This is possibly the most vaguely answered question in the world of branding, so with this post we intend to be as straightforward as possible.
The reason for ambiguity is understandable. Branding can cost anywhere from a few thousand pounds up to several millions for larger corporations. It often depends on whether you choose to reach your market through digital communications (email, website, social media) or whether you pursue traditional media and marketing channels (print, TV).
So what is the price difference?
Here’s a general list of prices that start-ups and growing businesses should expect to pay for a professional branding service:
Creating something from nothing (up to £1,500)
Design services: fiverr.com and FiverUp, both offer various design services for $5; Websites: Squarespace (which we used to create this website) has many free and almost free options; 99Designs offers crowd-sourced logos, identity, and website. The near infinite number of freelancers on Gumtree or Freelance.com will design anything and everything at various price points, making it possible to piece together a logo and maybe a website for under a £1000.
Starting a business (up to £10,000)
At this stage you are able to hire a professional designer to create your logo, brand identity, and website; however they will not build your brand. A designer, for example, cannot help you answer why people will buy from you instead of your competitors, and then design your brand to support that message. Instead, you must trust your own knowledge about branding and marketing or invest in SEO (search-engine optimisation), a service we provide at OPELLO.
Name development costs range between £3,000-10,000
Logo creation £3,500
Website search-engine optimisation (SEO) £500 per month
Established small business (up to £50,000)
The price range here is determined by a number of factors: the size of your company and its overheads, the size of your website, the number of service or product offerings, and the team’s experience level.
Unfortunately, price does not always equal value. Plenty of small agencies deliver design, rather than brand. Vet your agency carefully.
Signage, vehicles, packaging cost between £15,000 and 50,000
Advertising (offline - TV, billboard) £10,000+
Medium to large sized business (£50,000+)
In a world where cost comes second to performance, the branding bill can easily creep into the hundreds of thousands and millions. To be honest, companies at this level usually aren’t reading articles about the cost of branding. So yeah…moving on.
If you don’t have the budget to develop a brand identity on par with the most powerful brands in your sector, do not despair. Your continual effort to design and deliver the most consistent brand experience will be your currency. Follow these tips:
- Spend extra time defining your brand and its values so that everyone in your team knows the ‘brand promise’
Defining your brand involves creating your mission and vision statements, defining your brand promise, developing your brand definition and core brand message, and deciding on the brand character or personality that you’ll put forth with every brand communication.
- Develop a rich brand experience
Strive to create and develop a consistent brand encounter for your clients that keeps them returning for more.
When people choose your offerings (i.e. product or service), what they really buy into is your brand. How well you define and deliver your brand determines the ultimate value and success of your business. View branding not as an expense but as an investment that delivers value over the long haul.
Got your branding budget secure and unsure where to start? Get in touch below one of our branding experts will be in touch.