How Much Is Rebranding Worth To You?
All successful business owners know that their brand image is everything. Many customers will choose a particular company solely based on a strong brand image and those loyal to the brand will not only keep returning but will also refer their friends and family. Because of the vast earning potential of a strong brand image, many of the world’s largest corporations make heavy investments in their brand identity and corporate image marketing, spending millions to promote or reinvent their image. Is it worth it? A successful rebranding can breathe new life into a company that may be losing some of its market influence by giving it a modern flair and making it easier for customers to feel a connection to the company or its products. But why does it cost so much?
It is important to remember everything that is involved in a great rebranding campaign. Far from being a simple logo redesign, rebranding takes a vast amount of planning, strategising, and development to be completed and the costs incurred cover not only the logo colours and design but also the packaging, marketing campaigns, and exposure to new markets. When you hire Melbourne graphic designers to rework your brand image, their services will cover a new logo, business letterhead design, packaging and labelling, business card design, website redesign, and all graphic aspects of the associated marketing including advertisements, billboards, flyers, and other media. It is a deeply intensive creative process that, when performed correctly, will create huge benefits for your company.
So what exactly is this image rebirth worth to a business? Here are some of the investments made into corporate image marketing and rebranding by some of the world’s business giants:
- Pepsi = $ 1 million
- TransLink = $ 1.4 million
- BBC One = £ 1.2 million
- ANZ = $ 15 million
- Starz = $25 million
- Posten = $55 million
- Accenture = $100 million
- BP Helios = £ 136 million
While these figures may seem astounding at first glance, one must take into consideration the potential business and revenue benefits that these corporations stand to gain from rebranding over the lifespan of the brand campaign. The fact that the owners of some of the world’s successful businesses are willing to invest so much into rebranding lends a high level of credibility to the need for effective branding.
On the other hand, although rebranding campaigns include a great deal of market research, there are no solid guarantees of how your customer base will react to a particular rebranding campaign so how much is too much to invest? Is there a limit on how much it is worth to a company for a complete reworking of their brand image or are the limits unique to each company, its reasons for rebranding, and the potential benefits of such a move? What is such a campaign worth to your company and would you ever justify spending hundreds of millions on a redesign and remarketing of your brand?
