The goal of your business is likely to generate income, while the broader goal of building a brand should be to grow a community. That community can of course lead to sales - that’s how brand and business go hand-in-hand, and why both are so important.
Some of my quick takeaways from a 2/3/21 article in Entrepreneur entitled "The Difference Between Growing a Business and Growing a Brand" by Sabrina Philipp.
Because building a brand goes beyond generating income or offering new products, it focuses more on public perception and sentiment. It's not about what you sell, it's about how you make your people feel.
Campaigns and connections that stand out in people’s minds (like "Share a Coke" create a memorable view of your brand and how your company functions within that brand. It brings your products and offerings together with the connection you need to have with your customers in order to keep them interested in those products and offerings.
Your business might fail, but a brand doesn’t work that way. A brand only fails if you fail to find the right community and continue growing it. If it doesn’t work, you can likely just try shifting the direction of your brand or changing the focus. It can’t ever be taken away from you or stolen, because it’s an expression of your values, views, and goals rather than a physical offering of services or products.
As an entrepreneur, it’s equally important to grow brand and business. Your business allows you to solve the needs within the community your brand creates, and your brand allows you to reach more people whose needs your business can help to solve.
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