
Firstly, a branding process is one of creating something that doesn’t exist, and can have huge value for defining a startups vision and credibility as an exercise. When it comes to rebranding or keeping at the top of the marketplace it requires years of skill and dedication to the design trade as well understanding the marketplace.
The key thing to consider here is a rephase on what you understand branding to be, consider clarity on the values that you hold, consider defining every touchpoint from staff to customer, how much value does that consistency hold? Okay heading off track already, let’s get back to “how much does it cost to rebrand a company?”
Okay, we have an analogy involving a cake…
If you imagine your business as a cake, then branding is everything that is done to that cake to make it yours.
The easiest way to make that cake look unique is to focus on the icing. You can spend time choosing the colours you want to use and perhaps applying some decorative touches. This is what companies do when they have someone design a logo, choose a colour palette, select a typeface, etc.
Since this is purely a design exercise, costs are often affordable and you may even get change from a grand for a reasonably decent job.
But what happens if people aren’t buying your cake or don’t enjoy the experience? No matter how much you play with the icing, you are not going to enjoy long-term success.
From presentation to process
A more comprehensive branding service will look at your cake-selling process as a whole.
Agencies offering this level of service will also be interested in how your cakes look but as part of a larger whole. They will ask many more questions about your cakes. Who are you making them for? Do you create formal, multi-tiered wedding cakes; indulgent chocolate gateaux for your family restaurant or maybe simple sponges designed to fly off the supermarket shelves?
The answers to these questions will determine which ingredients you should use and the recipes you should follow. They will determine how and where you market your cakes, the words you use to describe them and the thoughts and feelings you want your cakes to stimulate in your buyer.
With this level of branding, we are moving from visuals to brand identity and you can expect to pay an agency anywhere from a few thousand pounds to tens of thousands of pounds for this.
When branding meets strategy
Now you could have a cake that tastes as good as it looks and is popular with its intended buyer but is still failing to generate a profit.
This calls for some serious data-driven work in order to assess the marketplace and find a way to differentiate your product from the dozens or even hundreds of other cakes out there.
This focus on brand positioning will usually overlap with business strategy as you will need to combine the cake’s quality and appearance with efficient business processes.
An agency capable of working with your business at all three of these levels will likely charge tens of thousands of pounds and upwards (market research alone can cost many thousands of pounds). These branding agencies will tend to work in industry niches, using their in-depth expertise to add value.
Breaking it down: branding services
So far, we have looked at overall costs for a branding project but how might these numbers break down into specific services?
Here we are straying into ‘ballpark’ territory as there is a lot of variation in these costs. Some branding services (e.g. social media branding) are incorporated into more comprehensive digital marketing services so getting precise figures is never easy.
However, some of the typical branding services you might come across including prices for a small business:
- Creating a logo – £500 – £4,000
- Editorial style guide – £1,000 – £3,500
- Visual style guide – £1,500 – £4,000
- Brand guidelines (or combined style guides) – £1,000 – £5000
- Market research – £500 – £6,000
So where do we sit in terms of pricing and offering? Well, we would like to do some workshops with you to help you understand your audience and value, we would like to create knockout visuals and guidance on how to implement your brand, or any marketing materials like brochures to go with it.
But for clarity, how much does it cost to rebrand a company? Depends on your needs, your marketplace and your vision but ensure that if you are paying thousands for your brand it will represent your business for many years to come, so focus on your audience and your values.
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