In this era of cut throat competition where each and every entity is attempting to become or rather convert itself into a brand, it is vital for all of us to know the basic differences between brand and branding. It might sound even new to few that brand and branding are two different things and ideologies. Well, let us have a look at some basic factors differentiating the two.
|It works on “Who”||It works on “How”|
|It is the output||It is the effort|
|It is an emotion||It is an experience|
|It stays stable||It is flexible|
|It is the identity||It is the marketing tool|
|It evolves||It is devised|
The above table speaks about the basic difference between the two. However there are many myths surrounding the two. Say for example, many people think that a logo defines a brand. However, it is not the case. A logo is just the face of a brand. While some think that branding is advertising. Advertising is promoting but branding is a process of creating the brand.
Kotler & Keller defined branding as, ‘It is endowing products and services with the power of a brand.’ It is quite convincing and comprehensive in its own way. It also takes us to, “Product and Services”. A company may give all it has to convert itself into a brand, but if its products and services are not up to the mark, all the efforts would go in vain. On the other hand there are times when a company offers great quality products or services but it fails to create a mark for itself in the market due to lack of branding and hence, it fails to become a brand.
In simple words, a product is what you sell, a brand is the perceived image of the product you sell, and branding is the strategy to create that image. So if you sell good products and use right branding strategies, a good brand is created.
Another important factor related to the term “Brand” is the market identity. Market identity is basically an image of a company that it is able to create for itself. Now this identity can’t be created over night. Each brand has worked for years to create an individual presence for itself. This is created through ace league products and services that are pitched well in to the market through appropriate branding practices. Let us take an example of Apple. Apple started off as a small venture in a garage. Through innovative ideas, genuine efforts and impeccable branding, today it is a brand worth of $900 Billion. It is worth noting that in the year 2015, Apple had spent $1.8 billion on branding.
So all in all, it can be said that a brand is a story, a story that stays stable and is converted into a profitable equity through apt narration of the story- done by branding.