Wonder what you own is a business or a brand?? The difference between both is phenomenal.
If you are thinking what actually differentiates a ‘brand’ from a ‘business’ and what can your venture be termed, ask yourself these questions. Do people instantly recognize your business by its name? Do they trust you and your merchandise because of who you are and not what you sell? Do they head straight for your store while in a mall or search for you on e-commerce sites? Does your business name drive your revenues substantially? If yes, you can proudly say – ‘mine is a brand’. If not, you probably need to adopt improvised branding strategies.
A company is merely an organisation which offers products/services; however brand is altogether a different ball game. It not just refers to the ‘image’ and “personality” that a company applies to its products/services but is also a thought process in the mind of consumers which adds immense value to the business. Brand is a perception that a person holds in their head about a company, a product or a service.
In reality, the two terms, company and brand, can overlap too. Let us take the example of Apple Inc. for better understanding. Apple Inc, which manufactures iPhones, iPads, Mac, etc., is the most renowned company in its sphere. Though iPhone is one of Apple’s products, we also reckon it as one of the brands Apple has. Here, iPhone is not a company. Whereas, Sony, Coca Cola, IBM are brands and companies too. These are successful brands and successful businesses too.
Brand it right – adopt competitive branding strategies
So what decides whether a business shall remain a business or get converted into a brand? Two things: your vision and the business’s marketing and branding strategy. How you envision your business prima facie decides the fate of your company. If you decide to promote it as a brand, rather than a company, marketing strategy plays a significant role in achieving the goal.
In such case, while deciding the marketing strategy, the focus of your company’s budget should always be on promoting the brand rather than your company name. The idea behind doing this is to build a strong consumer preference for your brand through continuous advertising campaigns. Also, if you are a B2B marketer, it can be equally important to market your company through corporate communications channels. Doing this builds its market value. Remember, the buyers take your company's market reputation into account while making purchasing decisions, particularly if yours is a high-value business.
Choosing a right branding partner who can suggest effective strategies and help you implement them successfully thus gets imperative for you and everyone else who aspires to build a strong brand. They make the business-to-brand transition easy and smooth and help you get closer to your goal faster. Get in touch with the right branding strategists. Contact us.