There is a difference

VS.

These two words get thrown around often in the marketplace. You have business gurus, brand strategists, business researchers, branding specialists, business analysts, branding experts and the list goes on.

But I think it would be of value to determine the difference between the two.

 1.  A business has a business plan. A brand has a story.

 2.  A business is profits gained and profits lost. A brand is an idea in the mind.

 3.  A business has customers. A brand has fans that rave about who they are.

 4.  A business employs people who need a job. A brand inspires people to want to work there.

 5.  A business keeps pace with the competition. A brand creates its own category.

 6.  A business sells you something. A brand makes you want to buy.

 7.  A business engages in transactions. A brand builds relationships.

 8.  A business tells you how much it costs. A brand talks about its qualities.

 9.  A business tells you what it is. A brand is determined by its reputation.

10. A business can be bought and sold. A brand says why the business should be.

On numerous occasions the line between the business and the brand can and is blurred. Realities of one directly affects the positioning of the other. This then creates a scenario when both can be one and the same.

But there are times when business is just a business - Proctor and Gamble. Then there's when a business is also a brand - Oprah.

The question then becomes: what are you a part of (or building) - a business, a brand or both?