A brand is the promise that a company will deliver to or that is experienced by its customer. It’s what your customer automatically thinks of when they hear or see your brand name.
Why is a brand valuable?
- Creates value for you and your customers – for businesses it is the security of future earnings; for customers, it is the promise and delivery of an experience or product.
- It is a business asset – like all assets it needs investment for the future
- The more convincing and credible your brand, the faster people will trust your business, the more attractive you will be to employees, customers and investors
It’s important to understand your brand. A simple brand test can help you get your head around what your customers may think of your brand.
- 3 things that are unique about the way you do things compared to your competition
- 3 values that are most important to your company
- 3 things your team would say they love about your business
- 3 things clients would say they love about your business
- 3 things you hate about your industry that you promise your business will never do
- 3 qualities that best describe the personality of your business
What is the difference between branding and marketing?
Branding and Marketing perform important, yet separate functions.
Branding is strategic. Marketing is tactical.
Ideally, they should both come into play with any effective marketing efforts.
Branding is the essential truth of a product or service. It doesn’t push. It says “This is who I am and why I exist. If you like me, buy me. If you really like me, recommend me.”
Marketing, on the other hand, is pushing mechanism that says “Buy our product because it’s best or buy our product because it will fill your need or because it’s a cool product to own.”
Marketing may encourage you to purchase a product or service. Branding will determine whether or not you become a repeat customer or an advocate to others of that brand. In short, marketing encourages buyers. Branding encourages their loyalty.