As seen on the Australian Retailers Association (ARA) – How much should you spend on your brand?
How much should you spend on your brand?
by Stella Gianotto, 17 July 2018
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 addressing how much to invest, it’s more important to consider when you should 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.