How many times have you said those words to your boss?
5 Reasons Why Your Business Needs a Professional Looking Logo
Silence usually ensues while he or she tallies up the cost of changing everything then it’s followed by the typical response, “I don’t think it’s worth it.” Some people might say determining the worth of a professional logo is impossible, but after 17 years in branding, I can assure you there is a return, and I think you will be astounded.
1. Brand Recognition
The more times a logo registers in your brain, the stronger relationship and association you have to purchase that brand. Poor logos often get a lower rate of association, which means more money needs to be spent to gain the same level of brand awareness.2.
2. Higher Perceived Value
As much as we try not to judge a book by its cover, doing so is ingrained into our psychological being. A brand that exudes quality creates an immediate association of quality. This means when you have a great logo, you can charge more.
A University of California study was conducted to determine if looks alone could sway a vote. Led by political scientist Shawn W. Rosenberg, the study proved that looks do make a difference. Two identical flyers were distributed, except one featured a tweaked photo of a person that looked like he had more integrity, competence, and leadership ability. The flyer with the tweaked photo received 12% more votes. If the same metrics hold true in business as politics, a logo that instills integrity, competence, and leadership has the ability to convert 12% more business. Confidence also attracts employees, retains staff, and strengthen sales teams, who now have the confidence to close more sales at higher prices.
Customers who are proud of brands tell more people, which generates more referrals. Pride also impacts your staff, resulting in more effort being put into their jobs.
5. Brand Equity
One way to get maximum value for your business when it sells is to build up goodwill, which arises when one company acquires another but pays more than the fair market value of the net assets. Goodwill is made up of three things: brand, customers, and intellectual capital.