If you’re a marketing executive, you may find yourself tasked with overseeing a rebranding process at your organization. If you’ve got a head for numbers, you’re already ahead of the game, since analyzing and managing rebranding budgets can be complicated and requires an iterative approach. In a previous article, we recommended ways to prepare and present brand implementation budgets to C Suite financial execs responsible for budgetary approval. Here, we discuss the importance of highly accurate cost estimates and share potential sources of funding to enable the professional implementation of your new brand.
Brand Implementation Financial Management
Effective financial management of your company’s new brand implementation is multi-dimensional and complex. The cost to implement a new brand (i.e. roll out the new brand identity across all branded assets) is far greater than the cost for creation of your brand strategy and creative development (new logo, colors, etc.) While the creation of a new brand identity might seem to be the front-and-center focus for some, it’s the brand implementation subject matter experts and financial analysts whose work will inform the vast majority of your decision-making when it comes to taking the new brand from conception to reality. Seek the Help of Brand Implementation Professionals
We advise bringing a brand implementation team in early, to identify all areas for potential cost savings and to ensure accurate cost estimates are used in the creation of your rebranding budgets. Because a ten percent variance in your budget can equate to millions of dollars, having brand implementation expertise on board can help you budget more accurately. Additionally, implementation experts can identify opportunities to achieve cost effectiveness, provide quality assurance, and ensure consistency of execution and compliance with your new brand standards.
How does this process work?
- It’s critical that the budgets presented to your CFO are based on accurate scoping and realistic assumptions related to quality levels and timing. If you skip a thorough estimation process, including comparison and analysis of data to industry benchmarks, you leave yourself exposed to financial risk.
- Subject matter experts should be consulted to ensure cost-effective and practical implementation strategies are developed.
- Cost management and tracking processes will need to be put into place.
- Be prepared to work with all departments impacted by the brand transition to understand where you can pull additional funding to augment your rebranding budget. Consider these three sources of funds for brand implementation:
– Operational budgets
– Capital budgets
– Special project budgets
Our objective in this article is to highlight the complexity of details involved in properly estimating the cost of your rebranding plan. Be sure to have a brand implementation resource that has benchmarking experience, and the strategic know-how to drive the accurate data-gathering and analysis that is required to manage a cost effective brand implementation project.