Why a cheap logo won’t work for your financial brand

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Hayley Dawson

Senior Account Manager

Posted on October 29, 2018

The logo is the cornerstone of your brand. It is the identifying symbol that will represent your business and products to your customers. This symbol will be used to make a brand judgement quicker than you realise with images being processed 60,000 times faster than text.

“Broadly, a product is anything that can be offered to a market to satisfy a want or need, including physical goods, services, experiences, events, persons, places, properties, organisations, information, and ideas” (Kotler & Keller, 2015).

“A brand is a name, term, design, symbol, or any other feature that identifies one seller’s good or service as distinct from those of other sellers” (American Marketing Association).

Attention-grabbing

In the current saturated marketplace consumers attention span is becoming increasingly shortened. Demanding digitally-savvy consumers with very high expectations, and an unforgiving power to punish brands that manipulate, deceive or just fail to please, take less than three seconds to scan a full webpage to form their first impressions. No company has the luxury of unlimited time to attract and convince potential customers of their value. More than ever consumers are judging businesses by their visual appearance, as much as what they do and provide.

With the importance of this new marketing model driving businesses to create and deliver more interesting and original ideas. The logo will need to stand against the flood of competitors and have the desired recognition to strengthen brand loyalty amongst the clamour of fickle consumer demands.

Supporting the brand

Of course, the logo isn’t the only part of a brand. The credibility of a brand’s value is developed through messaging, image and exposure. Recognition is paramount to build trust and loyalty, meaning the logo has to be memorable and unique. A full branding process will include a consultation with the designer or creative agency to determine what your core market is. Where you want your business to be positioned in the market. And, how best to shape your brand to meet the demands of modern commerce.

How to get a logo on a budget

So, is it really possible to create such a vital element to your business for £5 or less? I use the £5 benchmark because the website that has become synonymous with the cheapening of the design process is Fiverr.com. However, there is an abundance of websites to choose from, all offering cheap or free logos.

Fiverr is a platform that an employer in need of a freelancer can find just about any product or service, all starting at £5 (hence its name). The site is primarily used by freelancers who use Fiverr to post services and work samples to customers on a global scale. Buyers simply have to look up the best one that would suit their needs. Products and services offered through the platform are categorized into 12 major groups; graphics and design, writing and translation, music and audio, online marketing, video and animation and advertising, among others.

Will the cheap logo be original?

It’s likely that a proportion of logos on the budget websites will be stock, templated designs so there is always the possibility that another company could reuse the same stock logo for their brand.

It’s important to keep in mind that Fiverr provides a service to projects that do not have the budget to hire a professional designer. More thought is required to provide a unique logo that is informed by your brand requirements. To truly come up with a great design, the designer needs to know what the company is trying to convey and find a way to put that company’s purpose into something small and simple.

Can you build a brand on a cheap logo?

Think of the Nike swoosh, created in 1971 by a graphic design artist Carolyn Davidson. Even though this logo was a simple design, a lot of work went into it. There were at least six other designs looked at before the swoosh was picked. That simple swoosh went on to create a brand that takes in more than $19 billion annually.

Keep in mind that your logo design represents your entire brand; it’s more than just a little image for your website or business cards. When Tata Motors of India bought Jaguar and Range Rover from Ford, they got more than factories, raw materials and employees. Goldman Sachs and Morgan Stanley helped Ford sell the brands to Tata for $2.56 billion, and the brands were worth more than all other ingredients combined. The best branding today is based on a strong idea and have remarkable creativity in advertising and marketing to help them break through people’s wall of indifference to create brand heat and product desirability.

A logo is a company’s first introduction to consumers. The most well-known companies in the world all share one thing in common – an instantly recognisable logo. Investing in a unique logo will ensure that your business objectives are taken into consideration and it communicates the desired message to your audience.

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