Tuesday, May 29, 2007

How Much Does a Brand Cost?

Finding the Right Branding Company



Companies that create branding and identity are often difficult to distinguish from graphic design firms, but how they go about creating your brand may be much different. There are several important steps to select the right company to help you to brand your new business. First, ask your contacts which companies they know that specialize in branding. Conduct Internet searches for "naming" and "corporate identity" and "branding." Think extensively about what types of names and logos appeal to you. Research the firms that created the brands that you most admire. Be aware of the firms' creative styles. Choose a company with a track record for unique and original names, not one that has a history of creating coined names. However, don’t go with a highly creative firm if your constituency is very conservative and traditional.


Contact a handful of companies and take note of how quickly they get back to you. Do they seem motivated or preoccupied? Is the person who returns your call a partner or a sales representative? Meet with a few different companies and trust the chemistry. If it's there you will know it; if it's not, keep looking. Make sure that the person with whom you initially meet - usually a partner or owner — will do, or at least direct, the work. That way they will be personally motivated to produce results for you.


Ask each company about its process. How forthcoming are they? Are the representatives willing to talk about their procedures and the steps that they all take to create your brand? Make sure you talk about money; they may ask you if you have a projected budget for this project. It's acceptable for them to ask, but it's also okay for you to hear first how much it will cost, without disclosing your budget. How quickly do they get back to you with a written proposal? If you agree on Tuesday to work with them and you haven’t heard from them by the end of the week, this might not be a good sign. Again, be smart and go with your instincts.



How Much Does a Brand Cost?


How much you can expect to pay for the creation of your brand is a Rs.25,60,000 question. The answer is that the fee doesn't have to be astronomical, but it can be depending on who you decide to do business with.


Creating a brand is often a classic case of getting what you pay for. Your cousin may create a name and commensurate logo (without applications like letterhead, signage and packaging) for Rs.22,500, or you can pay an international identity and branding company Rs.4000,000. In theory, that Rs.4000,000 should buy you higher quality images and plenty of targeted branding theory, but that isn’t always the case.


Our recommendation is that emerging companies look for an in-between solution. Look for a company that is experienced in branding small or start-up businesses, and that understands your timing and budget constraints. Reputable firms charge anywhere from Rs.10,00,000 to Rs. 50,00,000 for a name and logo. You should be thrilled with the product and get terrific results from a firm in this range.


Before choosing a branding, naming or identity company, scrutinize its portfolio to make sure their style matches your tastes. Also, don't hesitate to ask for references—they should be proud to provide them. Call a couple of the references and find out whether they liked working with the firm.


Finally, remember that branding is a serious, long-term investment. If you're going after or have received outside financing, it should be a line item in your budget. Building a brand is a core business activity, as important as leasing office space, recruiting the right people and developing your product or service.


source: allbusiness.com

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