When I said above I would put some estimates together, I actually asked my daughter to do it. She has a Masters in marketing and has worked with all sort from the low end to EY, State Transport, PWC etc. I have added a couple of personal thoughts in [xxxx] along the way.
Hey Mum,
I hope I understood the scope of what you are asking regarding a rebranding of that mining company you talk about. I have covered this in a general manner - kind of like a Rebranding 101 summary you might expect to read a textbook. Hope it helps.
1. Brand Strategy and Research:
•Cost: AUD 50,000 to AUD 100,000
•Involves understanding the market, including their behavior, and aligning the brand strategy accordingly. [we really only have 1 buyer but they do need to market to investors]
2. Logo and Visual Identity:
•Cost: AUD 50,000 to AUD 200,000
•Includes creating a new logo, brand guidelines, and visual elements. Sometimes this cost is based purely on the size of the company and what they can afford to pay. Sucks I know.
3. Brand Collateral and Packaging:
•Cost: AUD 25,000 to AUD 150,000+
•Updating physical materials such as business cards, letterheads, and product packaging to reflect the new brand identity.
4. Website Redesign:
•Cost: AUD 40,000 to AUD 400,000+
•Developing a new website that aligns with the rebrand. Costs depend on the complexity of the website, including e-commerce capabilities, user experience design, and content management. [I imagine this will be on the low end of cost]
5. Legal and Trademarking:
•Cost: AUD 20,000 to AUD 100,000+
•Registering new trademarks, conducting legal reviews, and ensuring compliance with Australian regulations like the ASX and mining regulators. Again, this may vary greatly. You keep talking about the KOTH mine. To me, I would think that is something I would consider registering as a trademark. [maybe every mine site needs to have trademarks registered or business names (XXX Mining, wholly owned subsidiary of RED5)]
6. Marketing and Advertising:
•Cost: AUD 80,000 to AUD 1,000,000+
•Launching a rebrand campaign across various media channels. Advertising costs in Australia can be high, especially in major cities like Sydney and Melbourne. Most industries have many podcasts, it might pay to have management avail themselves through a PR firm to do a tour of podcasts or other social media to sell the name change and raise their profile in the market they move in. I might suggest that most of the marketing of this name change would be:
For consolidation purposes
For people who buy shares in the company as they are limited to who they can sell the gold they mine to
To that end, the high end of my estimate is really aimed the BHP’s of this world.
7. Internal Communication and Training:
•Cost: AUD 40,000 to AUD 80,000+
•Ensuring employees understand the new brand through workshops, training sessions, and internal communications. [Given we are located all over the countryside and world this may be tough to do]
8. External Communication:
•Cost: AUD 50,000 to AUD 300,000+
•Announcing the rebrand to the public, shareholders, and stakeholders through PR campaigns, events, and media outreach. While this is linked to the marketing budget above, publicly listed companies tend to have thousands of people n the loop. They will need to hold formal General Meetings with notification of them and finally announcements of the results etc. This can be cumbersome and costly despite the prevalence of electronic media.
9. Rebranding of Physical Spaces:
•Cost: AUD 50,000 to AUD 800,000+
•Updating office spaces, retail locations, and other physical assets in line with the new brand. Costs can vary significantly depending on the number and size of locations.
•Being a mining company, this may extend to helmets, overalls, safety vests etc. for all employees…hence the large range of my estimate.
10. Contingency and Miscellaneous Costs:
•Cost: 10% to 20% of the total budget
•Allowing for unforeseen expenses and additional rounds of design or strategy.
Total Estimated Cost:
•Low End: AUD $400,000 (plus 10-20%)
•High End: AUD 2.5 million or more (plus 10-20%)
It really depends on what the company wants to achieve. Sometimes this sort of thing is purely about ego while other times there is a solid reason and strategy behind the purpose of the rebranding. The first question I would ask is “What are you trying to achieve through this process?” and try to understand their motivations.
[Hard to image she is my daughter!]
(20min delay)