The rebranding comes with a lot of financial challenges. Rebranding implies that a company must change its name and logo. It may pose a direct financial risk to the organizations. The decision by the U.S. Patent and Trademark Office to revoke Redskin Trademarks could plunge the Washington Redskins into great a financial dilemma. It would mean that the organizations must change their logo and name, which both must come at a cost. The paper discusses why the Washington Redskins must have a good financial plan to reduce any financial risk that may come with rebranding, and maximize any opportunity the fate could bring them.
Changing the logo, for instance, would mean that the company will part with an estimate of $5 million ( Devaney, 2019). It also means that some sponsors may withdraw, and this would be a significant risk for the company. The company will need to rebrand the logo in all kits, the training areas, and the stadium. These are the points of touch where the franchise exists and must have the new logo ( Greenberg, 2019). However, it may also mean that after the smoke clears out, the logo would be one of the most selling because people will be willing to wait as the franchise is involved in a legal battle. The same would apply to revenue generation when the company shall have changed its name. The amount for changing the name is an estimate of about 1o to 15 million dollars. However, revenue increase could also be possible because it will attract new companies that would like to associate with the franchise. Further, supporters will be eager for the new kits, and this would mean more revenues through kits sales ( Lawrence, 2019). More tickets would be in demand as the supporters would be eager to support their team under a new name and new logo.
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Rebranding means that the company needs to plan for its financial usage. I would advise the company to be major in a proper financial marketing plan. The company will be operating under a different name and logo. It implies that all its kits, training ground, stadium, and websites must have new faces. It must do a lot of marketing to ensure that customers are aware of the change. In this case, most of its financial muscle should target marketing ( Greenberg, 2019). It must allocate most of the money for both online and offline adverts. It must also allocate money for the partnership with a big corporation to market its new logo and name.
In conclusion, the Washington Redskins must have good financial plan to rebrand the organization. However, rebranding has its challenges that any organization needs to overcome. These challenges include the withdrawal of sponsors after Redskins changes the logo, finances the company will incur while changing its name and a new budget. Though there are financial risks involved, a good marketing plan can help the organization turns the bad fate around into a profitable opportunity. Therefore, for the Washington Redskins to succeed in rebranding, it must develop a good financial plan and opportunities that can raise funds.
References
Devaney, T. (2019). What's in a name? Dumping ‘Redskins' could have a significant financial impact. Retrieved 9 October 2019, from https://www.washingtontimes.com/news/2013/oct/17/renaming-the-redskins-could-have-a-major-financial/
Greenberg, N. (2019). How much would it cost to change the Redskins name?. Retrieved 9 October 2019, from https://www.washingtonpost.com/news/fancy-stats/wp/2014/06/18/how-much-it-would-cost-to-change-the-redskins-name/
Lawrence, J. (2019). What Would Be The Economic Impact Of A Redskins Name Change?. Retrieved 9 October 2019, from https://www.forbes.com/sites/jesselawrence/2014/06/18/what-would-be-the-economic-impact-of-a-redskins-name-change/#63bd7d5c5b97
