[codingdave]

I'd say the design work is Step One in branding, but identity is a bigger picture. Using the standard example of Kleenex as branding so strong that it became a household word, they could redesign everything, but their identity is still solid. That is your final branding and identity goal.

So the design work is an important piece when starting. But it has to be backed up by product, and just as importantly, by service. The three together make up the identity with which people will associate your brand. Don't over-invest in one, while leaving the other two behind.