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Are logos worth the money?

Logos and Branding
Small businesses, particularly start-ups, set aside no or little money for marketing purposes when creating their initial budget. This means many small businesses operate either without a logo or have one that was created by a friend who dabbles in graphic design (often created in a basic image program which results in resolution issues later on). So is it really important to have one?

The answer is YES. Consider some big companies such as Pepsi, ANZ Bank, BP, and Nike and the one thing they all have in common is that they have recognisable logos and branding. In fact, often when we think of large businesses, we picture their logo. So how much did this branding exercise cost each of these companies.

- Pepsi paid a total of $1,000,000 when their logo and branding was redesigned back in 2008.

- ANZ Bank paid a total of $15,000,000 when their logo and branding was redesigned back in 2009.

- BP paid a total of $211,000,000 when their logo and branding was redesigned back in 2008.

- Nike paid a total of $0 when their logo was created in 1975. They have since gifted the designer 500 shares worth $600,000.

Of course spending this sort of money is not realistic and not necessary for small businesses to get a well designed logo that will communicate their brand. Engaging someone to design a professional looking logo is important as a logo does not only make a initial good impression but also builds trust, engages with new customers and makes you stand out from the crowd. So what makes a good logo?

The 7 essential characteristics of a good logo are:

- Scalable (this means it can be sized from very small to very large without distortion or visual issues);

- Relevant to the industry (it is no use having a cool logo which communicates the wrong message);

- Memorable (as this creates brand awareness);

- Must be able to be described (if you cannot describe what a logo looks like, it is unlikely that it will be memorable);

- Must look good in colour or in black (logos are not always printed in colour so this is very important);

- It consists of a single or at most two complementary colours (usually primary colours); and it

- Can be adapted to different applications (social media, letterheads and stationery, business cards).







 

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