Brand identity in many ways is the visual (symbol or illustration) aspect of a brand. Think of the Nike ‘swoosh’ or Apple’s apple—those are two instances where the identity of a brand is connected with a symbol or visual aspect. Building brand identity must have a strong visual image to link the brand. A brand identity is compiled of various branding elements. When you put them together, the identity in many ways is the mascot of your brand. It is how a company expresses and describes itself from the images on its marketing materials, the colors that represent the brand, and how a company markets itself on social media with SocialBoosting for engagement. A strong brand identity strengthens a company’s popularity and presence in a competitive market.

Beyond saving the company money on promotion, a successful brand can be one of the company’s most valuable assets and one that investing in a software to manage their finances. Brand value is intangible, making it difficult to quantify. Still, common approaches take into account the cost it would take to build a similar brand, the cost of royalties to use the brand name, and the cash flow of comparative unbranded businesses.

Nike, Inc., for example, owns one of the world’s most instantly recognizable logos, the “swoosh.” According to Forbes’ “The 2020 World’s Most Powerful Brands” report, the Nike brand ranked 13 with an estimated brand value of $39.1 billion, even though, in a world devoid of brand perception, taking the swoosh off of Nike’s shoes and apparel would change nothing about their comfort or performance. The top brand on the 2020 list was Apple, with an estimated brand value of $241.2 billion. Read review here.
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Building Brand Identity
The steps a company should take to build a strong, cohesive, and consistent brand identity will vary, but a few points apply broadly to most:

Analyze the company and the market. A complete SWOT analysis that includes the entire firm—a look at the company’s strengths, weaknesses, opportunities, and threats—is a proven way to help managers understand their situation to determine better their goals and the steps required to achieve them.
Determine key business goals. The brand identity should help fulfill these goals. For example, if an automaker is pursuing a niche luxury market, its ads should be crafted to appeal to that market. They should appear on channels and sites where potential customers are likely to see them.
Identify its customers. Conducting surveys, convening focus groups, and holding one-on-one interviews can help a company identify its consumer group.
Determine the personality and message it wants to communicate. A company needs to create a consistent perception rather than trying to combine every conceivable positive trait: utility, affordability, quality, nostalgia, modernity, luxury, flash, taste, and class. All brand elements, including copy, imagery, cultural allusions, and color schemes, should align and deliver a coherent message.