There's a difference between being good at brand and being good at business.

And you need to be good at both.

A prospective client gave my favorite feedback the other day. She said that it was refreshing to talk to a “brand person” who can balance big vision with business fundamentals. She’s a second-time founder whose core skillset is finance and strategy but has great taste, so it meant a lot coming from her — but it should be table stakes.

The other day, a client asked me how much they should budget for a top-of-funnel initiative that they expect will barely break even but is critical for brand affinity. Instead of giving a fluffy answer like, “it’s important to invest in your brand and community,” I simply told her to reference the annual marketing budget as a % of revenue and talked her through top-of-funnel KPIs to frame and measure success. That isn’t groundbreaking, but alas.

Before growth marketers get all excited, I’m not implying that every marketing initiative should be conversion-driven — far from it. It’s about having a fundamental understanding of both the business and brand, economics and culture, P&L and vision — because every great brand artfully balances both.

There’s so much hype around splashy brand activations and, on the other end of the spectrum, hyper-efficient data-driven marketing. I get it, those are the LinkedIn posts that drive engagement. But as much as I love a good campaign, pretty products, affiliate marketing, optimized retention flows, etc., that’s not how you build a brand. You build a brand through cultural relevance and emotional connection.

The recipe is part instinct, part strategy. The strategy is rooted in things like target market and product-market fit, which I hashed out in a previous letter. The instinct is your vision and intuitive understanding of your target market. Beyond that, you need a brand platform that is rooted in product but much bigger than it. Nike’s Just Do It, Crown Affair’s Take Your Time, Ghia’s Above the Influence, Apple’s Think Different. It’s a mentality, an identity, a lifestyle, all rooted in their product’s unique selling points. Without that, there’s no potential to influence culture while selling product. And if that list sounds cliché, it’s only because they’ve been referenced to that point.

That said, a tagline is just that unless you execute on it thoroughly, boldly and thoughtfully. Putting it in your Instagram bio isn’t going to move the needle. You must consistently build a world around it through not only product but merch, experiences, partnerships, content, etc. As much as people love to hate on Poppi’s over-the-top marketing, they built a bright and bubbly universe around healthy soda that earned them a $2B acquisition. That’s on brand and business.

No notes.

And you don’t even need a big budget. While I was at Ghia, we launched beautiful glassware in partnership with an influential designer, nationwide restaurant aperitivo hours and compelling campaigns, all on an early-stage startup budget. At the same time, our founder’s personal brand grounded and humanized everything. If you’re a founder who represents the people you’re targeting and you’re not putting yourself out there, you’re leaving so much potential on the table.

There are a lot of shiny-product brands (I love men, but they’re usually male-founded and led) hyping how efficient their spend is and how they’re the ‘fastest-growing whatever’ that can’t be replicated. They appear brand-first because their product or packaging is premium. And then everyone is like “wow, they’re so good at brand!” But take a look at their organic social, and you’ll find hidden like counts and awkward attempts at storytelling. That popup they hyped up so much? Virtually no one attended. Why? Because while people might love their product, they don’t love their brand. And unless that product is some super-complex patented innovation, it’s not a moat. The first dupe that comes around with a slightly better price point, distribution or more efficient marketing funnel will knock them out.

On the flip side, there are plenty of brands that burn cash on ineffective splashy brand marketing. Maybe they’re targeting the wrong audience, or optimizing for virality regardless of product relevance or brand strategy. Remember, ultimately you’re selling a physical product, not content and experiences. Just because something is cool and drives buzz doesn’t mean it drives business. It doesn’t even mean that it strengthens the brand (there’s a difference between building hype and building a forever brand, but that’s its own Substack letter).

If you have a strong brand, there will be signs beyond CAC and revenue. Your organic channels will be buzzing, your popups will drive lines around the block, your dream tastemakers and influencers will go out of their way to attend your events. But more importantly, your team and community will resonate with what you stand for beyond your product — that’s forever-brand material.

The best brand marketers get it. The best growth marketers get it. The best marketers get it 🫡