The cost of starting a brand from scratch varies a ton from business-to-business, as each one’s needs, wants and expectations from the branding process differ.
Starting a business is a lot — it’s exciting, fascinating, educational and scary. Just like businesses themselves, the process is unique for every self-starter like you. Same goes for the branding process.
You’ll find a ton of agencies and freelancers with their own rationales behind why it costs what it costs to hire them for the process of creating a brand out of your business. And while it’s definitely important, even indispensable, to conduct thorough research before starting the process of branding, it’s equally important to realize that you’re still in control of how the process unfolds. That’s because as the owner, you’re the one who gets to determine what the branding process entails for you — whether it’s a full ride right from inception to brand launch, or just a refinement process to polish what you’ve built.
Investing in your brand pays off in the long run.
As overwhelming as it might seem, branding is essential to running a business with the aim of staying on top of your customers’ minds. Branding is what makes you stand out.
For small businesses especially, the value of standing out is unparalleled as it lets you leverage market opportunities while competing with big-name brands.
Investing in building a brand in the early stages of developing your business helps you save on marketing too, as you’re able to make decisions that are aligned with your brand goals and aren’t generic in nature — paying dividends in the long run by improving your conversion rates over time.
Before we dive into the numbers, the most crucial step for you is to determine what exactly is it that you require or are expecting from the process. Take into account your business needs and goals, along with an estimate of what you’d like to invest in the branding process. This information will provide you with important parameters to guide your discussions with agencies or freelancers.
Another rule of thumb to keep in mind is that most businesses choose to spend 15-20% of their revenues on marketing. As a business seeking branding services, the figure you arrive at can be somewhere along the range of 8-15%, depending on your requirements and budgetary allowance.
The list that follows describes the costs for different branding activities, from cost-effective alternatives as well as prices cited by firms with high-end budgets.
(1) Brand Development Programs
Low-End – $10,000 | High-End – $500,000
Unless you have a specialized, in-house brand team, it makes sense to partner with a brand development firm. While the cost may be higher than when you’re relying on internal staff, the process is often thorough and will work for your business if you wish to rope in a specialized team to oversee the entire process.
Costs for the different stages of the brand development process differ on the basis of the size of your firm and the stage you are at, along with how competitive the industry is.
Stage (I) Industry Research
Stage (II) Assessing Buyer Persona
Stage (III) Creating Brand and Marketing Strategy and Setting Goals
Stage (IV) Strategy Implementation
Stage (V) Inbound and Outbound Marketing Activities
Click here to learn more about activities that help develop your brand.
There are alternatives which help focus on particular areas/stages of brand development as well.
(2) Logo Design
Low-End – $500 | High-End – $5000
Developing a strong identity starts with having a logo that speaks loud and clear on behalf of your business. Before you approach agencies or designers with the task of creating a logo, do some brainstorming of your own and have a clear idea of what your business’ logo should look like, to ensure that you’re not overpaying for the service. Mystique also offers professional logo design services at competitive rates.
(3) Search Engine Optimization
Low-End – $299/month | High-End – $10,000+/month
SEO is the investment that’ll keep on giving when done right. For businesses that exist in the digital realm, it’s not optional anymore. Our advice, when it comes to SEO strategy, will be to invest wisely, even if you’re starting small, more so as it’s an ongoing process that starts when you decide to build a website for your business.
WebCEO is a great SEO service provider with tailor-made offers for small businesses starting at $299 per month.
(4) Web Design
Low-End – $300 | High-End – $30,000+
While it seems like using website-making platforms such as Wix is a cost-effective way to set up a website, the final product is too simplistic to bring any revenue to your business. Your website needs to be more than just a couple pages of stock photos and generic copy with no strategy at the core.
Moreover, the actual costs of building a website stem from writing SEO-friendly copy and developing a user-friendly interface — these are the processes that ensure that your website reaches your target audience.
A well-functioning website is like your digital storefront — which makes it important to invest wisely in it. What’s important to realize is that the design of your website alone is not the most pressing concern, but rather how effectively it promotes your business.
If your website isn’t making money, it’s losing money.
We at Mystique ensure that small businesses not only find their own voice but that they’re heard by the customers you’re seeking. Our website development services focus on the creation, promotion and exposure of your brand site.
The cost of building a brand may seem rather high at times. The cost of building a brand a tad bit too late is even higher, especially when you consider the cost of losing out on the customers you could’ve garnered and the revenue you could’ve accrued by doing the same right from the start.
Hence, a stitch in time saves a lot more than nine when it comes to branding your business.
To understand if it’s truly worth it, you would need to weigh it against the benefits — a step just as important as the ones we talked about in this blog.
Click here for more information on creating a brand strategy and growing your brand.
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Digital Marketing Coordinator
MYSTIQUE BRAND COMMUNICATIONS
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