The two words are used interchangeably but it is important to know the difference. There is no quick-fix marketing strategy. If you spend marketing budget on ad hoc, badly planned advertising and promotions a business will not grow sustainably. Having marketing plans is essential but a marketing strategy should always come first. A strategy is the keystone that will keep your marketing plans working together effectively to reach the business goals. It is the overarching wisdom that coordinates all the plans.
A marketing strategy is bigger than a plan
Strategy has a large and long scope. It has at its heart the answer to these questions:
- What is our core mission?
- What are our priorities?
- Who exactly is our audience and where do they hang out?
- Where do we stand in the marketplace and who are our competitors?
- How much money/profit are we expecting to make by when?
- Do we have the correct marketing, sales and human resources to drive the business forward?
- What are the communication and rollout plans for this strategy?
- How are we going to embed it in the business?
- Is this marketing strategy understood and supported by the senior leadership team?
If you do not know the answer to any of these questions you need to find it. A good strategy takes time and hard work. You need to have a profound understanding of your audience, your sales processes, your brand and your marketing ROI. If you do not have one already you need a rolling audit of how all these things are performing. A marketing strategy is not a ‘nice to have’ it is essential to keep any business thriving.
Do not strategize alone
It is dangerous to produce a marketing strategy in a vacuum chamber with only the marketing team in it. The sales team must be part of the marketing plans supported by the strategy. Working with business development will ensure that growth targets and KPIs are met, even when challenging. The operations team will never forgive a marketing strategy developed without considering their capacity and ability to deliver on marketing plans. Working closely with finance throughout will guarantee that the marketing strategy aligns with and supports the over-arching business plans both long and short term. The marketing strategy must properly understand the margins and weave them into plans and pricing.
Do not let it gather dust
Once you have completed your beautifully crafted marketing strategy do not put it on the shelf to gather dust. Now you must start measuring and making your strategy dynamic. No marketing strategy is cast in stone; the market might change, fresh marketing tools appear, a new audience is developed with sales etc, etc, etc. A marketing strategy must reflect and respond to how the business is working in the ‘now’. Measure, measure, measure. Set agreed targets for sales, lead generation, customer satisfaction, market penetration and any other key goals specified in the business plan. Do not just measure, act on the results; this will mean flexing the marketing strategy.
Revisit your marketing strategy
Do not let it fester in the corner. Remember, the marketing strategy is the keystone keeping your entire marketing activity stable and strong. All your marketing plans should be based on it, make sure it is still relevant. Go back to it quarterly, refresh it and keep it visible to everyone.
Once you have an active marketing strategy you will wonder how you did without one. The marketing team will be focused and motivated and your business will be meeting and beating expectations.