Average Cost of Brand Identity Development
There is a lot of debate on what the right price for identity development should be. The short answer is it depends. A lot of factors and needs have to be considered. The size of the business is one of them. Looking to get an idea of what it would cost to work with me? Here's a very loose estimate on what I charge for brand identity/corporate design:
Solopreneur (100k - 500k annual revenue) $5,500 - $15,500
Small Business (500k - 1M annual revenue) $15,500 - $35,000
Medium Sized Business (1M - 250M annual revenue) $35,000 - $75,000
Enterprise (250M+ annual revenue) $75,000 - $250,000
Build a Better Brand
Building a brand is a core business activity, just as important as leasing office space, recruiting the right people or developing your product or service.
In the same way that you wouldn't ask a realtor "How much does a house cost?" The cost of a well-designed brand identity system will vary depending on what you needs are. A good brand identity should be seen as an investment and, similarly to buying a home, how much it costs depends on how big of an investment you are willing to make. This is the first step in determining what brand identity or corporate identity development should cost.
Designing or redesigning a brand often involves:
- naming & tagline development
- brand strategy
- design or restyling of logos, typography and color palettes
- visual language and photography style design
- collateral design
- packaging design
- stationery design
- brand identity guidelines
- digital asset management systems design
Your brand is often the first point of contact for prospective clients or customers. It's the one thing that they'll see before anything else. The adage "you get what you pay for" is relevant here. I'm not sure that you can spend $300, $400, $500 on a logo and expect to get a significant return on that investment. The bottom line is, the more you invest, the more likely you are to get a better quality, stronger brand that resonates with your target audience.
Reasons to invest in brand identity design:
To charge a premium on your products or services
In business, how you package something is really important. It's no secret that brand name products command a premium over generics. Not only that, but a great brand creates brand loyalty, and we know that it's far cheaper to serve and delight your existing customers again and again than it is to go out and find new ones. That's what a great brand can do for you.
To keep your brand fresh
Brands change and evolve and need to adapt their image to stay fresh. Companies should change their corporate identities every seven to ten years to make sure their brand is representing them well and is not outdated. Is your brand in need of a refresh?
Your business is expanding
If your small business is growing (let's hope so!), you may need a rebrand to reflect the larger, more sophisticated business you are now operating. You're now competing with other more established brands in your area, and you need a brand that differentiates your product or services and sets you apart from your competitors.
It adds value to your business
Investing in your brand identity and creating a strong brand adds value to a business. The sale of your business down the road will be bolstered by the investment you make today in your brand identity. This is what brand equity does for you. Maybe you'll want to franchise your business down the road. Same thing applies there
Bottom line, a recognizable brand is worth more. It can be developed over time through good customer service, fulfilling your brand promise, meeting expectations and consistent application of a well-designed identity. Part of meeting those expectations is looking professional, and a great visual brand identity makes you look professional.
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Question: Do you see brand identity design as a cost, or an investment?
Let me know in the comments below.