Daily BulletinDaily Bulletin

Business News

  • Written by Stella Gianotto


It is true that some businesses spend only a few thousand dollars on branding, whilst others spend tens of thousands or even hundreds of thousands of dollars. With such a large range, how do you know how much you should be spending?


Before we address how much, let’s start with what might be even more important: when should you invest in your branding? The answer is the earlier the better, for two reasons. Firstly, if you leave your branding to the very last minute, there is often no time and very little money (if any) to create a brand that will communicate why you started up your business, its values and personality. Conveying these three basics of your business through effective branding is extremely important because it builds up the foundation for awareness and recognition around your brand, which is expensive and difficult to change later down the track.


Secondly, if you are a business that needs a fit out such as restaurant or shop, it’s critical that a branding specialist is brought it at the design phase to give them the perfect opportunity to find spaces within your environment to place branding and find unique and potentially cost-effective ways to amplify your voice such as a mural, a bespoke sample station or even unique waiting area. Remember branding includes paint colours, menus, lighting and even bathroom signage and implementing these at the time of the fit-out will save you thousands than if you had waited until after the fit out was complete.


How much should I spend?


As a rule of thumb, branding sits under marketing budget and it’s recommended that your marketing budget should be 5-10% of your total yearly turnover. If you’re in startup phase, estimate what your first year turnover is and work back from there.


As a rough guide, expect your branding to cost around $10,000 at a minimum, and the higher the budget means the more choice you have in terms of scope and scale of your rollout.


A word of warning about your logo: it’s tempting to go to a site like 99Designs or Fiverr for cheap logo design. This is a great option IF you do your homework first and know your brand inside out so that you can write a very detailed and strong brief for the designer. This will ensure you wind up with something great, not something that will cost you in the long run.


How should I spend my budget?


The budget for your brand should be broken down into the initial cost of developing the brand (this is conceptualising the brand and creating the imagery) and then the cost of the rollout of the brand (which can be expensive if your business requires an extensive roll out such as stickers for cars, large or intricate signage or packaging and point of sale per retail outlet.)


Creating a list of priorities for your rollout will help you determine how much you can invest and can be broken into three categories: branded items that are business critical, branded items that give the maximum exposure for minimum dollar value and, finally, the ‘nice to have' things.


For example, a restaurant’s branded marketing material that is considered business critical would be a logo, website, signage, business or leave behind cards, menus, uniforms and an on-site branding consultation.
While a ‘business critical’ list is likely to have used up the majority of a $10,000 budget, determining extra branded items for maximum but cost-effective impact is still possible and as simple as looking at what will enhance your customer’s experience with your business?


Depending on what your business is, this might be a pre-printed note, signed by the owner thanking the customer and offering them a discount for next time, which can easily be printed together with your business cards, saving time and money. Another example might be creating two or three branded coasters that you can rotate and which promote other products within your business. This will give you two to three months of marketing material for a relatively low cost.


There is value in creating a well-thought-out brand early on for your business and spending an affordable amount you’re comfortable with in rolling it out. Changing branding a few years into trading is a nightmare and having to re-establish and shift customer awareness can cost you enormously.

BrandForBrands.com

Trauma, resilience, sex and art: your guide to the 2020 Miles Franklin shortlist

arrow_forward

Raising a Child with a Disability? Learn How the NDIS Can Help

arrow_forward

Understanding Your NextGen EHR System and Features

NextGen EHR (Electronic Health Records) systems can be rather confusing. However, they can offer the most powerful features and provide some of the most powerful solutions for your business’s EHR ne...

Rebecca Stuart - avatar Rebecca Stuart

SEO In A Time of COVID-19: A Life-Saver

The coronavirus pandemic has brought about a lot of uncertainty for everyone across the world. It has had one of the most devastating impacts on the day-to-day lives of many including business o...

a Guest Writer - avatar a Guest Writer

5 Ways Risk Management Software Can Help Your Business

No business is averse to risks. Nobody can predict the future or even plan what direction a business is going to take with 100% accuracy. For this reason, to avoid issues or minimise risks, some for...

News Company - avatar News Company

5 Ways To Deal With Unemployment and Get Back Into the Workforce

Being unemployed has a number of challenges and they’re not all financial. It can affect you psychologically and sometimes it can be difficult to dig your way out of a rut when you don’t have a job ...

News Company - avatar News Company

How To Create The Best Custom Wine Label

The Wine Industry consists of a number of brands that people like to choose for themselves or to gift wine bottles to their friends. But choosing the right brand becomes difficult due to the var...

News Company - avatar News Company

Why you need to hire a professional office cleaning company

People tend to be more productive in a clean office than in a dirty and cluttered office. Considering that most workers spend about 40 hours in their office every week, it makes sense to keep the ...

News Company - avatar News Company


The Conversation
INTERWEBS DIGITAL AGENCY

Politics

Prime Minister Interview with Ben Fordham, 2GB

FORDHAM: Thank you very much for talking to us. I know it's a difficult day for all of those Qantas workers. Look, they want to know in the short term, are you going to extend JobKeeper?   PRI...

Scott Morrison - avatar Scott Morrison

Prime Minister Scott Morrison interview with Neil Mitchell

NEIL MITCHELL: Prime minister, good morning.    PRIME MINISTER: Good morning, how are you?   MICHELL: I’m okay, a bit to get to I apologise, we haven't spoken for a while and I want to get t...

Scott Morrison - avatar Scott Morrison

Prime Minister Interview with Ben Fordham

PRIME MINISTER: I've always found that this issue on funerals has been the hardest decision that was taken and the most heartbreaking and of all the letters and, you know, there's been over 100...

Scott Morrison - avatar Scott Morrison



News Company Media Core

Content & Technology Connecting Global Audiences

More Information - Less Opinion