Large organizations are filing for bankruptcy, entire industries are being disrupted, and revenues are shrinking. The BRANDLESS world of business is collapsing. However, a few companies are achieving phenomenal growth. How are they different?
Successful companies understand branding. Bankrupt companies confuse branding with marketing and advertising. The reality is that most companies ignore branding, but then invest their resources into marketing and advertising. And they fail. But why?
To understand branding vs. marketing vs. advertising, let’s start with a few basic definitions. Branding is defining the core value of your business. Marketing is communicating your brand to the public. Advertising is marketing through paid channels.
As a result, advertising fails because of marketing. Marketing fails because of branding. Branding fails because of lack of values. We will continue to witness the collapse of many business giants because of their failure to brand.
Next time you see a Nike ad, a shoe retailer ad, notice if they’re selling the features of their shoe, or rather communicating their brand, core value: where all athletes belong. At $35B revenue, Nike is proving BRANDING.