Table of Contents.
- Setting the record straight.
- What is a branding strategy?
- What is a marketing strategy?
- Why both are used interchangeably
- Why they shouldn’t be used interchangeably
- Are they co-dependent?
- Which comes first in business?
- Final Word.
Setting the record straight.
People mention Branding and Marketing almost always interchangeably, or one comes in seconds after the other. Why you may have wondered, are they so related, or are they the same thing? As a small business owner, you have to understand in detail the core functions and purpose of both in your business to combine the two properly. The misconceptions surrounding branding and marketing have led entrepreneurs to make poorly informed sessions, which results in them not achieving their target goals. Many of not take the time to establish
- First, if there is a difference.
- Secondly, how it relates to their goals and objectives.
- Which strategy should be adopted.
- Why either one works best.
These are the basic steps to executing organizational success. Branding and Marketing are essential pillars that keep a business relevant and profitable. This article will explore the differences, discuss their purposes, and prove how both strategies work for you.
What is Branding Strategy?
Every branding strategy begins with an analysis. A form of self-reflection, but from the brand’s perspective. This perception reveals the mission of the business, who it serves, and what of offers. The analysis then leads to actionable steps that create store value for its target audience and customers. These messages and their expressions intend to affect the audience’s impression of the brand, resulting in a long-term engagement. As opposed to the generalized purpose of a business to make a profit, branding provides a business more than a transaction with customers.
A good branding strategy should make your customers feel good about the business. This means the market trusts the brand enough to continue to provide products that are useful to them and value and represent something they believe in.
Today’s best brands realize their biggest markets want a brand they can relate to, good branding strategy pivotal the business as a reliable partner that provides the products and services they need for their daily activities.
In essence, a branding strategy is the activity a business does that makes the target customer:
- Recognize them and their brand promise
- Be comfortable enough with them
- Keep on coming back for more
What is Marketing Strategy?
Every business needs a marketing strategy. The core purpose of a company is to be profitable. A good marketing strategy will use the limited resources it has and give it the best returns on investment. Marketing strategies broadly appear to customers in two forms; the first is on the nose. It is a direct pitch to a customer to buy a product or service for a particular price and the style of convincing them why that particular product is the best thing they can get in the maker today. The second form of marketing strategy is subtle. In this style, the business usually has an incentive or extra reward the consumer receives apart from the initial benefit derived from purchasing that product.
For example, a brand that appeals to working millennials and produces stationaries. A marketing strategy that is on the nose would tell the customer to buy it simply because they need the pen to function at work. A subtle marketing strategy could create a pop-up shop where each customer can personalize a pen to their taste, especially if they discover millennials enjoy this activity.
In the end, the game plan of a good marketing strategy is to:
- Create awareness about a product
- Convince the customers of the benefits of the product
- Ensure the customer leaves with the product
Why both are used interchangeably.
At this point, we have established that branding is an activity centered around the business, while marketing is an activity centered around the product. So the question is, why are both used interchangeably?
This is due to some common misconceptions around the two:
- Branding and Marketing both help you sell your product. Many entrepreneurs receive advice telling them that whatever allows them sell their products is what they should adopt. Both branding and marketing share the same goal of making you profitable. But that is where the commonality ends. Entrepreneurs make mistakes thinking selling a product is all branding is about. Branding begins with your business identity, and the end goal is to clarify what you are about. Marketing is promoting that clarity to your audience, which in turn prompts them to buy from you. One inspires the method of selling, and the other encourages sales.
- Branding and Marketing are too expensive for small businesses. Many entrepreneurs see branding and marketing as strategies that involve a lot of time, process, and money. This is entirely false. Branding can be one step that makes you recognizable to your audience, such as adopting a new tagline. It is not all there is to branding, but that single step can go a long way in attracting the right customers to you. Marketing does not always have to be expensive, so many tools are budget-friendly and cut the traditional marketing costs.
- You can only use one. The best businesses understand that a combination of marketing and branding tactics leads to the most rewarding results. Branding is an inevitable step to attracting your desired audience, and marketing keeps your products relevant. You need both to complete your business cycle. Failure to acknowledge this is what makes most businesses stay in stagnation and, worse, fold up. The business cycle occurs in stages, and each one requires a form of marketing or branding. Identifying where each fits in is the secret brands use to get fast results.
Why they shouldn’t be used interchangeably.
We will now highlight the dangers or losses that can happen when nusiness owners do not distinguish marketing from branding.
- Unforeseen costs of operation. The downside to believing marketing and branding are the same is combining activities from both to address the same goal. Branding and marketing each have their purpose of serving in your organization. THEY DO NOT GIVE YOU THE SAME RESULT. This is very common to first-time business owners. For example, the business has a goal of increasing awareness of its products. It adopts social media strategies to advertise online. It then goes on to draft a plan to deliver the goods to customers when they purchase, both within the same budget. There would be an apparent conflict of interest as one action will demand more. These entrepreneurs could think that these objectives follow each other simultaneously, but there are still more steps before getting to the sales part. Neglecting this makes them spend so much money on the endpoint of trying to sell than separating the two timelines.
- Conflicting values. The best brands today understand their consumers are savvy when it comes to picking a product or service. They now adopt the art of “conscious buying” into their spending activities. This means the customer looks at how you offer your product or present yourself before they decide to go along with you. Let’s break this down further. Branding makes your customers see you as a friend, marketing, on the other hand, has the clear intention of taking their money in return for something valuable. When you adopt a branding strategy, and the direct result involves you selling something, it sends the wrong signal to the customer; that the business does not have their best interest at heart and is not genuine with their offerings. Branding is all about why the customer should trust you; this is where the purpose of branding ends. The end goal of marketing is to prove to customers why this product is best for you. They both have distinct values.
- Style of communication. There is a fine line between the two, and only a good business understands when one begins and the other ends. A common mistake entrepreneurs make is thinking marketing is the way branding is communicated, I.e., marketing strategies are the tools to brand awareness. This stance is misleading because both branding and marketing have their distinctive voices. For example, standard features of branding are visuals and messaging that reach the target audience effectively, a subtle form of communication. Marketing is usually more direct than this. It involves research and analysis that require the audience to take action at the end of the day. Think of it this way; Marketing is saying, “I am a great partner. You need me because I would make your life better.” On the other hand, Branding is the customer saying, “I understand you are a great partner. I need you because you would make my life better.”
Are they co-dependent?
Yes. Branding and Marketing need each other to create a flourishing venture. It is not fatal if one is applied without the other, but the biggest brands in the world know they go hand in hand. When setting up a business, there are three key things to consider:
- Target audience
For each factor, branding reveals the why, and marketing reveals the how. Branding tells your target audience why they should choose your business over others in the same industry. Marketing shows the consumers how they can reach your company and the product it offers. Branding tells your consumers why they should invest in you to get continued value, and marketing shows them how they can get the most of their money, which drives more customers to you, thereby increasing profits. Branding highlights your uniqueness in the industry, while marketing shows how the customers benefit from that uniqueness. The bottom line is, both need each other to serve all the functions of a business.
Which comes first in business?
Branding. You will fall flat on your face if you try to sell to customers without first defining who you are. Consider this scenario, you are at a bar trying to make a decision, and someone walks up to you telling you that the double scotch is the best thing in the bar, you could choose to listen to the person based on how persuasive he is, or you could remain unconvinced. But what if the person began with the taste and texture of each drink in the bar, describing to you in detail the sensations you get when each glass runs down your throat. The person then concludes by stating double scotch gives the best experience in the bar.
What happened is that in the latter scenario, the person took the work from you. This is what branding does. It shows you the benefits of choosing a company compared to others in the same industry. Marketing then comes in to seal the transaction when the consumer is convinced.
There are a lot of dynamics that go into adopting proper branding and marketing strategies. Here are some of the top questions entrepreneurs have:
- Do I need expert help? There are several self-help tools ok the Internet that can give you quick fixes for your business regarding both branding and marketing. However, specialist help provides in-depth analysis of your business. Expert help is a perfect solution to getting external opinions on your business. It works best because the recommendations are objective. Unlike the business owner, who may hold sentimental value to how the company operates, the expert knows what needs to go or stay for the business to thrive.
- How do I know if I’m getting the best results? After adopting a branding strategy, do you have a clearly defined voice? Does your audience know what you stand for? Are your competitors aware of you? For marketing, is your business better off than it was before you implanted this tactic? If you do not have a clear-cut answer to them, you will need branding and marketing help.
- How much time and money do I need to invest? The first thing you need to understand as a business owner is that marketing and branding are not part of your duties. When you carry the work alone, you will find yourself spending more money than you anticipated. It will also eat into the time other parts of your business requirements. Having marketing and branding experts in your work culture will increase business performance.
Branding is different from marketing in that it is the foundation of your marketing approach. To establish an effective brand, each of the processes outlined previously must be authentic and clear, allowing your target market to associate with your brand personality and values successfully. It is a continuous endeavor that contributes to your company’s growth, and it necessitates your commitment and loyalty in your job. The ultimate measure of success for a brand is having loyal and satisfied customers.