The Difference Between a Business and a Brand
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What truly distinguishes a business from a brand, and why is it essential to have both? Join Victoria Marcouillier, founder of BrandWell Designs, as she explains the difference between the two and why it really matters to build both. It’s time to understand what is driving your revenue, and contrast it with the magnetic allure of a brand, which creates memorable emotional connections with your audience. Through engaging analogies and compelling real-life examples, you'll discover how transforming a business into a powerful brand can make you the go-to choice for customers.
In this short and sweet episode, Victoria also recounts her personal journey and dives into the branding techniques that have propelled companies like Apple and Nike into household names. Learn why brand storytelling and personal narratives are vital in connecting with your target audience. Whether you're a budding entrepreneur or a seasoned business owner, this conversation will inspire you to reassess and refine your brand strategy, ensuring it not only aligns with your business goals but also stands out in today's competitive market. Tune in and uncover the secrets to building a powerhouse brand that commands loyalty and trust.
Definition of Business [01:04]
Even though you may already know the definition of ‘business’, it’s important to define terms so that we can really differentiate the difference between a brand and a business. A business is defined as an organization or an entity that offers products or services in exchange for money. It’s the operations, the systems and processes that keep money flowing in.
Definition of Brand [01:54]
Your brand is what people see, feel, and experience when they interact with your business. It’s the personality, the values, and the promises that you make to your customers. Your brand is what sets you apart from everybody else that offers something similar to what you’re offering. It’s what makes your business memorable.
A Business Without a Brand [04:23]
You can have a business without a brand. You can still sell a product or a service to those who need it, but without a strong brand, your business is just another option. It’s a commodity, it’s easily overlooked, easily forgotten, especially in a crowded market. You might have the best service or product around, but if people do not connect with you on an emotional level, you’ll always struggle to stand out, you’ll always struggle to maintain loyal customers, and frankly, you’ll probably always be charging lesser amounts than your competitors.
A Brand Without a Business [04:32]
You can have a brand and not have a business. Think of an influencer that has tens of thousands of followers but is still struggling to monetize their “brand”. This is because they don’t have the systems, the services, the foundational elements needed to turn their online presence into a profitable business. Just because something is branded, doesn’t mean that it’s a business.
Growth Comes With a Powerful Brand [07:42]
Your brand is what attracts, engages, and retains your customers. It’s what keeps them coming back and choosing you over and over again. By creating a brand around your business, you are creating lasting impact because a good brand will create a community of loyal customers who believe in what you stand for, who are excited to support you, and who will advocate for you to their friends and followers. This is called creating brand evangelists. This is how you grow exponentially. This is how you broaden your impact, because people are more likely to recommend a brand more than they are to recommend just a product or a service. A brand represents so much more than whatever it is being sold. It embodies a relationship, a set of values, an experience that resonates with them on a deeper level. When someone connects with a brand they feel a sense of loyalty and trust that goes beyond the functionality of a product or service.
Brands Provide a Sense of Reliability and Quality [09:34]
Customers are more confident to buy from a brand again or share about the brand with other people, when they feel a sense of reliability and quality. For example, if you’re a Lululemon girl and you’ve bought from them in the past, it’s not so scary for you to go on their website and spend a lot of money on another product of theirs, because you trust the brand. You trust that everything you get from them will live up to your expectations and you’ll receive the same quality. When you’re just a business and you haven’t had the time to craft a brand, tell a story, and build an experience for your customers, then the purchases are risky and people are less likely to recommend you since they don’t know if their friend will receive the same experience as them. Building a brand is far more shareable and you can add a layer of protection for your business, because you’re sending a message to your audience that there’s consistency in the quality in what they can expect from you.
What Came First? BrandWell the Business or BrandWell the Brand? [11:37]
Ironically, Victoria was offering web design services long before BrandWell came to be, but she quickly understood that her service was only going to be successful long term if she built a brand around it. If you’re just starting out, focus on building a strong foundation for your business. What do you want to be known for? What emotions do you want to evoke for your customers? What story can you be telling with your brand? If you’re an established business owner, it might be time to evaluate your brand. Is it aligned with your current business goals? Is it resonating with your target audience? Is it setting you apart from the competition? If not, spend some time here.
Final thoughts [13:51]
This season is dedicated to really honing in on branding and helping you craft a strategic brand. There’s a lot of motherhood and marketing content on this podcast, and you’ll still be getting that, but the episodes that have done the best are ones specifically surrounding crafting a compelling brand identity and so that’s what you’re going to be getting this season. Remember, your business is what you sell. Your brand is why people buy it from you. So, take time to build both. It’s an investment that will always pay off in the long run.
Key Quotes
“Without a strong brand, your business is just another option.”
Victoria Marcouillier
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