What is brand identity?

Hi everyone, I've been trying to understand the concept of brand identity, and I'd appreciate it if someone could explain it in simple words for me? Is it only about logos and colour schemes, or does it also include other aspects such as tone, message, and customer perception? How important is brand identity for a new or existing business?
 
Consider the logo as the face, however, identity as the whole personality. It is a strategic model that consists of your differentiated value, voice, and mission. In the case of any business, it is the basis of trust, in case you do not have a unified identity, your marketing dollars are draining through a sieve since the customer does not find you memorable.
 
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