Frager Factor

Thursday, September 18, 2014

The Problem With a dot City? Rebranding. Just Ask Scotland

"Rebranding would be in the millions, rather than the billions," said Charles Ashburner, head of the Flag Institute"

The clock is ticking. Scotland will decide on September 18 whether to split from the United Kingdom.

It could be the ultimate rebranding effort and cost hundreds of millions of pounds.

Here are four things that could change, and one that won't:

The Union Jack: A survey by the Flag Institute showed 65% of respondents hope the iconic British flag is changed if Scotland opts out.

This could be expensive for businesses and organizations that incorporate the design into their logos.

But picking a new flag needn't be too pricey, suggests brand psychologist Jonathan Gabay.

"I would save the cost of the logo redesign by opening [up a contest] to British art students," he said. That may cost as little as £2 million ($3.3 million).

And replacing flags across the nation wouldn't break the bank either.

"It would be in the millions, rather than the billions," said Charles Ashburner, head of the Flag Institute

Joshua Bamfield, director of the U.K. Centre for Retail Research, predicts that if the Union Jack got a makeover, people would clamor for rebranded souvenir items. He estimates the industry sells roughly £200 million in knick-knacks each year.

However, at a cost of £72.50 ($118) each, the bill for changing passports for all 59 million British citizens outside of Scotland could be £4.2 billion ($6.9 billion).

Government: Official departments across the nation could face major rebranding costs if Scotland breaks away and the "U.K." acronym falls into disuse.

New signage, stationary, websites and promotional material could be required -- and taxpayers will likely foot the bill.

For example, the U.K. border agency may want new badges and uniforms for its thousands of staff.

And brand psychologist Gabay estimates that U.K. companies forced into a name change or brand overhaul will likely have to shell out at least £250,000 each.

Read at the source CNN: U.K.'s expensive rebranding job if Scotland breaks away

About The Author: Owen Frager is an Internet marketing expert ready to help take your company to the next level.

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