You've probably heard that the AASTU logo costs 2 million birr🤑, And now that Abay Bank has revealed that their logo costs 7 million birr, consider this in comparison to the fact that one of the most well-known banks in the world, Citi Bank, spent $1,500,000 creating their logo.

what makes the logos of big companies so expensive?🤨

While there are numerous reasons, this is my POV as a designer.

1. Visibility🧐
The logo designer should be paid based on how visible the logo is; it should be treated like a royalty. Large companies rarely change their logo, so when you design one for one of these companies, you have to consider that it will be seen by millions, if not billions, of people, that it will represent this huge company in a global context, and that it will likely be used for decades. Given the size of the work, a large salary is also required.When the cost of a logo is broken down by how long it serves the company, the expense becomes negligible.

2. Governance🌝
What specific legal implications are associated with this 500birr logo? If a trademark is violated, what will your liability be? As a result of the infringement, you will undoubtedly have to pay a fine, sacrifice all of your earnings, and redesign your website, business cards, and other marketing materials. Oh, and tell every single one of your clients that you messed up.
A common misconception is that a brand is an investment that yields profits, unlike a product you can just buy. Because having a strong, relevant brand is crucial to a company's success, rational people pay "so much" for it. The great majority of companies currently do not, especially independent, smaller companies, because having a strong, relevant brand is crucial to a company's success, rational people pay "so much" for it. Now, most companies don't care because they are more concerned with getting a logo approved, especially smaller, independent companies.

⚙✅️👍 #review #design