How Does Branding Differ From Marketing?
Marketing is the act of satisfying customer needs via the promotion of products and services and the creation of relationships. It involves the implementation of actions whose purpose is to sell.
Branding is the equity that you create for your product, service or organization. Your brand follows your company throughout the various product lines you create or marketing plans you implement. A brand is a sort of credo, motto or mission statement that is implied by the way you function as a company.
The difference between branding and marketing can best be illustrated in the luxury offerings of high-ticket items. All companies that operate in luxury goods and services create brands that attract affluent clientele. Although these businesses have marketing departments and spend money on promotion, the brand does most of the work. Prospective buyers with the financial ability to purchase expensive items flock to luxury brands without much persuasion, if any at all.
Brand-building isn’t limited to luxury goods and service providers. From coffee franchises to fast food juggernauts, the way a company carries itself in the business ecosystem determines how big a market share it can claim.
Strategy vs. Tactics
In war, both strategy and tactics are necessary to win. Competing in the business sphere is a sort of war and getting a step up on your competition requires result-driven marketing and rock-solid brand-building.
Apple is a company that has dominated the technology space by mastering both branding and marketing. One could even say that even though product quality and innovation are important factors to the company’s success, these have taken a back seat to Apple’s strong brand and compelling marketing.
In Apple’s example, one can see the profitable paradox that the brand has created. Even though the company has sold hundreds of millions of units of its products, its customers have become loyal fans as if Apple products were of the utmost exclusivity.
The status that the Apple brand exudes is akin to that of a Rolls Royce or a Rolex. However, if high-end cars and expensive gold watches sold as many units as Apple does, they would probably lose a great deal of their brand equity. This shows just how masterful a brand-builder Apple is.
Brand-Building for Effective Lead Generation
Marketing works hand-in-hand with branding to bring in leads to a company’s sales funnel. Your audience comes in contact with your promotional efforts and is placed onto a path for which your marketing plan provides navigation. The effectiveness of this sales funnel is increased by owning and maintaining a strong brand. The more you’ve built your core values into the minds of your audience, the less convincing they need when viewing your ads and content.
Branding is a High-Level Business Attribute
Branding is as important as your research and development, staff and finances. A fantastic product can fail on the market if it lacks the ability to imprint its value proposition in the audience’s mind. On the other hand, mediocre products have been able to carve out large market shares and dominate in extremely competitive spaces just by possessing an all-powerful brand.