A business without branding is like a book without a cover. A book with a completely blank cover has no way to entice people to read it, let alone take the time to pick it up off the shelf.
Your brand is the first impression you make on your audience, so you need to make sure you put your best foot forward. Investing in branding will pave the way for all your future marketing efforts and set you up for success. Poor branding will only create doubt and distrust, while good branding will create credibility and speak directly to your ideal customer.
It’s clearly important, but how much does branding actually cost? From a high-level view, branding can cost anywhere from a few thousand dollars to more than fifty thousand dollars. Pricing varies greatly because so many different aspects can be included in branding. Let’s take a closer look…
How Much Does Branding Cost?
Before we can get down to the numbers, we need to define what branding is and what it includes. In a broad sense, your branding is how your business is perceived by your audience. In other words, your brand is the perception other people have of your company. With this broad definition in mind, branding includes not only your logo, but also your reputation, message, style, values, what other brands you associate with, and more.
Below, are some of the different branding aspects that may or may not be included in the scope of a branding project:
- Brand Audit
- Brand Strategy
- Company Naming
- Brand Messaging
- Ideal Customer Profile
- Company Messaging Strategy
- Targeted Sub-Vertical Messaging Strategies
- Brand Positioning
- Logo Design
- Color Palette
- Visual Style guide
- Branded Marketing Collateral
- Business Cards
- Printed Materials
Because branding can include so many different aspects, one of the main factors affecting the cost of branding is what is included in the scope. Looking at the list above, does your business just need a few a la carte branding assets or an all-inclusive branding package? Other factors affecting the cost of branding include the size of your business, your industry, your competition, your location, the quality of the branding services, the level of involvement you’re after, and what kind of professional or agency you decide to hire.
Businesses that are just starting out tend to require more comprehensive branding than existing or established businesses that might just need a brand refresh or a few additional assets to fill the gaps. For new businesses, a general recommendation is to spend 5-15% of your start-up budget on branding, although it really depends on the type of business you run and how much your customers care about branding. For more established businesses, a general rule of thumb is to spend 2-4% of annual revenue on branding. B2B companies tend to spend a lower percentage of annual revenue on branding and marketing than B2C companies.
Branding Cost for Small Business
For small businesses (for the purpose of this article, we’ll narrow this to those that earn between 500k and 5 million in revenue per year), the cost of branding is typically on the lower end of the spectrum, often ranging from 2k to 20k. Of course, this depends on how much branding you already have in place and the scope of the branding services, among the other factors mentioned above.
As a small business, it’s important to prioritize when it comes to branding— this is a great way to cut down on costs or stagger them over time. If you already have some branding in place and are feeling unsure about exactly which branding elements you should focus on, a brand audit is a great place to start. A brand audit will check and evaluate every aspect of your existing branding to see if it’s returning the money you invested. Maybe your messaging is strong but your logo isn’t eye-catching and needs a refresh. Maybe you have great brand assets in place but they aren’t being applied consistently across your marketing channels. Starting with a brand audit will help you identify gaps and prioritize.
As a general rule of thumb, we typically advise companies to invest almost exclusively in improving the areas that are holding them back from accomplishing their business goals.
How Much Does a Logo Cost?
As with the cost of branding as a whole, logo design costs can vary greatly. Some companies go the DIY route for their logo design, others use design crowdsourcing websites, and others hire a graphic designer or agency. When done well, logo design is a multi-step process that includes research, brainstorming, several design concepts, and a process of elimination and refinement.
Most small business marketing agencies will charge anywhere from $2,500 to $10,000 for logo design services. This is a significant yet important investment– your logo is the foundation of your brand identity. A well-designed, professional logo will grab attention, make a strong first impression, separate you from your competition, be memorable, and help foster brand recognition and loyalty.
We recommend looking for a logo design package that includes not only ready-to-use, editable logo files but also a color palette and font design, as well as brand guidelines to help you apply your logo design consistently. The consistent application of an “average” logo and brand beats the sporadic application of a “perfect” logo, every single time.
How Much Does a Branding Package Cost?
There’s no one-size-fits-all branding package because there are so many different aspects to branding and your business might not need all of them at once. That’s why, when looking for branding packages, we recommend looking for flexible and customizable branding packages to fit your specific budget and priorities.
To help you get a clearer sense of the cost, let’s look at an example. Say you’re a small business just looking for the essentials– a company messaging strategy and logo design. You already have a name and a basic logo, but it needs a refresh, and your messaging needs work. You can probably expect to pay between $5k and $10k for these foundational pieces if you go through a smaller agency.
Is All-Out Custom Branding Worth It?
A strong brand positively affects every aspect of your business while a weak brand negatively affects everything— and this fact makes it difficult to track direct ROI. Overall though, your marketing will be much more cost-effective if it’s based on a custom and cohesive brand. You will have a blueprint to guide all of your efforts, which minimizes the amount of legwork required for each new campaign and helps tie everything together.
Here are a few examples of ways that great branding can help your business:
- Enhance the professionalism, trust, and credibility of your business.
- Improve the consistency of your marketing. In a recent study, one-third of respondents said that consistency substantially contributed to their company’s revenue.
- Communicate your company values and brand identity.
- Increase brand awareness and brand recognition.
- Boost customer loyalty– especially among your ideal customers.
- Generate more word-of-mouth marketing.
- Make your advertising more targeted and effective.
- Minimize price sensitivity among consumers.
- Attract more talented employees and improve retention. Studies show that strong branding is associated with a 28% reduction in turnover.
- Launch new campaigns much more easily and affordably.
We strongly believe that all branding should be customized to reinforce the problem you solve for your ideal customer. If not, it won’t effectively differentiate you from your competitors or help you attract the right customers. So, if you are going to invest in all-out branding, make sure whoever you hire is going to take you through a collaborative and customized process.
Flyrise Branding Services
Our professional yet affordable branding services here at Flyrise will provide you with a strong and memorable brand that instantly connects with your ideal customers and separates you from your competition. We specialize in branding for small and midsize businesses and offer flexible packages depending on your needs. Whether you’re looking for a branding audit, a brand messaging strategy, logo design, brand consulting, or the full package, we’ve got you covered.
For pricing details, book a call with our branding specialists today!