Marketing, Advertising and Branding – know the difference
It is not unusual for a new entrepreneur to state “My marketing strategy is to advertise online.” Misunderstanding the concepts of marketing, advertising and branding will make any entrepreneur look inexperienced and can give investors and partners a reason to question their strategy, so it is important be able to differentiate between them.
Marketing is the message that a business gives to others. When you explain your business to consumers, business partners and stakeholders, you are describing your company’s benefits, attributes, and more important, value. You control how people perceive your company by controlling what you present to the world. It is your first and ongoing impression to consumers, so it is important to devote time and thought to develop a marketing strategy.
Advertising is the message about your business that others are receiving. Unlike marketing, which is a constantly maturing and evolving proposition, advertising should be looked at as a much longer and static strategy. You can change and alter your advertising from time to time, but once campaigns are launched, it is challenging to change course. More important, the wrong advertising campaign can completely undermine and ruin a well-developed marketing strategy by delivering the wrong message.
Branding is the message you are receiving from others. Branding is the happiness and value proposition people put on you and your company. Good reviews, the willingness to pay a premium for your product or service, and the general goodwill you create through providing exceptional value to your consumers is your brand. You can guide your branding proposition with a well-planned marketing strategy and a well-executed advertising strategy, but ultimately your brand is controlled by your consumers.
So, take the time to understand the difference between marketing, advertising and branding. Doing so will help you to speak more knowledgeably about your business and strategy, and help you avoid looking uninformed or inexperienced.
Do you understand the difference between marketing, advertising and branding?
Adapted from an article by Peter Gasca, entrepreneur.com