The process of creating and establishing brand identity is an essential aspect of any new business.
In fact, you should think of it as the first move you make in the long-haul marketing game.
The way you approach branding will help differentiate your startup from its competitors and play a key role in building trust with your customers.
Why? Because it will communicate what your products and services are about and who they’re intended for.
And this way, people who interact with your startup will get to figure out whether they align with your brand and if they want to support it.
However, creating strong branding for your startup can be costly, especially if you’re working with limited resources.
For that reason, this article will explore the costs of startup branding and provide you with some tips on how to create a strong brand without breaking the bank.
Which Factors Influence The Cost Of Startup Branding?
The branding costs of a startup can vary widely, depending on several factors. Most often, they will depend on:
- The size of the startup and the industry in which it operates. For example, a smaller startup in a highly competitive industry is likely to spend more on branding than a larger company in a less competitive industry.
- The services included in the branding package. For example, a branding package that includes more services or services that are costly and time-consuming will likely cost more than a package that includes only the branding essentials.
What Are The Costs Of Startup Branding?
For the sake of this article, we’ve gathered six typical costs associated with startup branding.
Not all of them apply to every startup, as they will typically depend on your individual needs and the budget you have.
Let’s take a look at them.
1.) Doing Market Research
Market research is the first step any startup should take before creating a brand.
Let us explain this a bit more.
To make sound business decisions related to product development, marketing, and sales, you need to understand:
- Who is your target audience
- What do they want, and
- What are their purchasing habits
That’s what market research is for. It will help you identify not only the needs of your customers but also the key competitors of your startup and industry trends.
Moreover, the information you collect as part of the market research will help you make informed decisions about brand strategy, messaging, and visual identity.
Tip: Market research is often associated with high costs, which makes sense when we’re talking about in-person interviews or field studies.
There are, however, some cost-effective forms of market research. If you’re on a tight budget, try online surveys or focus groups as a way of getting information about your customers.
2.) Hiring A Branding Agency
Startups often hire branding agencies to take care of their professional branding.
Hiring a brand agency can result in you getting a more objective point of view while saving up time and resources for your startup.
Still, keep in mind that some branding agencies can charge up to hundreds of thousands of dollars for their services, depending on the scope of the project.
As expected, this doesn’t always work with a startup’s tight budget.
Either way, hiring a branding agency to take care of your market research, brand strategy, logo design, and website design can ultimately end up saving you a lot of money.
Just keep in mind that this isn’t the only way you can create a strong startup brand.
3.) Paying For Design Software And Website Builders
If you’re working on a budget, you may want to take it upon yourself to do startup branding rather than hire a branding agency to do it for you.
With so many available design software and website builders online, this option is fully feasible. Best of all, you won’t have to spend a lot of money.
For example, you could use Adobe Illustrator or even the free version of Canva to create a logo for your startup.
As for the website builder, great options on the market might be Wix or Squarespace, depending on your needs and preferences.
Of course, you’ll also need certain skills to use these tools, but fear not! The internet is full of free tutorials, videos, and blogs that can help you learn different branding techniques.
4.) Developing The Brand’s Voice, Tone, And Messaging
The brand’s voice and tone can make a huge difference when it comes to building trust and creating a connection between a startup and its customers.
How? Well, a consistent and appropriate voice and tone help the customers understand what your startup stands for and what they can expect from it.
Moreover, the messaging you use across different platforms creates a recognizable image of your startup in the minds of your target audience.
This helps them develop a sense of familiarity and loyalty toward the brand.
So, how do you develop a strong voice and tone, as well as consistent messaging for your brand? You’ve guessed it—through blogging, copywriting, and social media!
5.) Creating A Brand Identity
A brand identity is typically comprised of a startup’s logo, color scheme, typography, and other visual elements.
These elements should ideally reflect the values and mission of your startup. What’s more, they should be easily recognizable and consistent across all of your platforms.
How much can you expect all of this to cost? It’s hard to tell, as it will largely depend on the complexity and scope of your demands and the experience/expertise of the design team you’ve chosen.
Either way, you’ll need to maintain a consistent brand identity if you want to build trust and credibility with your customers.
6.) Online And Offline Advertising
Depending on the budget you’re working with, you may want to consider different types of advertising to invest in.
Specifically, the costs of online Google or Facebook ads can be relatively low as opposed to offline television or print advertising.
Here’s the most important thing you should keep in mind when it comes to startup branding: While being visually recognizable and consistent may not pay off immediately, it really pays off in the long run and builds your authority in the public domain.
Also, if you’re limited on resources, you can either do the work yourself to minimize the costs or opt for a branding agency that offers a la carte services.