A marketing strategy represents the generic direction to be followed in order to accomplish a specific business objective. It’s sort of like a roadmap to achieving results. What results you may ask? You pick. Your company should have an objective in mind. Some companies choose worldwide brand recognition, others may choose sales growth. It doesn’t matter the end goal, you’ll need a well-developed strategy to get you there.
Today, we want to explain the differences between a ‘marketing strategy’ and a ‘marketing plan’. Because yes, there are differences and yes, it is important to know them.
To put it simply, a marketing strategy is the road map to your objective and a marketing plan is your mode of transportation to your destination.
There are a lot of other details that make the difference between a marketing strategy and a marketing plan. Let’s get a little deeper into it, shall we?
- A marketing strategy does not need to change often. It usually occurs when major changes take place in a company. For example, a new competitor starts performing better.
- A marketing strategy supports business objectives. Remember those goals we talked about earlier? A marketing strategy is there to help you grow in sales, strengthen your brand recognition, etc,.
- A marketing strategy has loosely defined budgets and deadlines.
- A marketing plan changes often based on any short-term opportunities and threats. It is driven by the trends and your competitors.
- A marketing plan supports the marketing strategy. You can’t get to your destination without your map!
- A marketing plan is the to-do list that includes well-defined responsibilities, budgets, and deadlines.
As you call Duo Marketing Group to assist you in your marketing needs, we always like to meet, understand, and define what your marketing strategy is so that we can give you the right “transportations” to have success in your business objectives!