Would You Charge $5,000 for a Logo?
Would you charge $5,000 for a logo? $1,000? $500? $100? $50? Pricing is a big part of your livelihood as a freelance designer; however, the question should be more about the value of the logo you are creating. Why should you charge $_________? Value according to the Merriam-Webster Dictionary is a fair return or equivalent in goods, services, or money for something exchanged. Value is relative to the exchange you receive from what you have provided. As a freelance designer, you provide design elements such as logos for a certain price. Now what is the value of the time, resources, craftsmanship, etc. needed to create a logo? This among many other factors should go into the thought process of a designer. However, designers sometimes do not place enough value on their work; even I have made this mistake. How much do you think brand logos such as Nike or Facebook are worth? A good pair of Jordans could cost anywhere from $150-300. How is that these shoes can be priced so high? Part of the answer is the value of the brand's logo. This is where us designers excel. We are able to present our work as a higher quality and value than what it may be in reality. Take for example the Nike logo; it is a simple yet timeless swoosh.
But I do not know anyone that would be willing to pay for a $500 plus logo... If you still feel that it is not reasonable, I suggest that you begin to imagine what kind of potential clients you desire to attract. once you have identified your "type", begin researching designers who have created quality logos that are effective and memorable. You will then begin to see what clients they are able to attract. Who are these clients? What are their paying points? What is their brand? Who are their clientele? Finding the answers to these questions will help you begin to understand their needs as a brand and discover their value. Now think about any entrepreneur like yourself (i.e. doctors, lawyers, dentists, musicians, photographers, small businesses, barbershops, etc.). The value of your project begins to grow based upon the client, who their clientele is, the size of their brand, and so on. In addition, take in consideration where or what the logo you are creating will go on (business cards, social media, websites, clothing, materials, etc.).
In conclusion, designers should have confidence in theirselves when pricing for design elements. They should take in consideration every aspect of the project, the client, and the use of their logo. All these factors creates value for the logo. How you value your creation is a reflection of how you feel about yourself as a designer. Confidence comes from a mindset of achieving high quality standards and creating value in your product. Never undervalue the services you can provide. Below, I have placed a short video that goes more in depth about how designers should price for their services.
Credit: Written and Updated by Jonathan Irving of JI Designs LLC on 01/16/21.