By now you may already have an idea on what is rebranding and why it is needed.
And if rebranding is something you’re considering, please keep reading. This is for you!
Creating a financial plan when it comes to rebranding can be a challenging task especially when you are running on a budget. But of course, it doesn’t mean that when having a higher budget means surefire success.
Rebranding is a complex process that involves more than just changing your brand's visual identity or logo. It requires a well-thought-out strategy that encompasses all aspects of your brand, including its mission, values, messaging, and overall customer experience, and more importantly the budget.
In this blog, part 3 of the 5-part series, we'll explore some of the key strategies and considerations for planning and budgeting a successful rebranding effort.
But before that, let’s try to identify some of the areas that may cause delays when processing your rebranding project.
· The size of your company: larger companies may take time to finish the in the rebranding process thus may lead to additional expense.
· Decision makers: if there are many people who are the decision makers, the more delays you may encounter.
· Number of deliverables: Deliverables should be identified especially those that are necessary. Hence, the more deliverable you expect to finish, the more money will be spent in the process.
· Expense for research: more extensive and longer research may also require more money to spend and can also prolong the rebranding process.
· New name and logo: when doing a rebrand, it is also crucial to know if you should change your logo or brand name. However, undergoing such step may take quite awhile which can cause delays and more time and money spent.
Additionally, some factors that can increase the cost of rebranding may be as follows:
· The need for expert staff
· Lack of preliminary research
· Content and scope of different branding elements such as new logo, new name, or a relaunch of new website
· Launch of “rebrand” (internal and external)
These are just a few possible hurdles that may affect your budgeting. Hence, it is important to take the time to review your plan and discuss it with your team.
And since you already have an idea on the different challenges you may encounter while doing a rebrand, it’s now time to start planning and budgeting.
The process involved in budgeting for rebranding can vary depending on the size and complexity of the project, but here are some general steps you can follow:
Have your budget ready
Of course, having a budget for your rebranding is crucial to make this process work. No matter how big or small budget you have, talk it out with your team. Remember that your budget should be based on a realistic assessment of the costs involved in the rebranding process. Consider all the expenses associated with rebranding, including research, design, development, and promotion.
As mentioned, there may be different challenges especially when it comes to budget. Hence, be sure to set aside some emergency funds for situations or expenses that are not planned or included in your budget.
Identify your priorities
Once you have established a budget, identify your priorities for the rebranding effort. Ask yourself: What are the most important elements of the rebranding process? Which expenses are critical and which ones can be cut if necessary? How long will your rebranding process take?
These are just some sample questions but at the end of the day, prioritizing your expenses will help you make informed decisions about where to allocate your budget.
Before you start spending money on the rebranding process, conduct research to understand your market, competitors, and customers. This is one of the most crucial steps to make your rebranding a success. It also helps avoid unnecessary expenses and save time as well.
Research may include market research, customer surveys, and competitive analysis. The insights you gain from research can inform your rebranding strategy and help you make better decisions about where to allocate your budget the right way.
Develop a rebranding strategy
Once you are done doing your research, you may now develop a rebranding strategy that includes your brand's positioning, messaging, visual identity, and customer experience. This strategy should be based on your brand's strengths and weaknesses, as well as opportunities for growth.
Therefore, make sure your strategy aligns with your budget and priorities. But of course, don’t forget the message you want to send.
Once you have a rebranding strategy in place, start allocating your budget to the different elements of the rebranding process.
This should include expenses related to research, strategy development, design, development, and promotion. Aways keep in mind what is your PRIORITY to make the process smooth sailing.
Track your expenses
As you start executing your rebranding strategy, track your expenses closely to ensure you stay within your budget. This is crucial to avoid spending on things that are unnecessary.
This can include keeping a spreadsheet or using a project management tool to track expenses in real-time. By monitoring your expenses, you can make informed decisions about where to allocate your budget moving forward.
Evaluate your results
After your rebranding effort is complete, evaluate your results to understand the impact of your investment. This is the time to test your strategy whether pre or post launch.
This can include tracking website traffic, social media engagement, and other metrics to gauge the success of your rebranding process. Use this data so you will be able to know what strategies work well or not.
Additionally, the data you’ve collected can be used for future rebranding efforts.
Rebrand for Success
In conclusion, when rebranding careful budgeting is needed. There should be thorough planning and great attention to details. The process varies differently and remember there is no one size fits all process since the needs of every company also differ.
By following these steps, you can create a realistic budget and allocate your resources effectively to achieve your rebranding goals.