25 Dec How Much To Spend On Branding
You may be left wondering how much to spend on branding in a world where you can buy a logo for $5 off a stock logo site.
You know the $5 stock logo is a bad plan already… the problem is, when you went out to get estimates, you had numbers that ranged from $500 to $100,000.
Why the big difference? How are you supposed to know how much to spend on branding when you have numbers like $500 and $100,000 to go off of?
Here’s how we can help you figure out how to narrow it down…
How To Determine How Much To Spend On Branding
Remember that branding is more than just a logo… it’s a logo, it’s color selections, it’s mission and vision statements, etc. In short, it is the living, breathing personality of your business.
When you go out to get bids for your logo, it might help to ensure you are getting apples-to-apples comparisons. While some freelance designers charge a basic fee for one logo, large branding firms are charging a huge fee for a very complete branding package.
Asking for an estimate for a “branding project” is sort of like asking for an estimate for a “great car.” What is a great car? That car will look very different for a family of six, a construction worker, or a college kid, right? That said, there’s some bare minimums for a car. It needs to run… it needs to get you to your destination safely… you get the idea.
Now, let’s talk about the bare essentials of a branding package. These are the elements that definitely need to be included in order for you to have the tools you need for your business.
Branding Package Essentials
- Design of main/default logo
- Logo layout variations:
- Vertical versions
- Horizontal versions
- Freestanding logo elements
- Logo color variations:
- Full color
- Two color
- One color
- Reverse full color
- Reverse two color
- Reverse one color
- Complete brand guidelines with:
- Mission, vision and values statement
- Color selections for all uses
- Font selections
- Approved logo uses
- Incorrect use
- Complete final package including all file types needed of logos and logo elements required for print, web and other future needs.
Why the big price difference?
Adjust this list if need be, but then send it out to the companies providing you with bids. This way, you know all of your firms are giving you apples-to-apples pricing. (Hint, hint, we’d love a shot at it!) Once bids start rolling in, you may still notice that there is a huge difference between the quotes you received. Unfortunately, there is no hard and fast number.
Don’t panic. If you are still wondering how much to spend on branding, you can still figure it out.
Here are some reasons your estimates could look so drastically different:
- Higher estimates typically come from firms that have entire creative teams behind your branding concept… you get a higher number of creative minds working on your project, but with that comes a higher price tag, because you are paying more people to develop your logo.
- Higher estimates often come from firms that have won awards for their work. They are able to charge a premium for their work because it is highly recognized in the design community.
- Lower estimates may come from a firm that may only have a few creatives on the project… or possibly even just one. This is not a problem provided that the team of creatives or the loner that you are working with has a strong skills set. Ask to see a portfolio and some sample branding guidelines to make sure they can fulfill your needs.
- Lower estimates may come from a firm or a designer that is still trying to build out a portfolio in the community.
Interview the players to determine how much to spend on branding.
Now that you have a better idea of where these numbers are coming from, it’s time to interview the players. Since deciding how much to spend on branding can be tricky, it’s important that you take time to connect with the people who provided you estimates. Make sure you are working with a team that has the capacity to really understand your brand and give you a design that you really love. Ultimately, a great team will be able to breathe life into your brand and get you (and your customers!) excited about your logo design.
In short… how much to spend on branding? Find a middle ground that works with your budget and your company’s needs.
You don’t have to pay $200,000 for a great branding package. You also won’t get a great package if you spend $5. Get apples-to-apples comparisons, then find a middle ground that makes sense for your budget.
Still have questions? We are happy to help!