Brands can make or break you. You should spend at least 5% of your gross revenues on marketing. Many companies spend around 7% of their revenues on various efforts.
But you also need to spend money on branding. The branding vs. marketing debate is complicated, and you need to find opportunities for both.
What is branding, and what is marketing? What are some tips you should follow for both? How can you know when it is time to start marketing?
Answer these questions and you can increase your company’s revenues through simple and effective efforts. Here is your quick marketing guide.
A company’s brand is its distinct identity. It reflects its mission, values, and special characteristics. It may want to create a greener planet through environmentally friendly methods of manufacturing products.
Branding is the strategy of building a brand. It can be internal, with company leaders meeting together to discuss their vision for the future.
But it can have external components as well. Selecting a company logo is a branding gesture because a logo indicates what a company stands for. The colors in a logo generate positive emotions in the viewer’s mind, encouraging them to hire the company.
Marketing consists of the methods that a company uses to garner public attention. There are many tools and strategies that a company may use. SEO, television advertisements, and posters count as marketing tools.
Some companies begin marketing campaigns in order to raise awareness of themselves. Others launch campaigns to promote products. A company can also launch a campaign to raise the profile of an important employee, namely the CEO.
There is no strict line between branding and marketing. Marketing groups like Forefront Communications Group have their own definitions of branding and marketing. But you can adopt rules of thumb so you know when to brand and when to market.
In general, branding refers to short-term actions. If you were selling a hamburger, making a special sauce for the hamburger is branding. The sauce distinguishes the burger from its competitors.
You start marketing the hamburger when you made ads for it. You may tell the customer that there is a special sauce inside. You may show photos of people eating the sauce and enjoying it.
Branding always comes before marketing. It is hard to sell people a product when you don’t have a clear idea of what the product is. You may need to engage with branding tips for a period of time, experimenting with different ways to distinguish your product.
The branding vs. marketing issue can be tricky. A brand is a company’s unique identity, and branding refers to strategies to develop that identity.
Marketing is more sales-oriented. A company takes steps to promote its products and convince people they are trustworthy. A brand is essential because a company’s uniqueness is what encourages customers to buy things.
Branding can be internal, focused on product development. You transition to marketing once you start making ads and telling people about your unique products.
Marketing is a skill you must master. Read more marketing guides by following our coverage.