A common misconception in marketing and e-Commerce is that ‘brand’ and ‘business’ are interchangeable. On the contrary, the two concepts are farther apart than you might think.
To better set your goals and marketing strategies, you must first understand the difference between a brand and a business.
What is a Business?
Let’s take a look at Wikipedia. The definition there states, “Business is the activity of making one’s living or making money by producing or buying and selling products (such as goods and services). Simply put, it is any activity or enterprise entered into for profit.”
So, the term “business” refers to your foundation; and quite frankly, without it, a “brand” is meaningless. Your business is the model and mix of services and products that you will offer.
As the backbone of your venture, you must have a solid business model, especially for solopreneurs and those just starting out. However, like the world around us, business models must adapt, change, and grow as the business tackles more obstacles and becomes more efficient.
How Does “Brand” Differ from “Business”?
According to Wikipedia, “a brand is a name, term, design, symbol or any other feature that identifies one seller’s good or service as distinct from those of other sellers.” Since ‘business’ refers to your venture’s technical aspect, the ‘brand’ is the emotional connection you provide to your target audience.
The brand is your business’s face and personality. It makes you unique and sets you apart from the competition. If your audience feels a stronger connection with the brand you’ve established, you will have a competitive edge against other businesses in the industry.
Which is Better, a Brand or a Business?
The two concepts significantly differ in terms of purpose, but one cannot exist without the other. Branding and Business go hand in hand, and it’s important to define both to get the most out of your work.
When it comes to what you want to project to your target audience and how you want to be recognized, it is better to establish a well-defined brand. Investing in your brand alone won’t be enough to grow your business but it’s important to ensure that the general public is well aware of the look, feel, and voice of your business. It takes many moving parts to build a business including strong messages to your targeted audiences. The voice in that message represents your brand and the personality of the business.
A clearly defined brand identity will help you to strengthen your business strategy. Ensure your branding methods are For example, the shopping behavior of customers can tell us that most people will be moved to avail services or purchase products if it evokes emotion. Hence, a brand that showcases what your business stands for will be a better asset in creating emotional connections with your audience.
For more on branding techniques and business methods by KR1STNA Media, schedule a Business Audit Program or a 1:1 Consultation.