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The ins and outs of investing in branding for SME's
16 November 2011
Through my experience of working closely with my SME clients I’ve seen many struggle in launching or rebranding their business to the marketplace due to the lack of knowledge of what to invest into their branding.
Unfortunately there is no one size fits all answer. A general rule of thumb is often 10% of turnover.
Ideally your investment will be based on your business goals.
- What do you want to achieve?
- How much revenue do you need to generate?
- What does that equate to in sales?
Answering these questions should help you to determine what you need to invest to generate those goals.
Below is a guide to what you can expect from your brandinginvestment.
Less than $3000
It’s very difficult to brand a business for less than $3,000. If you can’t invest in at least this amount you’re not giving your business the best chance to grow.
$3000 - $5000
A strong brand presence to market your business. This could include a brand audit, brand identity and logo design and brand communications such as corporate stationery, comprehensive style guide and a brochure design.
$5000 - $10,000
A professional brand presence online and offline. This could include a branding workshop, brand identity and logo design and such brand communications as corporate stationery, a comprehensive style guide, brochure design, email marketing and a simple website.
A complete brand presence both online and offline. This could include a branding workshop, brand identity and logo design and brand communications such as corporate stationery, a comprehensive style guide and direct marketing campaign. You will could also expect to get a high performing website with some customer relationship management tools, a content management system and email campaigns.
Investing in branding is a powerful way to differentiate your businessand increase your market share. It’s a long-term investment with maximum rewards.
Carrie Buckle is managing director of We Create Design Solutions, an award winning Adelaide-based brand design consultancy specialising in branding for SME’s. www.WeCreateDS.com.au