Several things to consider when coming up with your product's brand identity:
1) Who is your customer? That will drive the look and feel, as well as the language of your brand.
2) Who are you? If at a gut level, you and your company(employees) are rednecks making the highest quality broadheads for elk hunting, you aren't going to button up your brand in a shirt and tie or develop an artsy-fartsy website. (See Duck Dynasty)
3) What specific aspects of your product and/or service are different than the rest of the market offerings? Ie. Why are you special?
These 3 questions, answered candidly, begin to make up your brand story.
The most powerful brands have learned that their messaging, packaging, sales process and customer experience delivery is less about what their product or service DOES, and more about how it makes the customer or user FEEL.
Branding a product or service is about carefully crafting a story(or a promise), that you are confident you can deliver on once they choose to buy.
In other words, branding is the discipline of aligning what you say about your product, service, team... with what customers actually get on the back-end.
Once you get really clear on these big picture questions, then the tactical stuff becomes rather easy (what should our website look like, colors, advertising channels, promotional pricing, referral programs, warranty language, etc, etc, etc.)
Of course you may be smart to hire a specialist to help you brainstorm and execute on this stuff- but the actual decision making becomes pretty obvious: which option in front of us best reflects who we are?