How much should you invest in your brand?
Brand costing is an incredibly difficult and confusing thing. You can get a logo for $5 or spend upwards of $100k on brand development. We really empathise with new business owners trying to wrap their head around this.
So how do you decide what’s right for you?
There is no one-size-fits-all answer here – sorry – however we think it’s a good idea to start with some simple questions about needs and goals.
Firstly, what do you want (or need) to get out of it? Money is the most logical place to start. If you map out your best and worst case income scenarios, you may gain some clarity on what’s possible with outgoings.
In addition to budget, other value should be considered too. A logo alone will likely be a much cheaper road to take, however you will need to invest ongoing time in educating yourself to build up your brand in a professional way. A brand strategy can give you a purposeful approach from the beginning.
You also want to consider your business lifespan. If this is a brief experiment rather than longterm development, starting lean could be smart. If you’re building something with longevity in mind, you should be thinking differently about investing in your business.
Lastly, what’s expected? Getting to know your peers and competitors is a good idea. There’s nothing wrong with a simple approach to identity, if that aligns with your size and industry. If it doesn’t, you need to consider the repercussions of cutting corners.
When choosing who to work with on your brand, there are a few options. Here’s a very general overview of the landscape:
- Slap a logo on it (DIY or online) – definitely the cheapest option but beware of the hidden costs (time/reputation).
- Freelance designer – perhaps a one man/woman band, someone focussed on aesthetics rather than strategy or business objectives.
- Studio – can range in size, approach and cost. Will likely have a more robust process, strategy and will work collaboratively with you to build your brand to reach business goals.
- Agency – often large, well-resourced and ready/able to take all the work off your hands. Great if you have a big budget but are time poor.
None of these options are right or wrong, but it is important to consider which path is right for your business. We hope this article helps bring some clarity to a very big (and confusing) decision. If you’d like to chat to us about any of the above, or receive a copy of our process and costing booklet, book a 10 minute discovery call here.