Marketing and Branding are two important business functions that work in conjunction with the aim of increasing revenue. The activities are used to bring awareness about the company, or product, or service among people.
Both the terms sound so similar in expressions that people often do not realize the difference between marketing and branding. Marketing involves an array of activities carried out to sell a product or service. While Branding encompasses activities that create a name or an image of a product, by occupying a place in the consumer’s mind. It helps in building long term relationship with the customers.
Comparison Chart of Marketing and Branding
|Basis for Comparison||Marketing||Branding|
|Meaning||Marketing is the processes of creating, communicating, delivering, and exchanging offerings that have value for customers, partners, and society at large.||Branding is a name, term, sign, symbol or design or a combination of these that identifies the maker or seller of a product, or service.|
|For whom?||For business||For customers|
|What it does?||Cultivates customers||Builds customer loyalty|
|Influences||Customer’s immediate decision to buy.||Buying decision by leaving an impact on the consumer’s mind.|
|Drives||Periodic sales||Enduring reputation|
|Speaks to||Targeted audience||Feelings|
What is Marketing?
When a company indulges in the promotion of buying and/or selling of its products or services, then it is known as marketing. Marketing includes advertising, selling, and delivering products to consumers or other businesses.
When speaking of marketing and branding, marketing refers to the tools you utilize to deliver the message of your brand. The marketing strategy will continually change and evolve, just as the products or services you offer will continue to change and evolve.
Marketing is vast and wide. It can be heartfelt, funny, or serious. It can be any mix of text, keywords, photos, charts, graphs, and videos. Marketing is performed by a variety of online and offline methods—some of the most common being:
Why is Marketing important?
Marketing is important because it allows you to share your products and services with a niche audience tactically. It helps you tell, show, and prove to people how great your business is and how you can help them.
It boost sales by utilizing different ways to promote the product or service that is being offered. This can be done through various mediums which include, word of mouth, social media, direct marketing, press, radio, TV, point of sales, promotions, company website and other channels Through the use of a combination of these mediums, there can be increased sales which positively impacts profitability.
It engages your customers with relevant information about the company. It not only makes your customers feel equipped with the knowledge about your product/service, but also makes it easy for them to make decisions.
You can see some examples of Marketing here.
What is Branding?
Branding is all of the ways you establish an image of your company in your customers’ eyes.
So, what are the ways to brand a company? Well, it has many ways, like: by building a website that describes what you offer, designing ads that promote your goods and services, selecting specific corporate colors that will be associated with your company, creating a logo, and featuring it across all your social media accounts. So what you are doing here is that, you are shaping how and what people’s perceptions of your business are.
Next question—what exactly does it do? It’s the impression that pops into the minds of people when they hear your business’ name. It’s based on a feeling they have that is based on their experiences they’ve had with you, good or bad.
You can see some examples of Branding here.
Why is Branding important?
The purpose of branding is to create a loyal community of consumers around an idea and shared values, and of course, to encourage using your products or services. Here are few reasons why Branding is so important:
- Make your company recognizable
- Build trust with customers and stakeholders
- Gain competitive advantage
- Connect with your audience on an emotional level
- Create employee satisfaction and attract new talents
Elements of Branding
Name: The first and most important element. Name is used to identify the product and/or service.
Logo: As important as name. It is a symbol or a design adopted by the business to identify its brand. It should have a visual appeal to attract the customers.
Color: A color is mostly used by the business in its marketing messages to describe or complement the brand. The color combination should be chosen with utmost care as this is going to stay for long with your business.
Vision: The group of goals or objective behind the brand that help guide its activities and its future.
Message: The value proposition of the brand which it conveys through the brand personality to set the brand positioning.
Shape: Either the distinct shape of the offering or the shape of the packaging.
Graphics: The uniform and distinct aesthetics used in the marketing messages.
Sound: The sound used in the marketing messages to reinforce the brand identity.
The importance Of understanding Marketing and Branding
If the difference between marketing and branding are now clear, but you are still unsure to understand the importance of the two—it all comes down to conversions. While you could create your marketing strategies with nothing other than keyword trends, and the most effective marketing methods within your industry—your conversions will be lower if your consumers are not connected to you as a brand.
Which comes first—Marketing or Branding?
You might ask a question—between Marketing and Branding—which comes first? Well, Branding is at the core of your marketing strategy, so branding must come first. Even if you are a startup, it is essential to clearly define who you are as a brand before you begin to devise your specific marketing methods, tools, strategies, and tactics.
Your brand is what will keep your clients coming back for more, it is the foundation upon which you will build consumer loyalty.
Marketing may contribute to a brand, but the brand is bigger than any particular marketing effort. The brand is what remains after the marketing has swept through the room. It’s what sticks in your mind associated with a product, service, or organization—whether or not, at that particular moment, you bought or did not buy.
However, be reminded that both—marketing and branding—are important ingredient of business to prosper.