When to Invest in Branding
4 Criteria to help you know when to prioritize branding so it makes the most sense for
YOUR business
Starting a business is no small feat. The beginning stages of a business are filled with an excitement unmatched by most life endeavors. It’s one of the reasons I love what I do so much. I get to work with people during the height of that excitement and share in some of it while we bring your logo, brand, and website to life.
But that excitement is matched with stress, fear of the unknown, and a laundry list of items (ahem, expenses) to get off the ground and officially open your doors.
I think it’s pretty obvious to say I’m an advocate for creating a consistent, exciting, professional brand that you’re proud of.
What you might be surprised to hear is that I don’t think it necessarily needs to be one of your very first expenses. Granted sometimes it IS, but sometimes you have some wiggle room and can wait a while before you prioritize investing in branding.
It really comes down to 4 things:
Your type of business
Your audience
Price point
Level of competition in your industry.
01. Your Type of Business
First, let’s categorize your business.
These are the three criteria that determine when you should invest in your website and branding.
Physical location vs Online business
Products vs Services
Need vs Want
Physical location vs online business
Physical location
If you have a brick and mortar, professional branding should be toward the top of your list. If you have rely on foot traffic and/or will be investing in signage or extensive printed materials of any kind, invest in professional branding from the get-go.
To capture foot traffic, you want the people walking by to be interested enough to want to walk into your store, but you also want them to have a sense of what to expect before they step foot inside.
What kind of style do you want to project - modern, homey, high-end, quirky, artsy?
What price point should they expect - bargain, middle-ground, luxury?
These are things you have the ability to accurately project with just a glance. And sometimes a glance is all you get - so make the most of it!
Which brings me to my second point - signage or printed materials of any kind.
The main goals here are to:
not have repeat expenses for no reason and
not to be trapped with a logo you don’t love.
If you purchase signage, branded shopping bags, hang tags, widow decals, vehicle wraps, employee apparel, etc - you don’t want to print these things twice.
I have seen this happen so many times and had established business owners reach out to me interested in rebranding, but ultimately had to hold off because of the cost. And to be clear - it wasn’t my pricing - it was my pricing plus wrapping a fleet of 4 vans, outfitting their 15-person crew, and reprinting everyone’s business cards - you get the idea. It’s easy to get over-excited in the beginning and piece together a logo that “works” and then slap it on every visible surface. But I would encourage you to pause, think about the long game, and reverse those steps. Focus on branding that will help you succeed, then trickle in the implementation. You don’t want to be stuck with a mediocre logo you don’t love because the cost (and tasks) of replacing every printed item it is too overwhelming.
I will add one BIG caveat here - don’t rush through your branding process
simply because you “need” to have a sign on Day 1. Here’s the thing - you really don’t.
It is more than okay to do this thing in phases.
Would it be amazing to have the photo you always dreamed of standing in front of your storefront with the beautiful sign, perfectly placed window decals, and an impossibly perfect detail on the door on Day 1? Yes, that would be the dream.
But it doesn’t always go that way. I’ve had too many people inquire, several weeks (sometimes months) too late, not realizing their signage would take longer than they thought and now they are in a bind to have their logo completed.
But it totally defeats the purpose if you rush through the process. So my piece of advice is always 1) do your best to know turnaround times for your printing vendors. 2) Know it’s ok to have a temporary vinyl sign or something similar for a week or two - that will not make or break the success of your business. If anything it gives you exciting pieces to trickle in and announce.
Online Business
Have a big stretch and take a deep breath because you have a little more wiggle room! And your bigger advice is coming in the categories below! But the main point here is this - it’s pretty simple to update the logo part on your website. Especially if you are starting a side hustle, don’t let your logo be the reason you don’t start your business.
Start. Learn. Grow. Find your style, your niche, your likes and dislikes.
When you want to grow your audience and start to scale your business - that is your time. That will prevent you from having to do too much backtracking as you grow.
Products vs services
Products
After the above info…you probably know where I’m going with this one. If you are a product-based business - your branding matters! You WILL be compared to other similar products. You want to make the best possible, most memorable, and most convincing impression possible.A great success story of this is Olli Pop. The alternative and health-focused drink market has been flooded with options lately. Even if you have the best product out there, you will have to really WORK to make an impression.
Services
The main consideration here is your level of professionalism. No matter what, you don’t want your branding to work against you. Give yourself an honest and critical once-over to see where you can make the most of your branding as a service-based business.
Need VS Want
Need
If you operate in the need space - your branding is important, but you can probably feel comfortable making this a lower priority. After all, we don’t see Band-Aids reinventing the wheel often. People will continue to buy them.Want
But if you fulfill wants - let your branding do some of the hard work for you! People want to feel excited about the way they treat themselves. They tag photos of a great drink at happy hour, an exceptionally cute candle, or a bougie spa - and there are SO many options for all of these. So let your branding speak for you and speak TO them!
02. Your Audience
So now you’re in the groove of considering the combination of factors that make up your business.
The type of business you run is more about logistics and defining your approach. But the next big factor - your customers - is about how your business feels!
Your branding and website are what give you the chance to be aligned with your target audience.
Your clients want to see a part of themselves in what you offer and your branding is how you do that.
Being aware of the type of client you want to work with is going to help you to reach that audience.
Use your best judgment here to determine if branding is an important part of the decision-making process for your clients. For a coffee shop or restaurant, your logo and vibe are probably at least some of what leads someone to choose you. But for a lawyer or tax accountant, a modern logo and trendy brand might be lower on their criteria.
03. Your Price Point
This one is short and sweet.
If you want to be priced at the top tier - your branding should reflect that.
Maybe you’re a digital business with an online product and entry-level customers - but if you create a stunning, comprehensive online course with a $3k price tag - the branding needs to reflect a top-tier price.
Customers are more savvy than they used to be. You can generally spot a DIY brand. I’m not saying there’s anything wrong with that - but on a subconscious level, you expect pricing to match what you’re seeing.
You need to infuse value and confidence from the get-go, so if you plan to have a higher price point, I suggest professional branding at an early stage of your business.
I try to consider when you reach your breakeven point with your branding investment, and the good news is - if you are in the higher pricing tiers, your breakeven will come much sooner, which will make it easier to plan for a branding investment. And to feel excited about it!!
04. Competition in Your Industry
Now you know what kind of business you have and what kind of customers. You know what your customers should expect based on your price point. Don’t forget to think about what kind of competition is out there.
If you are in a saturated industry, you will want to bump up branding on your priority list.
For example: Being in an online business buys you some wiggle room because it is easier to update your materials, but it’s generally a saturated space - and it’s more likely that your competition has a polished, professional brand.
Say you’re looking for a therapist. The combo is:
Physical or Digital location
Service-based
Medium price tier
Often in a saturated market
Looking for a therapist can feel vulnerable and it’s an important provider to feel confident in. So you ask around, do a Google search, and narrow it down to a couple of options.
One is put together and has a sense of calm and consistency throughout their channels. One has a bare-bones site, no logo, and generally doesn’t look or feel established. Which one would you choose?
It’s a really simplistic way to view it, but sometimes is actually is that simple. When all else is equal, your branding and website can be the determining factor. So if it comes down to you or them - it might be them.
It can also just be the best way to make sure you stand out to the clients most aligned with you. There are SO many photographers out there, each one with their own style. You can see their style in their photos, but if you see it reinforced on their website, the connection will be that much stronger. AND the viewer will understand you are organized and established. Your solid branding and website makes them trust you.
So to sum it up!
you can be strategic about when you choose to invest in branding.
It doesn’t have to be one of your first expenses. But you will want to feel certain about your type of business, your type of client, your price point, and the level of competition out there.
Get clear on your combination of factors here and you will know if professional branding comes first or a little ways down the road.