First things first

I've been on the agency side of branding for as long as I've been in this field. And here's what I believe are the few most important things to be said about branding as a professional endeavor:

1. Brands are about exchanging value. The better the brand, the bigger the gain of each party involved in the exchange. As such, brands are about "relevant unique values [that] match [their audience's] needs most closely" (L. de Chernatony and M. McDonald originated this definition, in this book).

2. 'Exchange' means a bidirectional process. The audience (from consumer to corporate) is the other half of the equation, not an ending, passive receptacle.

3. 'Value' should not be understood only in monetary terms. As brands reside in the minds of social animals,  a more complex view of values and valuation must be adopted.

4. The work of brand professionals today has much to do with explaining the value exchange process to all parties. Neither explaining nor understanding the 'what you get for what you give' are an easy feat. Branding doesn't limit itself to explanatory and communication efforts, but it should never ignore them.