Budget appropriately when building your brand

July 13, 2015

You are building a brand for one of only two reasons. Either your existing brand no longer reflects the image you desire, or you’re starting a new business. In both scenarios, you’ll want to make sure you’re investing the appropriate amount of money, as your brand will be directly reflective of what you put into it.

Marketing is the revenue yielding arm of your business, and the more you invest, the better your chance of positive return. Of course, this is only true if you have a sound strategy in place to support your spending. If you’re throwing money at any clever sales person that comes your way, you may find that you’re no longer investing, but instead spending for spending’s sake.

If you’ve never invested in branding your business, you might not have a clue where to start. The average rate of a professional agency usually will fall between $150 to $200/hour. For this price, you can expect research, design, production work, meetings, administrative work and more. Before you decide on a final budget range, ask your self some base questions.

 

What skill level am I interested in?

This is one of your company’s most important assets, so who will you trust? A recent college-grad at $45 an hour, a seasoned designer at $120 an hour, or an advertising agency team with a wealth of experience at $175 an hour? The choice is yours. While I hate to say it, the old saying is quite true in this instance. You absolutely do get what you pay for.

How long will it take?

Keep in mind that a seasoned professional will take less time to complete a branding project than an entry level individual. Those are important things you’ll want to account for. Depending on which route you choose, the hours will vary. There can be 10 to 15 hours taken up fairly quickly in research alone, or even more if your business is very complex, or competing on a national or global scale. Only then do we get into the actual concepts, and then the design. If you estimate 60 hours for a professional ad agency to complete your brand you are looking at $10,000.

What If I Don’t Like It?

There is a great chance that you will like the work produced by an advertising agency. You aren't paying for the expertise of one person, you are paying for the expertise of a team. What does that mean for you? A flushed out brand that is entirely comprehensive.

All the money you thought you saved with a seasoned designer might come into play here. In fact, if you don’t like it at all and decide to hire an ad agency after a poor initial brand design, you might be on the hook to pay double the amount had you initially gone the agency route. This is where a team, and their combined experience, become invaluable.

Now you have a starting point for creating your budget. If you have more questions about branding, agencies, or anything else in the marketing world, we’d love to meet.

We’re the creatives you’re looking for. Welcome to Keenability.