Branding is powerful. But what does it cost to create a brand?
Branding encapsulates a company’s story.
Think McDonalds, Nike, Starbucks.
You know these brands as soon as you see the logo.
They don’t even have to say anything – you’ve got the message.
For businesses to grow, customers need to be able to distinguish it from other brands in the marketplace and know that they can trust a brand to deliver the solution to their problem.
This month, I thought I would try to answer the question ‘What does it cost to create a brand?’, by looking at the individual agency services required to create a brand.
So, what does it cost to create a brand?
Wherever you look on the internet for information about the cost of creating a brand, figures differ wildly!
That is because there are a number of different key factors to consider, which vary from business to business:
- Research/planning costs and time
- Type of product or service
- Size of company
- Location – service costs vary geographically
- Budget
- Which agency is chosen
- How many branding services are required e.g. logo design, web design etc.
- Whether there is an in-house marketing team
- The time the agency spends on a branding project
What does it cost to create a brand?’ is, from that perspective, an unanswerable question!
There is no universal cost for creating a brand because every business is unique.
It should cost somewhere between £1,000 and £10,000, depending on the factors outlined above.
However, for large businesses operating in competitive markets, it can cost a lot more!
What are your brand goals?
Firstly, you need to determine your brand goals.
- Why do you do what you do?
- What is your USP? (How you differ from other companies and their products/services)
- What are your brand values?
- Who is your target audience?
- What messages do you want to convey?
If you feel overwhelmed and need expert help, a branding agency will know the right questions to ask that will help you to create a brand identity that accurately reflects your brand goals.
I sometimes find that clients can be too close to their product or service to clearly see what their brand represents and set brand goals.
I use my 20+ years’ global branding experience to help them to see their brand more objectively by asking the right (and sometimes difficult!), questions.
We then work together to create a brand that takes their business to the next level.
If you would like to book a brew with me to explore the options for growing your brand, get in touch and I will make sure the kettle is on!
What does it cost to create a brand – budgeting
When setting your budget, it is important that you understand all the costs involved in brand creation.
Typically, agencies offer a number of services, so if your budget is tight, you can focus it on where you need the most help!
1 Brand Strategy
Research
It is crucial to understand the environment your brand operates in. Research is required to understand the trading landscape, competitors within the market, industry trends and most importantly, the target audience.
Positioning
The positioning of your product against competitors is determined by the creation of key messages that resonate with your target audience and define how the brand is perceived in the marketplace.
Brand Values
Getting to the bottom of what the brand stands for and making sure that core values and the brand personality align with the mission statement and your vision for the brand.
2 Brand identity
Creating a brand identity is all about the key elements I talked about in my last blog post and the process mainly consists of design costs:
- Name
- Logo – Clare’s tip: if you only have the budget for one thing, this is where to start!
- Colour palette
- Typography
- Visual elements
- Tone of voice
- Mission, vision and values
- Assets
3 Brand Experience
I have mentioned brand experience before, but it is worth noting the key points again.
Every touchpoint where customers interact with a brand should reflect the brand identity: Online – websites, social media profiles.
All digital content should engage users, while echoing the core values and key messages of the brand.
Clare’s tip: Not all businesses have physical premises, but almost all will have an online presence. Digital branding is a good place to start if you don’t have a large budget.
Packaging – should be designed to appeal to your audience and needs to be consistent with the elements of your brand identity.
The same applies to other marketing materials, such as posters, POS, brochures, business cards and all promotional materials and merchandising.
Place – Enhancing the brand experience. The branding of physical spaces including shops, offices, pop-ups, exhibitions. Any physical environment where both internal and external stakeholders may interact with the brand.
4 Brand Guidelines
The creation of a comprehensive guide ensures that brand elements are consistent throughout communications. Investing in this ‘branding bible,’ will help you to build brand recognition.
5 Brand growth and development
Once you have created a brand, you can’t just forget about it!
Therefore, when considering ‘What does it cost to create a brand?,’ there may be ongoing costs for further development, such as the cost of developing a marketing strategy to:
- Reflect brand identity
- Convey brand messaging
- Engage the target audience
- Communicate with the target audience across the channels where they spend time
- Address customers’ pain points
- Ensure consistency in messaging and visuals
6 Monitoring and adjustments
Another ongoing cost is the monitoring of marketing campaigns, brand performance, and customer perceptions, so the marketing strategy can be adjusted and realigned to brand goals when necessary.
Clare’s tip: When considering the question, ‘what does it cost to create a brand?,’ spend your budget wisely.
If you don’t have a big budget, invest in two or three important elements:
- A strong visual identity (logo) that resonates with your target audience
- If your customers buy online, concentrate your budget on digital branding
- Measure and adapt to make sure you maximise ROI
If you want to take your business to the next level by creating, building and/or marketing your brand, why not book a brew with me, Clare, to discuss the next steps?
I live and breathe ‘branding’ and would love to help your business grow, using my 20+ years’ experience in creating and building brands.
At the beginning of this blog, I asked ‘What does it cost to create a brand?’ Unfortunately, there is no ‘one size fits all’ answer! You can spend as much or as little as you like from a base of around £1000. However much you spend, think of the cost of creating a brand as a worthwhile investment in the growth of your company. If you’d like a virtual brew to find out more, just let me know.
