We often get asked what the difference between marketing and branding is. What is often lost in the question is what is a brand strategy.
Marketing is your message. Your brand is who your prospects and customers believe it to be.
Branding is a concept that extends well beyond the marketing of “brand name.” A company’s brand represents their market identity—who they are, what they do, what kind of quality they provide, their reputation for trustworthiness, and much, much more.
Your brand is more than your logo, name or slogan — it’s the entire experience your prospects and customers have with your company, product or service.
Your brand strategy defines what you stand for, a promise you make, and the personality you convey. And while it includes your logo, color palette and slogan, those are only creative elements that convey your brand. Instead, your brand lives in every day-to-day interaction you have with your market.
Think about successful brands. You probably know what each brand represents. Now imagine that you’re competing against one of these companies. If you want to capture significant market share, start with a strong brand strategy or you may not get far.
In your industry, there may or may not be a strong B2B or B2C brand. But when you put two companies up against each other, the one that represents something valuable will have an easier time reaching, engaging, closing and retaining customers.
Successful branding also creates “brand equity” – the amount of money that customers are willing to pay just because it’s your brand. In addition to generating revenue, brand equity makes your company itself more valuable over the long term.
Does your company follow a defined strategy for your brand? If not, request a free consultation from Brandegy. We can help you develop a leadership brand strategy.