Branding In Budget – A Solution For All

Nearly every goods and service in this modern-day world is a part of the monopolistic market or oligopolistic market. Since we can safely say that perfect competition markets do not exist, except in textbooks, for the simple reason that in practicality, it is not possible to have many sellers selling the same product under the same conditions, and having the same profit amount. Thus, what we normally have instead is a monopolistic competition (where the products are similar and can be used as perfect substitutes for each other, but the sellers have a monopoly or complete control over their brand name and they may say their product is somewhat different or better.

This difference may be in packaging or a claim that their quality is way better than other companies. For example, washing powders, mobiles, etc. Oligopolistic markets on the other hand are also very much dependent on brand value and each company has to distinguish itself.
So in these extremely competitive markets where each has to establish its company name to succeed and maximize their sales and profits, branding becomes very important. So, what exactly is branding? Merely adopting a brand name for an enterprise is not branding. That is merely a name at first, albeit it has to be meaningful and stand out among others. Branding occurs when you can advertise properly and make your brand name stand out among others through various methods. A company name becomes a brand when it develops an identity of its own.

To create this unique identity for your company, your company must transcend from being a mere company to a brand. It should strive to become popular and the goods or services provided should be known to the masses. However, while doing this, you must also remember your budget and should not expend too much that would lead to losses. That is very much undesirable.
So how do you do branding in the budget? Here are some top tips:

What’s in a name? Everything.

Since you do not have huge funds to spend over marketing, you must act wisely upon selecting a name. The name should be eye-catching, memorable even to the layman, and should set you apart from other sellers who might be trying to sell similar products. Think very minutely about what your company’s message is to the world, what are you manufacturing, what are the services you will be providing, and what emotions do you want your customers to evoke? After analyzing all of these, it is recommended that you select a name that can be remembered easily as well. If you want your business to expand, you need to make it easy for nearly everyone to be able to at least remember the name while doing a quick Google search or recommending to a friend who might need a similar service.

Try and give shorter names, but you may manipulate spellings and other things to make it quirky and stand out from the rest.

Your logo defines you too

Once you know what to call your brand, now you need to settle for a logo. This is important because a design often leaves an imprint in the minds of people far more than words can do. Now, the creation of a logo requires skill and dexterity over graphic design. There are plenty of companies that have experts in this such as Draftss, and they are there solely to provide graphic designing services. You can get your custom logo design services from them, at very reasonable prices. Of course, you should have some idea in your mind about what the logo should be, and it should have some significance to your company name or some other agenda you might be pursuing. Remember, custom logo design services are only there to give you technical skills and advice.

Also, remember that you will have a trademark to protect it. You don’t want fake companies to utilize your brand name or logo to tarnish your image. So the trademark is really important. You may also want to check out if other companies have already used your logo before and so you may avoid using them. Otherwise, if you are fixated on any one logo design which you think defines you the most but is already taken, then you need experts providing custom logo design services to create something more stunning by using a similar design structure.

This is an example of a simple and elegant design. Your logo should be easy to identify, and remembered. It should be simple and powerful.

You may create unique designs from basic shapes as well. Take the help of experts to guide you.

Build websites and blogs to promote

Internet is very popular and its widespread use can bring you an umpteenth advantage. You can just have a web page at first when your company is just taking off. Get hold of some good firms such as Draftss to provide you with graphic designing services by expert designers to create good website designs that will intrigue the readers into reading your content and take in your company essentials. Once your website starts attracting viewers and customers, you may take a step forward and then update it to provide e-commerce services as well.

You may also take the help of social media and blogs to help you promote. This is an effective branding method as when your advertisements or blog posts pop up to the viewers they might become biased towards your company due to the content you are providing them with. You may consult firms to help you with graphic design services so that your blog posts look more attractive.

Your web page designs should have good color combinations that are pleasant to the eyes.

These are just some basic tips on how you may do branding at a reasonable budget. In the world of designing as well as packages like unlimited graphic design services, it is easy to help your business and maximize your sales and thus create a unique identity or a brand for your business!

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How Much Should You Be Spending on Designs?

How important is design in the modern business world and is it worth investing in? Well, any present-day business is going to require design services. At some point, they will need designs for business cards, flyers, a logo or a smart-looking website. In various researches, it has been observed that good designs do improve the performance of a company in a number of ways. Quality designs help to build a brand identity and they make your brand more identifiable to customers. Together, these make for a more cohesive marketing strategy by improving sales.

Now, it’s not uncommon that many business owners find it hard to determine just what part of their budget should be going to designs. To figure this out, you need to evaluate your circumstances and base your design budget on a few key points.

We have shortlisted some of the chief points you should keep in mind to determine your design budget.

Identify the designs you need

Credits: Unsplash

To figure out a budget for your designs, first, you need to determine the types of designs you need or want. Identify whether you need a new logo, brochures, packaging, web designing, brand clothing or something else. Also, take a look at your operation and analyze how you are using designs, what amount you have spent on them and what are the returns. Once all your research is done, make a final list of the designs you want or need. After that, you need to know how much it’s going to cost you to get the designs made.

Know the market rates for the designers you need

Credits: Draftss

To determine how much your design budget should be, it’s important that you know how much you will be paying for designs. Hence, you can set a benchmark so that costs don’t spiral. You can hire a designer for your project either directly or through a crowdsourcing platform like Draftss. When you do that, you want to ensure that you are paying a fair price for the work. One of the many benefits of crowdsourcing on Draftss is the fixed price, which means you stick to your budget. Draftss offers quality designing at fairly reasonable pricing, with no hidden expenses.

Estimate how long your project should take

Credits: WallHere

To ensure you get professionals who will provide quality results, you must set up a fair budget for your design project. The best way to do that would be to consider the hourly rate for the type of designer you need and then multiply that by the estimated number of hours you expect the job to take. The BLS has listed the median hourly rate for a graphic designer at $22.55 per hour and for a web developer at $30.52 per hour. The better the quality of the design, the longer will it take to complete it. Also, if you need multiple versions of your logo, you should probably add in another few hours to your estimate. Then, if you need additional design material, you will have to add in more time for the extra work. This estimated time frame should just work as a guideline to get you started.

Analyze budget

Credits: AiPiChai

One you have figured out how much it’s going to cost you to get your designs, you can move on to analyzing your budget. You need to keep in mind that design in a part of marketing, i.e., your design costs are going to come out of your marketing budget. In order to make a marketing budget, you need to get the balance sheet and sum up all of your expenses and income. Once you estimate what amount you expect to profit in a year, you can dedicate a portion (10% to 20%) of that money towards marketing. After that, you need to analyze all of the marketing efforts you want to invest in and how much they cost.

Prioritize projects and plan them according to budget constraints

Credits: HipWallpaper

It might not be possible, for your business, to meet all of your design goals at one go. In that case, you need to figure out which design projects are the most important to your company and identify the ones which will yield more profit. Then, you can schedule those designs first, and the rest throughout the year to match your budget. Also, you need to prioritize different marketing tactics, including your designs and allot a percentage of the marketing budget to each tactic. Some company may dedicate 25%, while others, 80%. It is really dependent on the needs of the company as identified by research and planning mentioned previously.

To sum up, do not underestimate the value of design! Designs are capable of fetching your company profits indirectly. So, money spent of design can be really effective when it comes to building your business. To know exactly how much you should be spending on designs, you can start by analyzing what designs you need, estimating the costs, looking at your budget and assigning the needed percentage of marketing budget to have them created. If you have any more point to add, feel free to do so in the comments section below.