Those who have a business of their own should already be familiar with this, but if you are not, do not worry; this article will explain everything you need to know about the difference between, the two. If you have some issues with your company, then make sure you ask a professional how to resolve it; for example, you can contact BrandQuest and hire one of their consultants.
In one of the recently published articles, a conversation was documented where a senior person who was working at the financial institution said: “In my opinion, the private wealth managers will have a tough time understanding how important a brand actually is; as they see marketing as a cost center and not something to drive the sales”.
Know the differences between the two before you decide to brand or rebrand
As you might have realized, he went from branding to marketing quite easily, which just shows that he understands what he is talking about. For you to be able to create a successful business, you also need to understand the difference between the two key parts of building a great business.
The usual opinions
There are many different looks on this subject, and one of the most popular ones is that marketing, is an activity that will promote a product or a service. Simply put, it is a push tactic which means that it will give out a message to the sales and it will result in: “Buy our product because our product is much better than theirs”.
However, this is not branding. If one was to explain branding, in the same way, you should know that the branding should underline and precede all the marketing effort. This means that branding is not a push, but it can be seen as a pull. For example, it would say: “This is what I am and this is why I was made, so if you agree with this, you should support me by purchasing me and recommending too”.
Branding and Marketing
Again, to be put in simple terms you could say that branding is strategic while marketing is tactical. Marketing will contribute to the brand, however, the brand itself is much bigger than any effort that was given from marketing. If this is still a bit hazy to you,reach out BrandQuest for brandquest.com.au/brand-strategy.
Branding and marketing are not the same but are both necessary for a successful business
The brand is something that will determine if you are going to become loyal to the product or not, while marketing is there to sell you the product however it wants. So while marketing can be fun it will pass, while branding will stick around because, at the end of the day, a brand is the soul of your company, meaning it shows what you stand for.
Active buyers and loyal customers
A good band or even a rebrand will create loyal customers that will not just buy the product or the service on a whim, while, on the other hand, you have marketing that purposely targets those customers. The active buyers will purchase what looks good in that second, but they will not necessarily become a fan.
There are many big companies today who got there by hiring a good marketing or branding consultant who taught them a lot while still creating a big thing out of their company. The key thing is that you need to understand the difference and the importance of both before you can just randomly decide to rebrand or market your company’s product or service.