Innovations Insights: What is a Brand?

It can get easy to mix up the terms “marketing” and “branding.” So what’s the difference?

What is a brand?

As a business owner, do you ever hear the words branding and marketing and wonder what the difference is?

Innovations Insights: What is a Brand?

Whenever you hear that a company has a strong brand, do you automatically assume that their brand is strong because they do a lot of advertising?

Well, it’s really easy to get both of those terms mixed up.

Sometimes, it’s a lot easier to start with what a brand is not. It’s not a logo. It’s not a color or a character, like a duck or some other fun mascot.

 

It’s really just a promise.

It’s a promise that you make to your customers about your service or product.

An example is Nike. Nike’s brand promise is to bring inspiration and innovation to every athlete in the world. By the way, to Nike, everyone is an athlete.

 

Establishing your brand is the first step in marketing.

In order to create your brand promise, think of 3 easy steps.

  1. Number one: Make it measurable. When FedEx says it will have your package there by 10:30, we know at 10:31, they slipped.
  1. Make it mean something for the second one. When eTrade, the do-it-yourself investing website, screams “INVESTING UNLEASHED,” we all know what that means.
  1. For number three, get everyone on the same page. Does everyone on your team know your brand promise? Can they say it in simple words? Can they say it to each other? Can they tell clients what it is?

A simple conversation around the water cooler can answer this question and shed a lot of light on your brand.

Now that you know what a brand is, learn how to market like one.