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[Repost] State of Brand Report 2023

Haebom
For archiving, I've copied the entire GeekNews article.
A survey of 267 branding professionals (branders): including in-house, independents, and founders

Pricing strategy

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80% of branders set project prices based on the time and effort required.
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37% of branders use hourly rates, while 69% use fixed pricing
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Only 35.2% of respondents use value-based pricing for their work.
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Most branding projects (50%) are priced between $500 and $5,000.

Customer acquisition

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The main way to gain customers is through referrals and word of mouth (86.1%). 21% of branders offer free consultations.
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Networking and building relationships (71.5%) is the second most effective strategy for customer acquisition, after referrals.

AI integration

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70.4% of branding experts believe AI will make work easier and are open to integrating tools like ChatGPT, Adobe Software, and Midjourney into their processes.
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Some experts expressed concerns that tools like Canva (38.6%) and AI could disrupt traditional design services, underscoring the need for ongoing innovation to stand out.

The future of branding

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Branders believe authenticity (74.5%) and personalization (58.8%) will drive the future of branding. Sustainability, emotional branding, and ethical branding are also important factors.
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Purpose-driven branding (57.3%) and emotional branding (49.4%) highlight that creating meaningful, emotionally resonant brand experiences is more and more important.

Tools

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AI Tools: ChatGPT, Jasper, Luminar, MidJourney, Synthesia, Looka Logo Maker, Business Name Generator, Wix ADI, Shutterstock Generator, Originality AI
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Almost 90% of survey participants use Adobe Creative Suite.
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Design tools like Figma, Procreate, Sketch, and Corel are also widely used.
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Canva (38.6%) ranked second—even though professionals don't typically favor it—likely because clients prefer easy-to-edit templates and assets. This suggests a shift toward more accessible, user-friendly design platforms.
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The most popular stock sites are Unsplash, Pexels, Freepik, Adobe Stock, and Shutterstock.
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The most-used business management tools are the payment tool PayPal (47.6%) and the accounting tool Quickbooks (14.6%).
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Similar tools like Wise, Xero, Monday.com, Notion, and Dubsado were also chosen by a large proportion of respondents.

Learning and development

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90% of branders request feedback from their clients.
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A significant portion (67.8%) also rely on self-reflection and feedback from friends or colleagues.
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Many also learn from senior colleagues or through online communities.
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Recommended resources: courses, blogs, email newsletters, books, mentors/influencers, podcasts, etc. (see original)

Main challenges

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33% reported struggling with increasing their exposure, which highlights the importance of visibility and awareness in the industry.
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Finding new clients and getting new projects ranked among the biggest obstacles for branding professionals, with nearly 50% citing this issue.
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Respondents also emphasized a need for more education and awareness among companies about branding's broader value beyond visuals, saying there is a gap in understanding.
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Pricing structure is another key concern. Branders struggle to determine optimal prices considering market competition and perceived customer value.
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As competition intensifies and AI and other automation tools gain traction in the industry, this has become another major concern.
Many also mentioned that economic downturns led to client budget cuts, affecting their growth.
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Many also reported difficulty evaluating project success, stressing the need for a strong measurement strategy.

Key Takeaways

1.
Improve pricing strategies and diversify revenue streams
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Diversify your pricing strategies beyond time and effort.
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While about 80% of branding experts price projects on time and effort, consider adjusting rates to reflect the value you bring with value-based pricing (only 35.2% use this approach).
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Proactively seek new clients and build valuable networks.
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Referrals and word of mouth are the top ways to gain customers (86.1%), but you should also invest in networking and building relationships (71.5%) to broaden your customer base.
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Don't rely only on referrals.
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A human-centered approach and AI integration
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About 70.4% of respondents believe that adopting AI tools such as ChatGPT, Adobe's AI tools, and Midjourney can streamline their workflow.
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But since customers value strategy, emotion, and personal connection, branding experiences should always keep a human touch.
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Embracing authenticity in future branding
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To remain relevant as things evolve, strategies should focus on authenticity (74.5%), personalization (58.8%), and purpose-driven branding (57.3%).
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Navigate challenges in the industry and adapt quickly
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Address challenges like finding new clients, communicating branding value, pricing structure, heightened competition, and AI's influence.
To overcome these, stay adaptable and continually invest in learning.
6.
Optimize project evaluation metrics
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Integrate customer satisfaction scores (39.3%) and brand awareness metrics to assess project success.
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Consider improving evaluations by using less common metrics like email marketing (7.9%).
7.
Expand revenue sources strategically
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Look for additional income streams such as consulting (18.8%) and digital product sales (16.4%) to boost financial stability and business growth.
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Consider offering online courses to monetize your expertise (with only around 7% currently doing this).
8.
Optimizing tool selection and adaptation
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Adobe Creative Suite is still a popular choice (used by 90% of respondents), but there’s a need to discover new design tools and platforms that fit industry trends and customer preferences.
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Pay attention to accessible, user-friendly platforms such as Canva (38.6%), which are gaining in popularity.
9.
Enhancing legal knowledge and awareness
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Invest time in deepening your understanding of the legal aspects of branding, like copyright and intellectual property.
About 40% of branding professionals lack confidence in their legal knowledge.
10.
Make ongoing learning and upskilling a top priority.
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Get feedback from clients (90%) and prioritize continuous learning by using a diverse range of resources, such as courses, publications, and industry influencers.
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Actively work on developing your skills.
11.
Diversify project types and adjust pricing
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Diversify project types according to your expertise and client needs.
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For larger projects, it's best to adjust pricing accordingly.
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Those who set project prices above $20,000 often work on comprehensive, complex, or large-scale projects (50%) lasting four to six months or longer.
12.
Strategic differentiation for market impact
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Stand out by improving customer experience (90%), specializing in niches, innovating processes, building a unique design style, and matching your differentiation strategy to your strengths.
The level of interest in AI tools is really impressive.
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