Do not overpay for a logo.
Ahhh, the age old question. How much is that logo on the window? As someone who has lobbied for the fair treatment of logo clients for decades, I find it troubling that many designers out there are seeking to overcharge for logos.
The only requirement of a logo is to represent, endorse and promote your brand. It should also be pleasant and liked by your customers, but that’s a given. It helps if it's trusted and intriguing. Obviously that’s not heavy lifting and not worth more than minimum wage.
I did forget to add ubiquitousness. It does need to be present with your brand wherever it is. Everywhere, all the time. Meaning, if a customer walks into a store and sees your brand, it is the duty of your logo to campaign on your behalf. At the same time, say another customer is online and interacts with your brand; there it is again, obligated to nudge your customer to make that click. Maybe your brand is a restaurant or a brick and mortar retail? Yes, the requirement is to shout from the rooftops! But it’s not like they haven’t been doing that for years.
In addition, because of high logo demand these days, your logo should not only represent your brand, but emotionally identify with your customers. Is this possible? Yes it is. And in this economy, you will think you need to pay more. But don’t. Don’t get sucked in and over pay for all this. Minimum wage in the US is currently $7.25 per hour. You really shouldn’t have to pay more than that.
So let's talk big picture. With ubiquitous; working night and day, 24/7, that’s 8,760 hours per year at $7.25 per hour. That’s $63,510 per year. That’s not bad. A logo designer should be completely satisfied with that. Looking at a lifespan of ten years for ease of math… that’s $635,100 over ten years to fulfill it’s obligations of persistently reaching out and grabbing your customers whenever they come in contact with your brand. Why should you pay more?
I know what your thinking. What if, like Amazon, I jump ahead of the competition and voluntarily raise my minimum wage to $15 per hour? Could this well paid logo convince my customers to talk about my brand with their friends? That is a tempting word-of-mouth potential. It should be carefully considered.