What is the difference between brand development, brand strategy and branding?
This article is part of the series of article on branding. The previous post was “what is branding?”
Brand Development: It is the methodical evaluation, construction and continued monitoring of brand. The progress is usually measured with the “Brand Development Index” i.e Percentage of a brand’s sales in an area in relation to the population in that area as compared to the sales throughout the entire region in relation to the total Population of that region. Well practically brand development is a process of creating an engaging brand which is agile in nature and reacts according to the business demand created by internal & external environment.
Brand Strategy: This is a challenge most company faces in there marketing plan. Some end up strategizing it according to the current business requirement and some end up being too futuristic. Both of them are wrong approaches, the idea is to have a perfect cocktail of both so that the strategy can be relevant irrespective of the business time frame.
Branding: Branding is the process of creating an association between a symbol, object, emotion, perception and a product/company with the goal of driving loyalty and creating differentiation.Usually the word BRANDING conjures up images of branding cattle. At times I feel branding has a branding problem.
The next post will be on “How can business benefit from branding?” with a focus on startups.
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