While it may seem like a basic idea, it’s that simplicity to blame for countless companies thinking they know what their competitive advantage is when they have no idea.

When identifying your competitive advantage, keep the following in mind: First, it is important to be objective, not subjective. You want to use words that have the same meaning to everyone. For example, using the word “quality” is more subjective than objective because two different people can have completely opposing ideas on what quality means. Instead, think of how the idea of quality translates into value for the consumer.

Building a brand doesn’t happen overnight. Target market research, data analysis, internal interviews, and much more go into the brand creation process. Beyond the hard facts and figures, though, is another brand-building tool: the mood board. A mood board is a collection of designs, images, shapes, symbols and colors that represent your brand.