Branding is all about identity. You need to develop how you see yourself, and how you want your customers to see you.
"logos" and other media are unique ways to identify you and identify *with* you. Branding is all about image - so indeed, research is important because you need to know how your customers *want* to see what you have to offer - you can be creative but you need to be creative within the bounds of your customers wants/needs. How big are your customers, and how important is it that your brand reflects a "corporate" image? Which industry are you in, how well can you identify with the values of that industry?
Branding is also about consistency - the logo is the normal identifier because it is the easiest to remember, but also colours, fonts and style are as important as the logo.
Best bet, is to do a mock-up, sketch out your ideas, then concentrate on getting as much feedback as possible before refining, refining, refining. Its an evolution of ideas, you don't have to come up with something perfect straight away.
And remember, it is *your* identity so you have ultimate control, whether to believe in what your feedback says or not. As long as you are consistent, you will look professional.