The spate of talk about startups is just part of the great entrepreneur movement happening in Australia right now. So we’ve been fielding lots of discussions on when a new business should invest in a brand identity, especially on a small budget. Or how much they should they spend. Plus, what are the essential components, and how can they build on this later.
We’re going to set the record straight and say that just like incredible human beings, unforgettable brands start from the inside. Sensational products that meet a real need. Customer promises fulfilled (or exceeded) every time. Benefits described in powerful, relatable terms. Only with those essentials clear will we take any client’s branding budget and do something with it.
Having worked with numerous startups over the past 15 years, we’ve also become choosy about who we work with. We like businesses started by experience-rich professionals who have a solid bank of contacts, a modest pot of funds and a great skillset in what they do.
(Yes, there are other types of founders. Like the bright-eyed graduate with a credit card and a big idea. Or the charismatic team of hustlers backed by millions in venture capital. But for us, that first category has always proven to be sustainable and relatable).
With the product and business plan still in the pilot phase, the entrepreneur is going be pulled in dozens of different directions. You’ll have to refine your product, operations, production, distribution, finances, cashflow and team, all while marketing like crazy to your target market. You’ll also want to remain healthy, sane and available to loved ones if this venture is going to last. Plus, a million other things.
With your market growing and brand strategy refined, here’s how to allocate the branding budget of your fledgling business.
Long story short, do some of the work yourself and you’ll form a closer relationship with your potential customers and suppliers. When you get big enough to outsource everything, you’ll get even more amazing results, because you’ll know exactly what’s involved.
If your budget is really tiny (as in $1,000 – $5,000 tiny) then you should read up about branding essentials, look up some design websites to see what you like, and put together a simple brief with a strict budget. And do aim for simplicity. Unless you’re in skilled, experienced (and thereby pricier) hands, you’ll run the risk of a bland, predictable or outright copied result.
With a budget of $5,000 – $10,000 you’ll be able to work with a more experienced senior freelancer, and from $10,000 – $20,000, a good small creative agency with a strong track record and a proven system for ensuring the creative work meets the client’s brief.
With a budget above this you can expect your agency to spend more time researching customer, sentiment, refining the strategy, exploring options and more, and delivering more components to your brand. If you need entire creative teams liaising with your team throughout the branding project, then expect to spend upwards of $50,000.