Branding is one of the most important aspects of any business, large or small. An effective brand strategy gives you an edge in competitive or flooded markets by connecting with your audience emotively i.e.  by showing your brand shares the same values and beliefs with your customer. Branding is a way of defining your business to yourself and the world.

What exactly does "branding" mean?

Simply put, your brand is your promise to your customer. It tells them what they can expect from your products and services, and it differentiates your offering from your competitors'.

Why should you brand your business?
strategically defining your brand means you connect with your customer emotively. When you show your consumer that your brand shares the same values as them, it leads to higher sales though brand differentiation. This leads to loyalty from your customers and may protect your business when you competitors use promotional discounts to drive sales.

It is important to remember; A brand is not a logo with a matching graphic design neither is it the product.
A brand experience someone has with your company/product. It is the personality of the company. It is how the company makes a person feel.