The way in which you build and position your brand will have a direct impact on the number of customers that you draw. Ultimately, this will affect the amount of profit that you turnover, which is why it is essential that you devote a lot of time, effort, and money to the task of branding your business.
Worried that the upfront cost of branding will stop you from performing this all-important task? To uncover the true cost of branding in today’s climate, be sure to read on.
Cost of market research
Before you start building your business’s brand, it’s essential that you perform some market research. Studying your competition will allow you to:
- Spot gaps in your market
- See what branding styles have and haven’t resonated with your target audience in the past
- Create relevant promotional material
The amount that you spend on studying your market depends on the depths that you wish to go with your research. If you just want to uncover certain social media trends, you could probably get away with asking one of your employees to spend an afternoon surfing the web. If you want to find out more about the search habits of your target audience, however, then you’re going to have to spend big on an SEO audit. In this particular instance, you should expect to spend at least £1,000.
Cost of logo design
Your logo is the focal point of your brand. It is what consumers recognise most about your business, which is why you must pull out all the stops when creating it.
If your logo is to represent your brand in the best way possible, it must be professional, intuitive, and engaging. Unfortunately, if you’re to ensure that your logo meets these requirements, you’re going to have to spend big. Should you align yourself with an expert logo design agency, you can bank on paying £1000 at the very least.
Cost of an editorial style guide
Your marketing message is the driving force behind your brand. To ensure that you use the right tone of voice when you spread this message and interact with your audience, you have to invest in an editorial style guide. You can expect to pay in excess of £4,000 in this instance, simply because that’s how much it costs to avoid disastrous communication issues.
Your brand is the foundation of your business, which means that you shouldn’t cut corners with regard to it. If this means spending big to ensure that it is as effective as it can possibly be, then so be it.