FREQUENTLY ASKED Nº 22
We're frequently asked, how much do you charge for a brand identity? How much to create a logo, some collateral, or a branded suite. I often answer that question with another one: How much does it cost to build a house? In all honesty, I'm not being flippant, but that question can't be answered without first answering a bunch of other questions. It's about process and a whole lot of why's, what's, and how's.
Recently, a start-up called our offices looking for help on launching their new business. It turned out they had venture capitalists (VCs) almost ready to invest, but they wanted to see a minimum viable product launch campaign and brand identity. So the real question now became: What was it going to take to convince these VC's to invest? The first question should be "What do we need to solve the problem at hand?"
We got deep into the triggers and tipping points to identify what had to be done. We figured out a solution. And yes it was going to cost more than expected, but we found a happy medium. The resulting body of work we created secured the seed money from the VC's, three fold.
Maybe the first question asked should be: "At what cost does the cheap solution really cost you?"
POINTERS ON EVALUATING EXPENDITURE
- Is there a budget (ideal or fixed) you're trying to stay in?
- Can the work be done in phases – to accomplish the goal?
- If "X" is spent, will the return justify the investment?
- What is the bare minimum and pie-in-the-sky on deliverables?
- Are there key insights that change the scope of the project?