Is your brand feeling a bit… stale? Are your customers yawning instead of cheering when they hear your name? Or worse, scrolling right past you in search of your competitors. Well, it might be time for a rebrand! But before you start picking out new colors and fonts, let’s talk about the nitty-gritty of your rebranding budget and reason for reinventing the wheel in the first place!
So, How Much Does Branding Cost in 2023?
Eggs are a bagillion bucks right now, but luckily, branding hasn’t inflated in 2023.
This year, the cost of logo design varies depending on several factors. While a basic logo design with a freelancer may start at around $500, a more complex design that involves extensive research and development can cost over $10,000. You should budget $5,000–$7,000 to receive a high quality logo done by a professional.
The overall cost of logo design depends on the designer’s experience, the scope of the project, and the industry standards. The designer’s portfolio and reputation in the industry can also influence the price. However, with advancements in technology and the availability of design tools, the cost of logo design has become more affordable in recent years, allowing small businesses to create professional-looking logos without breaking the bank.
Ultimately, the cost of logo design is a worthwhile investment for businesses looking to establish a strong brand identity and stand out in a crowded market.
Step-By-Step: How To Make a Rebranding Budget
Before diving headfirst into a rebrand, it’s crucial to determine a realistic budget and consider the factors that go into a successful rebrand. The scope of the project, industry standards, timeline, brand awareness, and expertise are all factors to consider when determining your rebranding budget.
Creating a rebranding budget for your business is like putting together an outfit for brunch with the ladies. Whether you opt for athleisure or breakfast glam, you want to look great, but without going overboard. So, here are the steps to create a killer rebranding budget:
Step 1: PinPoint Your Goals
Yep. It’s this simple. Does your current logo look too similar to another, more prominent business? Are you launching a new product? Knowing your goals will help you determine how to allocate your marketing budget.
Step 2: Decide if a Rebrand is Absolutely Necessary?
We know you want a facelift for your business, but do you absolutely need one? Make sure you check the following boxes before you invest a lot of time and marketing dollars into a rebrand. Your rebrand will siphon marketing dollars away from social media, email marketing, and other important initiatives. It needs to be worth it!
- Outdated Look and Feel
As much as we all think shiplap will last forever, one day it to shall fall. Much like a business’s branding, some age well, some don’t. If your business’s branding and messaging feels outdates like a flip phone in a world of smartphones, you need a rebrand to connect with your audience in a more relevant way.
- Different Mission, Values, Goals, or Audience
Your branding should be cohesive with your overall vibe—who you are, what you sell, the culture behind the company. If you look super sterile and stuffy, but you’re selling a lighthearted product, you might need to shake it up.
- Competition is Stiff
With so many businesses vying for attention, a rebrand can help a business differentiate itself and capture the hearts (and wallets) of consumers. So, whether it’s to stay relevant, communicate change, or stand out, a rebrand can be a game-changer for businesses looking to stay on top.
Step 3: Do as the Jones’ Do
Lucky for you, we did the research so you don’t have to! In 2023, small businesses spend about $13,000 per year on branding. Remember that these numbers are just averages, and that different businesses have different needs and budgets. Bottom line: when it comes to branding budgets, it’s all about finding the sweet spot between your goals and what you can afford.
Step 4: Prioritize Your Branding Needs
Just like you wouldn’t wear a top hat with flip-flops, you don’t need to spend money on every branding element. Decide what’s most important for your biz and allocate your funds accordingly. For example, do you really need all of that cool swag? We know customized shirts are cool, but is it thousands of dollars necessary? Save it for phase two if you can!
Step 5: Assess Your Other Marketing Tactics
What else is a priority this year? Do you need to invest in social media marketing, paid ads, email marketing, video, website improvements, or SEO? You don’t want your rebrand to hog all of your marketing dollars, or you could risk stalling your upward trajectory.
Step 6: Get Help!
We have a downloadable guide that will help you allocate your marketing budget wisely—between website, rebrand, social media marketing, and more tactics. Download it today! Remember, branding is an investment in the future of your business, so don’t be afraid to spend a little to make a lot. But do so wisely!
Is a Rebrand Right For My Business?
There are plenty of reasons to consider a rebrand. Maybe you want to keep up with the latest trends or appeal to a new generation of customers. Maybe your business has shifted direction, merged with another company, or developed a negative reputation. Whatever the reason, a successful rebrand can breathe new life into your brand and help you connect better with your audience.
Tips for a Successful Rebrand
To make the most of your rebranding investment, it’s essential to define your brand strategy, prioritize consistency, test and refine, and track ROI. A clear brand strategy will guide your rebrand and ensure that it aligns with your business goals. Consistency is key in branding, so make sure your new brand elements are consistent across all platforms.
Don’t be afraid to test different elements of your rebrand and refine them based on customer feedback. And most importantly, track the ROI of your rebrand to determine its effectiveness and make adjustments as needed.
Rebranding can be a game-changer for your business, but it’s crucial to do it right by starting with a realistic budget. By considering the factors involved and following these tips, you can make the most of your rebranding investment and take your business to the next level. So, what are you waiting for? Let’s give your brand a facelift!