If we want to get philosophical, the most important question we ask ourselves is about identity and who am I? When you see a brand or a business also as a person, that question carries much weight and is the root cause of business failure or success.
A poorly defined understanding of oneself affects everything. How we talk, what we do, how we behave. Understanding your brand identity sets the basis of how your business should operate. You can lever your brand personality, the best defence you have to competitors, you can define your tone of voice and your visual language. All of these things help you operate in the world and set the perception of who you are and what you are about.