How to Determine The Price For Your Business/Service:
Our price calculator is designed to be simple and easy to use. It covers everything you need to price your branding agency
We hope this calculator helps you make more money for your business.
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How To Price Your Branding
One of the most challenging aspects to starting a branding agency is determining how much to charge for your branding.
When businesses under-price their product, this can be extremely detrimental to their bottom line and reputation.
Often times, businesses under-price their products to drive demand and volume, but that last thing you want is for customers to view your product/service as "cheap." Additionally, this can have a big impact on the type of customer you attract, which can be difficult to recover from.
On the other hand, when businesses over-price, this tends to be just as damaging to the business.
When customers buy, it's likely that they will explore the internet and look at other competitors to ensure they're getting the best value + deal. This is why it's so important that you research your competition and understand where you land in the marketplace.
Here are some factors to consider when pricing your product:
Understand your customer
It's important that out of the gates, you identify the type of customer you want to attract and how much they're willing to pay for your service. One great way to do this is by surveying your customers. Here are some important items you'll want to takeaway:
- Customer demographic: Age, gender, location, etc.
- Buying habits of your customer: What they buy + when they buy
- Level of price sensitivity with your customer
All of these segments will help you identify the type of customer you're attracting and how to price your product accordingly.
Understand your costs
When pricing your branding, it's critical that you first identify all of your costs and consequently mark up your branding so you can factor in a profit.
The actual cost of your branding may include things like:
- The actual cost to make the product (ie. raw materials, supplies, manufacturer).
- Shipping + overhead fees
- Operating costs to run your business
You may want to consider creating a spreadsheet with every single expense involved in operating/owning your business. This will give you an idea as to what you need to generate in order to at the very least, break-even and will help you price your products to factor in a profit.
Create revenue goals
When determining the price of your branding, you'll want to create goals for revenue + how much profit you want your branding agency to make.
This process is simpler than you may think:
- Think about your breakeven cost (by completing the above step).
- Create a revenue goal based on your break-even cost
- Evaluate the # of items you plan to sell in a given period (make sure this is a realistic number)
- Divide your revenue goal by the number of items you plan to sell
This figure will help determine your estimated price per product in order to meet your revenue goals.
Evaluate your competition
The last piece in determining how to price your branding is by simply looking at your competition.
The best way to do this is by finding like-minded businesses that offer product(s) with similar perceived value. Then, you can compare prices of the different businesses and determine where your branding fits best in the marketplace.
All of these factors play an equal part in pricing your branding, so it's important you evaluate each one individually to come up with an accurate price that will help optimize your business from the start.
Learn more about starting a branding agency:
Where to start?
-> Other branding agency success stories
-> Examples of established branding agency
-> Marketing ideas for a branding agency
-> Branding agency slogans
-> Branding agency names
-> Branding agency Instagram bios
More Tips On Pricing Your Branding
Lauren Costanza, founder of Bluminary provides us with a detailed spreadsheet of all of her costs associated with running her business:
I knew this would be a self-funded adventure, and I set aside $3,000. During the first three months, I had a detailed spreadsheet where I tracked where the money was going and what was going toward products versus researching and developing new products.
The spreadsheets involved columns and rows of numbers to craft a budget and gain an understanding of how much would need to be invested at each stage of the process - from gathering supplies to building a website, and shipping materials.
Thanks for reading. We wish you success in your business endeavors.
Examples of a successful branding agency
9. OrangeBall Creative ($480K/year)
Beau Nordby (from Minneapolis, Minnesota, USA) started OrangeBall Creative over 11 years ago.
Hello! My name is Beau Nordby, and I am one of three partners who launched OrangeBall Creative in 2012. I want to thank you for taking the time to read our story. I’m confident you’ll find something of value that will help you.
Brand Bounce Bootcamp, in its digital download format, brings “big-agency” tools to small and mid-sized businesses who previously couldn’t afford this kind of marketing help. Our goal at OrangeBall has always been to help level the competitive playing field for businesses of all sizes, and Brand Bounce Bootcamp does that in a powerful way with immediate ROI.
10. Agent C. Advertising ($240K/year)
David Caruso (from New Orleans) started Agent C. Advertising over 5 years ago.
My name is David Caruso. I am the principal and Creative Director of Agent C Advertising, a full-service ad agency emphasizing content creation for print ads, social media, and video productions.
We identify and develop marketing programs and ad campaigns based on our customers’ communications objectives and other strategies to reach out to their customers in a positive manner.
11. Elva Li Luxury Branding ($120K/year)
Elva Li (from Melbourne Victoria, Australia) started Elva Li Luxury Branding over 7 years ago.
I am a brand stylist, designer and speaker, and founder of ELVA LI Brand.Style.Design, a boutique branding house helping lady bosses feel confident online and land high-end clients through luxury branding and website design.
With a background in Business and Finance for 10 years, I have combined my creative flair with my business savviness to help female entrepreneurs bring their visions to life and turn their ideas to a premium brand. Everything I do exudes style, elegance and timelessness, because these are a necessity, not a luxury. I have been featured on LadyBoss Asia, This Women Can and have been seen on ABC, CBS, Fox, etc.
12. Mashman Ventures ($120K/year)
Isaac Mashman (from Miami) started Mashman Ventures over 3 years ago.
Hey, thank you so much for reading my interview on Starter Story! My name is Isaac Mashman. I’m a podcast host, speaker, and the founder of Mashman Ventures, a public relations firm. Unlike many other PR firms that offer press features and company-related work, we specialize in helping people who want to be followed, in-demand, and respected create unrivaled personal brands. More on that later.
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Hey! 👋 I'm Pat Walls, the founder of Starter Story.
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