What should you pay for a logo? How long it a piece of string?
When it comes to your branding, your logo is the face of your brand and helps to form the perceptions that people will have about you and your business. If you are a start up with not much spare cash you may be tempted to spend as little as possible, however this is a mistake, as your logo is the symbol that jumpstarts your brand’s recognition and you need it to be able to stand the test of time.Often when a business is just starting out, they ignore the need to invest in the creation of a good logo design. It may seem easier and cheaper, to cut and paste some clipart together, or use a cheap site like fivver, just so that they can get the ball rolling. However this could cost them later down the line, once revenue has picked up and the business is experiencing growth, businesses will almost always decide to invest in a better logo, but it is sometimes too late by then.
A good example of strong logos is brands like Apple, Nike or FedEx, although they may have tweaked their logo over time, it is always the same as when they first started (well besides Apples, see above). Because of this, they are able to continue to reinforce their brand’s recognition and following. Anywhere you go, if you see an apple with a bite mark, you know who it is, even if you only glanced at it, regardless of the colour or style of the symbol.
Furthermore, when a business starts out there is a need to stand out from their competitors, especially when doing so means attracting a larger slice of the target market. A great logo and brand design helps to project your business in a way that differentiates you from your competitors. The artwork drives memorability and recall. The logo design needs to target your audience whilst being not only functional but attractive, and professional as well. To obtain this you need excellent graphic design to forge that kind of connection between your target audience and your business. If you are paying peanuts for a logo design then you will not get this kind of quality and in the long run could end up paying more to correct the bad design mistakes.
So when it comes to spending money on a logo design, although there is not a ball park figure that you should stick too, you should ensure that you don’t choose the cheapest option either. Find a designer whose style you like and invest in a good quality design, as a logo is one of the most important investments that you can make for your business.