The challenge facing any business in a competitive market is to define a brand promise in the minds of the target audience(s). This allows the business to be effectively positioned against and differentiated from competitors. Creating a brand promise involves knowing your value proposition, how you are different, what you stand for, and ultimately how people should feel when they interact with your brand.
This is a complex topic and branding exercises can be internal in nature or involve external stakeholders. While it depends on your unique circumstances and requirements, the process often involves:
High level brand discussions to gain insight into brand goals and objectives.
Formulating a brand vision and personality
Defining a typography palette
Choosing a colour palette
Establishing a writing style and tone
Selecting images which support the brand
Ultimately using your brand identity to create various elements:
Messaging i.e. taglines and slogans
Visuals such as a logo, wordmark, or symbols
Templates for marketing and promotional materials
It could be said that branding is more "art" than "science" but whatever form the process takes, it is important to get it right and to be consistent across channels.