Marketing strategy is often confused with a marketing plan with the marketing strategy and marketing plan being combined in one document. As it’s name implies a marketing strategy is strategic in nature, covering the big picture of what your company has to offer – the value proposition, brand messaging, buyer personas and other high level fundamentals.
Your marketing strategy is shaped by your business goals and acts as the foundation for your marketing plan, which is the day-to-day tactical execution of the strategy, the way in which you achieve your objectives and covers how you will reach out to your audiences, the creative, platforms, timings and so forth.
“A marketing strategy is an integrated set of choices about how you will create and capture value, over long periods of time.”
So, the marketing strategy acts as a roadmap for your business with the companies value proposition at it’s core, but what are the main benefits of a carefully considered marketing strategy?
Direction – Rarely do you see successful business not have a clear direction for their brands. A marketing strategy provides that direction and helps you stay on course. Having a clear direction means everything is focused on achieving the marketing, financial and sales objectives.
Consistency – Consistency is key in building brand value, trust and customer advocacy. Every brand decision should stem from the marketing strategy and be articulated at every touchpoint.
Advantage – A key part of your marketing strategy is to identify your competitive advantage. The research you carry out on your customers, competitors, market, and your strengths and weakness will give you an opportunity to identify/create a competitive advantage. You advantage could be based on price, performance, expertise, supply chain etc.
Focus – A successful marketing strategy depends on understanding your customers, what they need and how you can persuade them to buy from you. It will help you understand how to target your ideal customer so you’re not wasting resources on people who aren’t interested in what you have to offer.
If you need help formulating a marketing strategy that will propel your company to new heights contact us here.