A Business or a Brand - What’s the Difference?
Hey girl!
Are you a female entrepreneur or aspiring female entrepreneur? If the answer is yes, then this post is for you. Oftentimes the meaning of a brand and business gets mixed up or people use the words interchangeably. But, there’s actually a huge difference between the two and I’m here to walk you through the characteristics of each. And no worries about this sounding like a lesson, I promise this post will be juicy and sweet!
Business vs. Brand
So first, let’s figure out what each of them actually is -
A business is an entity that:
Provides your products and services. Think of it as the lemons you pick from your trees - raw materials or products that you picked to further turn into something and something that’s different from the rest; but hold that thought.
Focuses on selling products and services for profit.
A brand however, is a perception - the way in which others perceive what you have to offer and develop feelings or emotion. Brands:
Can become household names and last a lifetime like Coca Cola and Proctor & Gamble.
Are marketing concepts that cannot be touched and they help people identify a product, service or business.
Here's a quick comparison:
Business | Brand |
Focuses on gaining a profit | Focuses on building a community & fostering strong relationships |
Focuses on selling even if to new customers | Focuses on retaining customers |
Now that you get the gist, how are you feeling? Would you say you’re leaning towards the business or brand side? Or you aren’t sure as yet? Read on if you think you need a little more clarity.
Remember I said earlier in this post that your lemons are your products/services/raw materials that you’ll pick and turn into something different? The latter part “turn into something different” means that you’ve decided to create and develop different marketing strategies to help make your business become a brand. This is also where you find a formula that not only works, but one that stands out.
Now, let’s find the right balance between the two [business vs. brand]. Don't forget, you don't only want to make sure you make a profit, but also create a community where your customers/clients feel appreciated and included in the process. So here are a few steps you can take:
Develop a business plan by noting your ideas, documenting what you need and how you will get the necessary tools within a specific timeline. Hint: Be SMART about your goals. S - Specific, M - Measurable, A - Attainable, R - Realistic and T - Time specific.
Conduct market research, document and monitor your results.
Create a marketing plan and develop tactics that will help you increase sales and brand awareness.
Develop a branding and social media plan to help you stay top of mind for your customers and prospects.
I’ve used these 4 steps to help SMWEC grow and evolve, and they continue to guide me through my brand building journey. If you want to get started on this journey too, click here to sign up for our 'Build Your Brand: The Masterclass' - now available at an introductory price of USD 50.00. I promise this masterclass will change your perception and have you making real sweet lemonade [translation: you’ll be killing it in your industry!]
Let’s continue to make real sweet lemonade together. You know I’ll always spill the lemonade when it comes to branding and business development. Don't forget to like, share and comment. Until next time!
Xoxo,
Christal-Ann