One of the advantageous features of a logo design contest is that it allows the project holder to set a price of his own choice. However, due to non-experience of a project holder, it is difficult to ascertain the right price to set for a logo design contest. There are fears that your project will fail because of under-pricing. Alternatively, you fear that you may end up setting a price that is more than your allotted budget.

Some top crowdsourcing sites like 99designs and MycroBurst allow users to choose between several packages that contain a particular set of requirements. However, most sites leave the option of price setting undefined and vague, which confuses the client to ascertain his desired contest price.

1. Know Your Budget:

The first step to set the price of a logo design contest is ascertaining your budget. Before you launch a logo design contest, be sure to analyze the financial plan of your business and establish cost-benefit analysis of your logo project. The price you set should consider your budgetary constraints and limitations. You wouldn’t want to set a price that is more than you can possibly afford to pay.

2. Required Level of Designer Participation:

Next is to determine the level of designer participation you want in your project. Of course, every project holder would like maximum designers participating in their contest. However, with quality comes a certain cost. More the price you set for the logo design contest, the more you will be able to attract designers to contribute to your project.

3. ‘Guarantee’ the Project:

Another essential feature that determines your final logo contest prize money is the option of ‘guarantee’. By guaranteeing your project, you provide potential designers the confidence to participate in your project since they are assured of the prize money. Decide if you need to guarantee the project and then set the price of the contest.

4. Timing of Project:

Setting the deadline of the contest is also imperative in determining your final contest prize money. Most contest sites have different packages for the project holder to receive his designs at the earliest possible time. You need to set a particular period in which you require our final design. The early you desire the logo, the higher price you must set.

5. Desired Options in Design:

In a logo design contest, you receive on an average 50-100 design submissions from different participants. The more price you set for your contest, the more design options you will receive to select from. Make sure that you achieve the number of design options you require from your project.