Our team members at Morph Management Group Inc have noticed that the terms marketing and branding tend to get used interchangeably. However, they are two unique concepts. Marketing is an active tactic, pushing messaging with the goal of boosting sales. Branding, which is not as aggressive, should come before marketing. It is the act of conveying a brand story and communicating its core principles.
This means branding is bigger and more pervasive and abstract than marketing. As we at Morph Management Group Inc note, for instance, the brand is what remains long after a marketing campaign has ended. It stays in the minds of consumers even if the campaign did not convince them to invest in the product or service being advertised.
Effective branding also determines whether customers will remain loyal. A marketing effort may urge you to buy a Jeep, for instance. The brand itself, and whether the Jeep really is all the things the brand says it is, may earn your loyalty for life. In other words, the ROI in marketing is typically numbers-based. The ROI in branding is referrals, loyalty, and even advocacy.
At Morph Management Group Inc, we contend that marketing and branding are both essential to a successful business. It is imperative, however, that you differentiate between them. They require different strategies and goals. How do you approach these concepts?