Brand strategy is the creation and implementation of a plan to build strong, differentiated relationships between a company and its customers. It's about making sure that the marketing, advertising, messaging, and overall customer experience are all aligned with each other and with the company's goals.
Branding, on the other hand, is more about how a company wants its customers to see it. It includes things like logo design, name selection, taglines, and advertising campaigns. While brand strategy is more internal-focused (i.e., it's about what the company wants to achieve), branding is more external-focused (i.e., it's about how the company wants others to perceive it).