What is Branding and Why Does it Cost So Much? | Slim Digital

What is Branding and How Much Does it Cost?


April 3, 2017

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What is Branding and How Much Does it Cost?

It is time to dispel the myths and confirm the realities about branding.  Branding is not just a logo, but that is part of it.  Branding is not just a tagline, but that is an important part.  Branding is not business cards and email sig blocks, but you get them at the end.  These are only the outcomes of what branding is.

 

Internally, at SLiM DIGITAL, we consider branding to be the combination of strategy and creative. But from your end (the client), branding is the nexus of three crucial factors:

  1. Who Are You?
  2. Who Are Your Competitors ?
  3. Who Is Your Target Client?

Branding is understanding the answer to all three questions, and then applying it to your fit in the puzzle.

 

You can check out our latest branding case studies by clicking on the images:

 

Phillips_Earthmoving_Logo_SLiM DIGITAL, Branding, Marketing, SLiM DIGITAL Marketing, Darwin Marketing

 

Deakin MBA Magazine Ad, Social Media, Digital Marketing, SLiM DIGITAL, Marketing Plans, branding

 

Who Are You?

The first part of branding is to “know thy self.” And I mean really understanding who you are as an organisation.  People call this a persona, we sometimes use the 12 archetypes (check out our blog on this here).

 

12 Marketing Archetypes, SLiM DIGITAL, Marketing, Digital Marketing, Branding, Strategy

 

Ultimately this is a description of who you are and not what you do.  The decision makers in an organisation are often the best people to answer this.  They often know this intuitively, but are terrible at articulating it.  It is not about a cliché vision statement, it’s not a description of the work you do, or the goals you have.  The best way to answer it is to ask, “if our business is a person, how would we describe that person.”  A CV does not describe a person and neither should it describe your company. Once you have nailed this then you need to think about your competitors or threats.

 

Who Are Your Competitors?

Like what you have just thought about for your organisation, look at the threats to your organisation or direct competitors.  Don’t look at what they do, but look at who they are.  As when you analyse your organisation, you need to understand their particular niche or the reason people chose to use them over you. Understand their strengths and weaknesses.

 

Who is your target client/customer/audience?

As with understanding yourself, you need to ask the same questions of your customers.  Who are they? Why do they buy your service or product? What makes them tick? Do they have a family, married, single, uni education, blue collar worker, interested in the environment?   This can normally be the easiest part as you look at who currently purchases your products or services.  What are the common factors and then which ones are the determining factors that you can actually tailor your messaging around.
For example a real estate company may be selling their services primarily to baby-boomers looking to downsize. Articulating exactly who this person is and who the influencer is in the relationship is crucial to understanding who you have to tailor your message to.

 

Branding is about capturing the essence of who you are, but differentiating it from your competitors, and remaining attractive to your target client.

 

This is no small feat.  This is the combination of strategy and creativity.  This is the most important thing you will do as a business and will drive the direction of your business for years.  Your branding will drive the design of your logo, tag lines, website, shop front, business cards and other collateral.  Branding is also the single most important part of your marketing.  Without understanding your branding, your marketing is just a stab in the dark; maybe it works, but probably not very well.

 

Therefore, branding costs money.  Branding will be the costliest thing you do in starting a business, and will continue to be a huge cost as you re-brand and refresh your image.  There are marketing templates and formulas abound, getting a logo designed on Fiverr is cheap.  But none of these consider the essence of who you are.  Going down the track of a cheap logo is like putting a band aid on an amputated limb.

 

How Much Does Branding Cost?

 

Cheap – To give you an idea of what branding may cost, you can get it done cheaply for $5,000  – $10,000 AUD for the branding, a logo and a business card.  Yep, not really that cheap.

Mid.  A mid range cost is around the $15,000 mark.

High.  A lot of companies will charge $20,000+ for branding.

Your branding should include your new logo, tag lines, marketing collateral like business cards, email sig blocks, and may include a mock up of your website, Facebook page, LinkedIn profile, and Print ads.  The endstate of your branding will be a style guide that includes all the above and the story of who you are.

 

If this is something you want to know more about, please contact us.

 

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