branding

#GuruChats Highlights – Debunking Budget Branding Myths

When it comes to budgeting, everyone pretends that it isn’t needed after all it is the most strenuous part of doing business. Why, you may ask. Well, because it’s that time of the year when you have to decide how much (money) to put where. While some business owners think that assigning a budget for branding is critical for their success in a given market, other entrepreneurs feel that brand image and brand positioning isn’t important and in fact doesn’t do them any good in terms of business growth and profits. In this #GuruChats our aim was to debunk the most common budget branding myths businesses usually tend to believe in.

Budget And Branding Myths

See how we’ve debunked these myths in #GuruChats.

Myth #1 My Name Is My Brand

In this day and age, whether you’re a company or a professional (at something) you need to brand yourself. While businesses need a visual identification like a logo, individuals can do with a name but they need visual marketing that involves catchy slogans, self-portraits and a website or blog.

Myth #2 Branding Makes Sense Once You Have Profits

You can’t have profits unless you reach out to people. Even if you hand over your business card to them, you’re branding. If you tell them to come try your products, you’re marketing. So you can’t really live without a face or a voice.

Myth #3 A Small Business Like Me Doesn’t Need The Branding “Pizazz”

Small businesses become big in an ocean of conglomerates when they’ve got a story to tell. Storytelling these days isn’t about gathering a bunch of people by the bon fire but it requires professionally created visuals. These visuals travel across various print and digital channels to reach a local and global audience. One of the easiest ways to do this is through social media.

Myth #4 Branding Equals Marketing

The two aren’t the same thing but they can’t do without each other. Branding is about having an identity and marketing is about sharing it. You need separate budgets for the two because although they depend on one another, they help you achieve different goals.

Myth #5 I Don’t Need Branding Experts

Well, this depends. If you’re not experienced at branding then you need help from a professional. On the hand, if you know how things are done in this industry then that’s awesome. You can use tools like social networking platforms and software like Adobe Illustrator or a free online tool to brand yourself. Nevertheless, think of the long-term cost also. If you play cheap today, you may have to pay a big price tomorrow.

Myth #6 Low Price Equals Low Quality

There will definitely be a difference in the quality of a $5 logo design, a $199 logo and a $100,000 branding that Paul Rand did for Steve Jobs to design a full brand identity with a style guide for NEXT computers.

Low price doesn’t necessarily mean bad design, it can also mean that you are getting less. For example instead of a package that includes logo, brochure and website you’re just getting a brand mark.

Myth #7 An In-House Designer Is Reliable And Cheap Than Outsourcing

Let’s evaluate this notion. You hire an in-house designer on a monthly basis and pay him regularly. On the other hand, you can outsource your brief to consultants or crowdsourcing platforms and pay for that particular project only. Which is better? You need to decide based on your finances.

Myth #8 High Branding Budgets Equals More Profits

Not really, but what does get you more profits through branding is when your research is spot on. With the latest data analytics tools, algorithms and artificial intelligence there is no room for loop holes. Once you’ve got the foundation, stacking blocks on it becomes easy – and you finally reach for the stars without ambiguity.

Myth #9 I Don’t Need To Spend On A Website When I’ve Got A Business Card

Haven’t you heard of cross-channel marketing and branding? In business, you don’t stop at one thing. The world is evolving and so should you. If you want to grow then you must employ all those channels where your audience is. While local businesses benefit from business cards, to reach a wider market you need to get online.

Myth #10 My Logo Is Timeless, I Don’t Need To Spend On Redesign

Actually you don’t have to design your logo all over again unless you see these seven sure signs to redesign. If you look at the Nike logo, you’ll notice it is “timeless” and it can fit any era. It can go with the pictograms of ancient Paleolithic caves and with today’s digital scope.

Myth #11 My Customers Are My Only Marketers, I Don’t Need Anything Else

Your customers can not be your only marketers simply because they can have mixed opinions. Yes, a positive word of mouth can do wonders for your business but a bad review on Yelp, Google My Business or TrustPilot can cost you more than sales. As an entrepreneur, you should always be open to new opportunities.

See what other GuruChatters chipped in and whether or not you think the same.

For updates, follow us on @guruchats and @logodesignguru

A visual design blogger passionate about interactive, experiential and captivating techniques designers, marketers and brands use to accentuate messages, tell stories, and spread awareness. I’m a visual addict like Alice, who finds books (or anything) without pictures boring! My writings focus on graphic and web design, branding, and visual marketing. My hobbies are to write poems, draw zentangles, read, and watch YouTube videos.

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