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Budgeting for Branding in 2021

DECEMBER 21, 2020| SpeedPro Greenville

The new year is finally just about a week away. Can you believe it? As 2020 comes to a close and 2021 begins, businesses great and small rework their budgets for the year. As you comb through your budget categories, you may want to consider some beneficial marketing and branding expenses.

The US Small Business Administration recommends that businesses bringing in a revenue of less than $5 million should allocate seven to eight percent of their revenue to marketing. For instance, a company amassing $600,000 in revenue per year would spend roughly $48,000 on marketing expenses.

Now, with whatever sum is right for your company, deciding how to break up that sum gets tricky. X amount will need to go towards website and CRM management, X will go towards paid advertising and so on. One category to consider when divvying up the marketing budget is the physical branding of your business.

Unless you’re starting up a new business or opening a new location, you probably already have a tried-and-true storefront business sign. But the brick-and-mortar storefront is only the start of branding space available to you.

Pairing your brand with interior design allows you to tell your patrons what makes you unique. According to Armstrong Marketing Solutions, branded interior design enforces and strengthens your business by re-enforcing your customer bond and improving the overall customer experience.

You can strengthen your interior design branding and customer experience by tying together many, or even just a few, design aspects of your interior space.

1. Interior Signage

Interior signage comes in many shapes, sizes and styles. You’ve got glowing, 3D logo signs that appear behind lobby desks, standing banners showing the newest announcements, directional signage to help customers find the bathroom, etc.

Signage is integrated into almost every aspect of a business’ physical location. No, there’s nothing wrong with opting for standard stock signage, but think of the limitless opportunities to create an inviting atmosphere by personalizing your signage to reflect your brand image.

Even common messages, such as “mask required” and “welcome visitors”, contribute to the overall experience of your business. How often do you walk into a business and are greeted first thing with a sign asking you to keep your mask on? Have you noticed how those signs sometimes include the business’ logo and colors?

Tying in something as simple as brand colors and logos to your signage gives your space an aura of cohesiveness. Shouldn’t be too hard to do, right?

If you’re looking to add revamping or rebranding your signage to your 2021 budget, determine what kind of signage you’re looking for – different signage types are priced differently. For instance, a 3D sign to go behind your lobby is going to cost a couple thousand while a standing banner is only a few hundred.

2. Wall Decals

Whether you’re a retail store or a dentist’s office, your building is bound to have at least one wall bursting with potential for wall décor. Wall decals can be anything from white vinyl lettering to custom cut decals to a printed image mounted on ultraboard. Depending on your brand image, maybe you’ll opt for some paint splatter decals, a logo or even just a catchy quote.

The addition of a wall decal, as opposed to something larger like a wall mural, will add some color and personality to your walls without being overly expensive. A single wall decal and installation can range anywhere from $150 to a few hundred, depending on the size of the decal. You can always choose to add more to the order.

3. Wall Murals

If you’re more of the go-big-or-go-home type of person, consider budgeting for a custom wall mural or two. Your wall mural can really be anything – a beautiful cityscape, a digitally designed pattern or scene, or a larger-than-life image of your product or service.

Wall murals can be used for branding, architectural design or simply pleasure.

Think about a university gymnasium. How often do you walk through a college gym and see no wall murals or decals? Most of the colleges I’ve been to (although admittingly not many) have at least one mural depicting their school mascot, athletics program collage or university logo. A college gym’s wall coverings typically reinforces the university’s branding so that all who visit to watch sporting events know whose gym they’re in.

What do your walls say about you?

Pricing for wall murals depends on the sizing of the mural. So, if you’re looking at a 5’x5′, you’ll be sitting around $400, including installation. If you’re planning a large-scale branding project, please contact us so we can help you get an accurate quote.

4. Smart Signage

In the COVID era, customers seek a touchless experience. One way to provide such an experience is through the use of smart signage.

Smart signage typically refers to electronic screens, but I’m referring to printed materials combined with an electronic NFC chip that allows your customer to access digital information in a new and touchless way.

InfoLnkX – SpeedPro’s marriage of signage and NFC technology – allows customers to see visually appealing graphics while tapping their phone to the NFC chip (or hovering over) and experiencing a quick and contactless transfer of information to their phone.

The graphics associated with this signage can be completely customized, as well as the information stored in the NFC chip. Pricing for InfoLnkX services is still in the works for SpeedPro Greenville. For more information please don’t hesitate to reach out.

So Basically…

Your marketing budget should cover more just digital marketing and advertisement expenses, though those are very important. Or, you many place branding expenses in another category.

Either way, the way people view your business is important, and one of the best ways to build brand image is through the way your business interior looks. Branding helps businesses promote that makes their business better than others in the industry.

Revamping your interior design branding doesn’t necessarily require hiring an interior designer. You and your other decision makers can put your brains together and determine what solution is best for your company.

Pricing for interior signage and wall décor depends on the amount of vinyl is used. So, if you only want a logo or saying for your wall, your price will be much lower than if you were to install five murals. So, take consideration when planning your budget this year. You may be able to get more for your money than you think.

 

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SpeedPro Greenville

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Gregg Richey

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