The difference between a company and a brand can sometimes be a little unclear, and in return confusing as to which one you wish to build. When in actuality it’s both. It’s just important to understand the distinction between the two.
A company is a business or organization that either manufactures or trades a product, or provides a service to customers. The brand is a trademark, logo or trade name in which the company sells and markets under. The brand gives a personality to the product or service and is the name a company makes for itself in the market. It is the enduring image and product of the company.
For example, Limited Brands is a parent company to several retail brands, some of which include Victoria’s Secret, Henri Bendel and La Senza. You will not purchase a camisole with “Limited Brands” stitched on the tag, but you will see “Victoria’s Secret” written there.
Once the target audience is identified and it’s clear what they want, then the brand’s mission is developed around this. With a set, sturdy brand image, a company can more easily decide on other factors- such as products and communication strategies. The company will also be stronger in the face of change or crisis. A brand gives the company something to stand for.
A company is concerned with money and sales and are therefore constantly thinking of revenue boosting ideas. In order to get those sales, you need customer loyalty and a favorable image. Instead of selling to a customer, the brand forms a relationship with its customer and gets them involved. The brand describes the company and its product. It does something for your customer, while the company sells it.
With a favorable brand you have customer loyalty. With customer loyalty, comes sales!