Calculating Your Budget for a Brand Identity Package
Last update: 27 April 2023 at 11:10 am
From the moment the consumers wake up until they go to bed, they are bombarded with different services and products both digitally and in real life. As an emerging company, you may find yourself struggling to establish an identity in this overly saturated marketplace.
And this is exactly where branding comes into the picture.
Not only does branding help in assisting your business stand out from the competition, but it also helps share brand values and create trustworthy relationships with them.
In fact, 72% of marketers believe that branded content is more impactful than advertising. 69% of marketers, on the other hand, believe that branding is superior to public relations and direct mail.
The best thing about branding in today’s marketplace is that it is no longer exclusive. The diversity in branding package cost makes this marketing concept accessible to all industry niches, irrespective of their size and budget.
With this blog, we will aim to estimate the brand identity package cost and even equip you with tips on how to effectively create a branding budget.
What Is Brand Identity?
Brand identity is any visible element of a brand, including the color, logo, design, etc., that helps distinguish the brand in the consumer’s eye.
To boost the identity of the brand, businesses typically work with field experts that have a pre-crafted branding package in place. This package features a series of digital and physical assets that aim at establishing a uniform image of your brand.
Each element included in a branding package reflects the desired style that combines the company’s assets and transmits a cohesive message across various channels. The consistency of these details helps define the brand and even build security and trustworthiness among the audience.
A brand identity package is sometimes also referred to as a branding package, business branding package, or corporate branding package.
Here are some common situations that call for a brand identity package –
- You want to launch a major marketing campaign for your established business
- You wish to roll out a new business
- You’re looking to refresh or update the brand
- You want to overhaul an existing image post a brand audit
What’s Typically Included in a Brand Identity Package?
When you decide to hire an expert branding agency to brand your business, you can expect to obtain logo and visual identity services along with a style guide as a bare minimum service in the package.
However, a reliable design company will go above and beyond these services and even take care of marketing, competitive research, and customer feedback, along with other vital criteria to develop a branding package that aligns with your business goals and objectives.
Listed below are some components of a branding package –
If your business is fairly new, then there will be a discovery stage in the branding package where the agency experts and design team will dig deeper into your business. Their idea will be determining answers to concerns like –
- Your desired target audience or target market
- What concerns of the target audience does your service solve?
- How are your services and products different from your competitors?
All the “Who,” “How,” and “Why” will be taken care of in this phase.
Creating an identity
Designing a logo and determining the brand messaging will be the second stage, followed by choosing the brand colors, typographies, graphic elements, and so on.
Discover the most relevant agencies for your project based on your own specific requirements.Find an agency!
How Much Does a Brand Identity Package Cost?
There is no straightforward answer to how much does identity package costs. Why? Because crafting a brand identity is no small action.
This complex process requires thorough research, creativity, and competitive thinking, which could result in the branding cost being anywhere between $2,000 and $250,000.
Listed below are some important components of a branding package and an estimation of how much you might be required to pay to obtain these services.
Logo, being one of the most important components of branding, is the first thing listed in most business branding packages.
A well-designed logo can tell a lot about a company. It also helps boost the perceived value and credibility of a brand. By choosing to work with a professional for logo creation, you can design a remarkable and unique logo that effortlessly captures the essence of your brand.
The logo designing services on websites like 99designs and Fiverr start from as little as $50, which can be a decent branding cost for small startups.
However, if your notion is to create a well-recognized brand, you are better off with a professional branding agency.
Visual identities and brand style guides
Without a style guide, one cannot create a visual identity for a brand. It would be like creating a house but without a blueprint. You may be able to create something structurally effective, but the overall aesthetic of such construction will be quite chaotic.
A brand style guides help in outlining the visual identity of a brand. It will feature everything from the color palette to typographies and photography brand guidelines.
With a well-designed brand style guide, it becomes possible to apply the branding consistently across different touchpoints, including social media, website, product packaging, and branding materials.
The style guide also comes in handy in managing the overall branding down the line. With growth and company evolution, you can refer to the style guide to make sure the new changes align with the core values and aesthetics of the brand.
For a complete branding package, a reliable branding agency can charge between $6,000 and $100,000 for everything from designing the logo to creating a brand style guide and everything in between.
Web design and development
Without a well-designed website in place, there isn’t a lot you can do you enhance your branding strategy. Since the website is usually the first touchpoint between the brand and its consumers, creating a lasting first impression matters a lot.
But you can no longer just create a website that features vital contact information, a few photos, and a logo. Search engines like Google expect your website to be informative, intuitive, easy to navigate, and user-friendly.
Your website must look great and function optimally on every device. Similarly, it should provide valuable information about your services and products to the end customers.
Developing a website that meets the complex expectations of tech-savvy customers is not cheaper. Hence, get ready to pay at least $3,500 to $150,000 for website design and development services.
The more features you add, the more pages you have, and the more complex your requirement is, the higher the final cost will be.
A brand strategy is more like a guide that helps in making business decisions and ensuring that everything you do aligns with your brand’s identity.
Brand strategy is a long-term plan that sets the tone for your brand, outlines your objectives, and defines your target audience.
For brand strategy, you can expect to pay anywhere between $2,500 to $50,000. The service should include details like –
- The expectation of your brand positioning in relation to your competitors.
- Your idea of an ideal target audience that you wish to reach.
- What value proposition makes your brand stand out and worth paying for?
- How do you want your brand’s voice and tone to be perceived by potential clients?
- Key brand messaging you wish to convey about your brand.
Your branding may get printed on a wide range of physical assets, including product packaging, letterheads, business cards, signage, and more.
Hence, it becomes prudent to ensure that the print designs are consistent with the overall brand identity. This will result in not only a cohesive but also a professional-looking outcome.
It is imperative to work with professionals capable of aligning the printed marketing materials with your brand’s personality; only then can you make a lasting impression,
Based on the scope and size of the project, print design costs can vary from $750-$15,000.
Tips for Deciding an Effective Branding Budget
Now that you have a basic idea of how much the cost of each element included in the branding package is, it is time to comprehend a few tips to effectively create a branding budget.
- Cross-check the market trends and fluctuations to reduce the list of deliverables you wish to obtain.
- Study your target market, its preferences, and its behaviors.
- Research the many marketing strategies that are available in the market to determine the one that best suits your brand’s objectives.
- Determine what your competitors might be spending. Even though it is challenging to evaluate their exact budget, you can obtain vital insights – perhaps an estimation. You can work with professional marketing companies to analyze this information.
- Identify your marketing strategies. Determine where you stand in your business’s current lifespan.
- Determine which services you might need instantly and which may wait for a later investment.
- Determine whether you want to work with an established branding agency or are fine giving new, budding minds a shot.
Benefits of Working With a Branding Agency
It is natural to question the need for a branding agency when you can hire an in-house team.
Hence, we have created a compact list that highlights the many benefits experienced branding agency brings to the table.
Access to experienced staff
When it comes to branding, it can be challenging to find individuals who have excellent experience in the field.
But, when you choose to work with a branding agency, you gain access to a team of experienced staff. The best thing, not all of these experts are into branding. Some conduct research, some deal with content creation, some have expertise in SEO and digital marketing, and so on.
This means you gain access to a team of highly-talent experts in diverse fields. The agency experts will have the knowledge you need and will be able to implement the strategies in no time to meet the results you are looking for.
Besides, your chosen agency must have worked with numerous clients in the past; This means they have enough knowledge of what works and what does not, thereby saving time.
When it comes to established brands, they have no problem creating a completely new in-house branding team. They have resources for the same.
However, a startup may lack resources from time to money. Also, let’s not forget about the increased expense of salary plus benefits, onboarding, training, etc., for all the hired employees.
And without enough knowledge of brand identity, your newly created in-house team may not be as competent as agencies, which could result in a waste of time and money if things go south.
By outsourcing your branding needs, you can save money on hiring, buying software, tools, and a lot more!
Sortlist recently published a 2021 Marketing Survey on budgets, trends, and inspiration for SMBs. We asked almost 500 owners and general managers of small and medium-sized businesses across five European countries for their marketing strategies in 2021. Our goal in this article is to evaluate these trends and whether the intended budgets would benefit from […]
If you know anything about branding, you might know that branding doesn’t happen overnight. It takes both time and effort to create an appealing visual identity for your company.
To build a strong branding strategy, a lot of continuous, consistent work is required. Do you think you have enough time for all this? If not, perhaps you are better off with branding agencies.
They not only take off the stress from your shoulders but from your team’s, too. This allows you and your team to become more productive in areas where you have expertise.
Helps beat the competition
If your notion is to beat your competitors through brand identity strategies, then you must work with agencies. Why? Because your competitors are already toiling to create a brand that customers will love and appreciate.
This means you will require toiling even harder. By hiring an expert branding agency, you can put the task of toiling harder on the shoulders of the agency’s experts.
With their extensive knowledge, the experts at the agency will do everything it takes to bring your brand to the top.
So apparently, branding package price is subjective, given it depends upon a variety of factors. Expect to spend anywhere between $2,000 and $250,000. The more established and bigger the agency you choose, the higher the cost of acquiring branding packages will be.
Even though the branding package costs a lot, it is worth noting that consistent and meaningful branding can boost revenue by 23%.
By choosing to work with a genuine branding agency, you can revolutionize your brand’s visibility and even gain many benefits upfront (as we read above).