Your Business vs Your Brand
What is Branding?
It is 2024. Let's clarify what Branding is and why it's essential for your business.
As a Brand and Content creator, I spend too much time explaining to business owners what a Brand is and the importance of Branding. So, to save me time, respectfully, I write this.
First, let us understand "what is the difference between your business and your brand?"
Your business is a legally recognized organization designed to provide goods or services to consumers, businesses, and governmental entities.
Your Brand is the forethought and aftertaste of your products and services, impacting your business reputation and overall image. Your Brand is a combination of customer stance and audience perception.
Branding is the process of creating a strong, positive perception of your company and its products in your customer's minds.
The purpose of a brand is to distinguish yourself from your competitors. So were Subaru Corp's business model reflects the same Toyota, Chevy, and Ford. The Subaru Brand provides cars for families with safety and longevity in mind. A brand that has been built from customer feedback and marketing efforts.
Branding is all about the business's image and, most importantly, perceived image. Factors contributing to a brand's establishment are style, colors, logos, communication such as website and social media, marketing efforts, and anything that gives a business identity.
The psychology behind consumers' buying decisions rests behind consistency and quality. Selling the same item repackaged and showcasing the quality and experience of service is how you secure a return on investment and gain a loyal following.
Why is Branding is Essential?
In 2020, consumer spending decreased 2.6 percent due to the outbreak of Covid-19. Consumers have become hyper-sensitive with expenditures from the pandemic to the protests, such as Black Lives Matter. Only spending with businesses that reflect their same personal values. Times reflect buyers have detached from companies simply selling products and attached to business with brand initiatives.
When practicing good brand positioning, brick-and-mortar and online business are the David to the Goliaths of companies. Small companies can shift and tailor their approaches, respond to disasters, and provide community engagement. In contrast, it will take days for a discussion to get past a board room in larger communities.
Naturally, everyone has a brand. Whether you are an individual or business owner, everyone has some judgment, feeling, or preconceived notion about you and your services. It is what it is. However, Branding makes that "what it is" make sense, connect, and align to the business or individual goals. Everyone has a Brand, but everyone doesn't practice good Branding.
