When branding is discussed, most tend to think of it in terms of plain and simple. And also, the words “brand“ and “business“ are often used interchangeably in everyday conversation. However, it is more complicated than that. Here is an interesting fact to consider:
It is possible to have a brand without a business and a business without a brand.
To help you better understand this fact, business and brand will be defined, and it will be shown that it is possible to integrate one into the other.
What Constitutes A Business?
Not all establishments are the same. In fact, there are many types, and not all of them exist for the purpose of gaining a profit. There are establishments that are considered “non-profit“, and an example of that would be a charitable organization. These non-profit organizations are very much set up the same as a company with members and governing authorities, but they lack one crucial element in what defines a business: Profit.
If there is an individual or a group that is gaining a profit through their operations, then that is a business plain and simple. For example, if there is an individual with certain skills and is offering his or her services on an online platform such as Craigslist, and then receiving payment for it, then this can be thought of as a business.
In this trade, there are four key aspects: SELLER, PRODUCT, BUYER, and PROFIT.
Referring to the example above, the seller would be the freelancer offering services on Craigslist. The product are the services given such as typing out documents, filing of income tax returns, designing of websites, and etc. The buyer would be the client who is purchasing the services rendered. Profit is the amount earned after any expenses such as cost of needed material to carry out the work.
If these four factors exist, then any entity (individual or group) is a business. This is true regardless if operations are carried out on a small or large scale, or if the transactions are done open or close door.
Being a brand is a separate matter.
What Constitutes A Brand?
A brand is when a business goes beyond than just simply existing as a business. In other words, the attribution of a product to an idea is a brand. As mentioned before, not all businesses can become brands, but all brands are actually businesses.
Nike is an example of branding. When the word “Nike“ is mentioned, one automatically thinks of shoes, sports, basketball, and basically anything to do with athletic endeavors and energy. One right away thinks of these ideas and imagery when the company name is mentioned. That is branding.
Another way to explain it is when your product or service has reached the subconscious level of the people, and they associate and correlate items your brand portrays as if the two mean the same thing, then that is branding.
Most call a tub filled with bubbling water a Jacuzzi. However, a Jacuzzi is a brand that manufactures toilets and mattresses as well. But still, any and all brands of hot tubs are called a Jacuzzi, even in cases when the hot tub is produced from another company!
Another example of this is a brand of lip balm known as Chapstick. All the different kinds of lip balms, even from other producers, are referred to as Chapstick. This shows that the business has succeeded to greatly influence its product`s industry to the extent that it has taken over the generic term for the product.
If you want your business to really stand out and be foremost in the minds of the masses, then it is absolutely crucial for you to procure concrete branding strategies. There are companies such as Brandlance that can offer potential business names. To set the mood right, it is important to come up with a really good name for your future brand.
Concentrating on generating an income and developing your product(s) is essential. The problem is that these activities will not commemorate your brand. You need to choose a promotional product that will display your brand for the long-term and will be seen countless times, so how about checking out promotional metal bookmarks by Promocenter International? People`s confidence is also what you need to have your products stand out and make your business operate for the long-term.
Just being a business is not enough. You must have your own brand.