Before the concept of branding had meaning for marketers, it belonged to ranchers. With a red-hot iron, they branded their cattle with a distinctive mark that made their ownership clear.

Modern-day branding is much the same: a process of making a product or a company uniquely yours, so that when customers are in the market, they know who "owns" prestige cars (Lexus), blazing fast computers ("Intel inside"), high-status watches (Rolex), and everyday low prices (Wal-Mart).

Branding isn't just for multinational companies. Your brand could be your company, a product, or even you. It's the heart and soul, the sine qua non, of whatever it is you're trying to sell.

For a brand to be effective, it has to convey the right image to potential customers and then fulfill their expectations. It's not enough for Wal-Mart to have low prices and smiling greeters: Customers must be aware of the brand's meaning, immediately associating the company's name with its reputation.

Keep in mind that branding isn't the same as advertising. Consumers have learned to discount advertising messages, recognizing that everyone makes the same claims: my product is better, cheaper, more exciting. Advertising tells potential customers about your product. Branding creates the associations that arise in customers' minds when they think about your product.

Skillful advertising is the sizzle that can reinforce those associations. A great brand is the steak.