If you're tapped into the world of business and finance right now, you know that we live in a unique era of possibilities. Growing a business is more possible than ever, thanks to the advancement of the internet and digital technology.
The entire world is now your audience, and you can capitalize accordingly when you understand branding and marketing.
Building a solid brand that customers relate to and follow can reasonably deliver a 20% increase in revenue. Though branding and marketing have lots of overlap, they're not exactly the same.
Here's what you should know about brand vs marketing and how to make the most of both.
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Branding: The Basics
Your brand is the identity of your company, entity, organization, or mission. This is the personality of your initiative and the fundamental idea that you're asking people to buy into.
People have to "get" your brand before they'll become long-term customers. Brand identity affects everything from your company's origin story to the font you choose when you communicate. Companies put a lot of thought into figuring out how they want to present themselves to the public.
Branding dictates a lot about the relationship that you have with your customers.
Marketing: The Basics
While the brand is the personality of your business, marketing is the execution of the idea. It refers to how you communicate with your public and attract them to what you offer.
This execution is so crucial in helping people find value in your brand and want to do business with you.
Digital marketing is growing at a nearly 18% compound annual growth rate (CAGR). It's such a swiftly growing industry because society is increasingly becoming more digitized. Most people have a smartphone, listen to podcasts, and have social media accounts.
Learning how to reach your customer base with thorough marketing can help your company accomplish its goals.
The Similarities and Differences of Brand vs Marketing
As you can see, branding and marketing are so intertwined that they are rarely mentioned apart. Studying the similarities and differences can give you a better idea about both.
From there, you can execute your strategies in a meaningful way.
Branding Is More Macro
Think of branding as a constant, overarching, "meaning of life" side of your company. It's something that you're constantly building and investing in. Marketing typically happens as part of campaigns, across seasons, and in spurts.
Building your brand helps to further establish who you are and who you serve. Companies drastically rebrand from time to time, but this typically happens in slower evolutions. It builds the primary purpose of your company so that you can find the people most likely to support what you offer.
They Work Side By Side
While branding and marketing have some subtle differences, they are in lockstep the majority of the time. These pieces of the puzzle are integrated because a good brand requires well-researched marketing campaigns.
Your brand won't get very far without the marketing prowess to make people care. These strategies explain why people should care about the brand. A quality marketing campaign will help to bridge the gap between you and your customer base.
Marketing Offers the Initial Spark
Marketing is typically the initial spark, while branding keeps the fire going. Marketing in action delivers the ad that a person clicked on, the blog post they read, the video that they wanted, and the search engine result that popped up first.
Good marketing draws people in in the short term. From there, it's quality branding that gets people to stick around. For instance, you might have heard about a new coffee shop opening up in your neighborhood through an Instagram promotion.
But once you stepped foot into the coffee shop, felt the vibe, took in the decor, and received quality customer service, the personality of the business is what makes it your go-to place to get a cup of Joe.
You might also feel proud to support the business once you read their mission statement, what they believe in, or that they are family-owned.
You need a solid one-two punch of marketing and branding to build a strong customer base.
Both Build Long-Term Equity
Simply put, you need a combination of branding and marketing to grow your business. They both build long-term equity with your customer base.
Your marketing work is never done, because you need to keep marketing to current customers as well. For instance, companies often use e-mail marketing to further the conversation with their followers. You can stay on their mind consistently and also let them know when something new is happening.
Search engine optimization (SEO) is also a form of marketing that you need to invest in long-term. It takes some time for the results to fully pay off. Consistency is king and is necessary to build a brand that lasts.
To make this happen, you will need a combination of expertise and the right tools. Having access to a well-built customer resource management (CRM) platform can help you keep track of your target audience. You should also work with branding and marketing experts that can assist you.
Understand Brand vs Marketing
These tips explain the differences in brand vs marketing that you should get to know. From here, make sure that you reach out to a company that can assist you with your goals.
Cogo would love to help you with your branding and marketing needs. To learn more, contact us to ask questions, schedule a meeting, or book a free consultation.
