Your business is never too small to start building your brand.
If you are looking to survive the online market, build loyalty and grow your revenue, then you cannot ignore branding. Actually, businesses with a consistent brand representation have seen a revenue increase of 23%. That is a good margin.
But branding can come with a heavy price tag, especially if you don’t know the breakdown of the services you need. A branding service can cost you $2,500 up to a solid $10,000 and above.
Below we will break down branding costs and help you know which to pick.
Is a Branding Service Important?
This goes without saying, you want your business to be recognizable to your audience. So investing in a brand strategy and brand design should be at the top of your marketing efforts.
However, your branding agency shouldn’t break the bank. Try to keep your branding at 15 percent of your total marketing budget.
Before you go agency sourcing, work out your budget, so the team you select can meet your budget needs. The following factors will affect your branding service cost.
The success of your business rests on your ability to build a strong brand identity. Your vision, goal, and mission make up your identity. It matters how your audience can relate to you.
In the brand identity scope, you will be working with elements like color palette and logo designs. These could range anywhere from $1,000-$5,000.
We know what you are thinking, a freelancer can create a new logo for $5 right? But designing a logo is more than just slapping a few icons and drawing them together. It’s your identity and you want it well represented.
Even if you were selling lollies on the side of the road, you’d still have competitors.
For every business, it is very important to know the market. And most importantly, how you fit in it.
A good branding agency can help you conduct a target audience analysis and competitor research for your brand. You will know the types of waters you are swimming in.
The cost of this type of research can be from $1,000 to $7,000 depending on your exact needs.
Though easy to confuse with competitor analysis, brand positioning is about your business against its competitors. Brand positioning speaks more to how your target audience perceives your brand and what makes it better than the competition.
The answer can cost you in the bracket of $1,000 to $10,000.
Branding Business Tips Made Easy
Whether you are a new business or you are looking to redefine your image, you need to build a strong brand. And getting the right agency can mean the difference between a successful brand and a struggling brand. A branding service will cost you as little as $2,500 to a hefty $10,000 and above.
Do what it takes to maintain a strong brand. Your business and margins will thank you.
At DG Studio, your branding is in the right hands. We offer solutions that range from competitor research to brand positioning and visual identity guidelines.Schedule a consultation to hear how DG Studio can help you transform your brand.
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